A term insurance plan is one of the simplest and most affordable life insurance plans available in the market. A term insurance plan is opted for a specific number of years. In case of death of the policyholder during the policy term, the death benefit is payable to the beneficiary. Term insurance plans generally do not offer maturity or survival benefits.
Term insurance plans are the most preferred life insurance plans in India. Canara HSBC OBC Life Insurance Company offers term plans with unique features to its customers.
|Claim Settlement Ratio||94.95%|
|Group Death Claims||94.63%|
|Percentage of Claims Rejected||4.70%|
|Solvency Ratio||4.01 (for the quarter ended March 2017)|
An array of term insurance plans are offered by Canara HSBC OBC. Prospective policyholders can choose the best term insurance plan based on their requirements.
|Online Plans||Traditional Plans||ULIP||Group Plans|
|iSelect Term Plan||Jeevan Nivesh Plan||Titanium Plus Plan||Group Traditional Benefit Plan|
|iNVESTSHIELD Plan||Money Back Advantage Plan||Platinum Plus Plan||Group Superannuation Plan|
|Smart Junior Plan||Smart Future Plan||Sampoorna Kavach Plan|
|POS - Easy Bima Plan||Smart Goals Plan||Group Secure|
|Smart Suraksha Plan||Smart Life Long Plan||Corporate Group Term Plan|
|Smart Future Income Plan||Secure Bhavishya Plan||Pradhan Mantri Jeevan Jyoti Bima Yojana|
|Smart Monthly Income Plan||Smart One Pay||Group Advantage Term Plan|
|Samridh Bhavishya||Insure Smart Plan|
|Smart Immediate Income Plan||Shubh Labh|
|Future Smart Plan|
|Growth Smart Plan|
The term plan offers financial protection to the family members of the life assured. The POS – Easy Bima Plan comes with riders that the policyholder can choose to add-on to his/her policy. The requirements of the policy are minimum and no medical examinations are required for the purchase. The premium payment term and the policy term can be opted for based on the policyholder’s needs.
Benefits and features of POS – Easy Bima Plan
|Plan Name||Entry Age||Maturity Age||Premium|
|POS – Easy Bima Plan||
||The premium for the policy is calculated based on the age of the policyholder, the policy term and the sum assured chosen. Premium payment modes:
A term insurance plan that is available for a range of policy terms, Smart Suraksha plan provides life cover at low costs. The plan offers riders that the policyholder can use to upgrade their policies. Individuals who choose a high sum assured and those who don’t consume tobacco are charged lower premiums. Women enjoy certain rebates under the plan.
Benefits and features of Smart Suraksha Plan
|Plan Name||Entry Age||Maturity Age||Premium|
|Smart Suraksha Plan||
||75 years||The premium for the policy is calculated based on the age of the policyholder, the policy term and the sum assured chosen. Premium payment modes:
Canara HSBC has a decent claim settlement record in the industry. Its claim settlement ratio for the fiscal year 2016-17 is as follows:
|No. of claims received||No. of claims approved||Claim settlement ratio|
Claim settlement ratio trend over the years:
The term insurance plans offered by Canara HSBC OBC are beneficial as they offer financial protection to the members of the policyholder’s family. They are cost effective and the ‘Return of Premium’ rider offered for the POS – Easy Bima plan also ensures that the investment made towards the policy is not lost if the policyholder survives the policy term. Further, the premiums paid towards the policies are eligible for tax benefits under section 80C of the Income Tax Act, 1961. The death benefit, too, is eligible for tax benefits under section 10(10D) of the Act.
This insurance company/organisation is not a partner of Bankbazaarinsurance.com. The content provided here is for informational purposes only. Readers should visit the branch office/website of the insurer for more details. The logos, trademarks, and other intellectual property on display belong to their respective owners.
The content on this website is meant only for general information purpose and does not and shall not be construed as any solicitation, procurement, display, aggregation, marketing or advertisement of insurance products. BankBazaarInsurance is not an insurance intermediary and hence does not endorse or solicit any such products. The information on this website is derived from publicly available sources and BankBazaarInsurance cannot verify or confirm the genuineness, truth, veracity or authenticity of this information.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.