Canara HSBC iSelect Term Plan
- Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
- Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
- Do more with plans that offer pure protection, retirement planning and investment options
The Asian arm of HSBC – HSBC Insurance Holdings Limited came together with Canara Bank and Oriental Bank of Commerce to form the Canara HSBC OBC Life Insurance Company Limited in the year 2008. The iSelect Term Plan is an exclusive online plan that prospective policy buyers can purchase from the insurer’s website. It is a simple term insurance plan that covers the life assured as well as offers certain optional covers. The plan gives the policyholder the freedom to choose how the death benefit should be provided to the nominee – as a lump sum, monthly income or both.
Eligibility
The insurer has laid out specific criteria that need to be met by the policyholder.
| Minimum age at entry | 18 years |
| Maximum age at entry | 70 years (50 years for spouses) |
| Maximum age at maturity | 80 years (75 years in case the in-built option is opted for) |
Sum Assured and Premium
Sum Assured
The maximum amount payable to the beneficiary if the life assured passes away is known as the sum assured
| Minimum sum assured for life assured | Rs.25 lakh |
| Sum assured for spouse (optional) | Rs.25 lakh (Fixed) |
| Minimum accidental death benefit sum assured (optional) | Rs.25 lakh |
| Maximum accidental death benefit sum assured (optional) | Rs.3 crore |
| Minimum accidental total and permanent disability sum assured (optional) | Rs.25 lakh |
| Maximum accidental total and permanent disability sum assured (optional) | Rs.1 crore |
Premium
The policyholder is required to pay a certain amount on a regular basis to cover the life assured’s risk. This is known as the premium.
| Premium payment mode |
|
| Minimum policy term | 5 years |
| Maximum policy term | 40 years |
*Premiums vary based on age, location, plan term and other factors
Plan Coverage
| Death benefit | If the life assured passes away during the policy term, the death benefit equal to the sum assured is payable to the nominee. |
Optional in-built covers
| Accidental death cover | An amount equal to the accidental death benefit sum assured is paid as a lump sum in case the life assured passes away due to an accident. |
| Accidental total and permanent disability cover | In case the life assured suffers from a total disability that is permanent, an amount equal to the sum assured of the accidental total and permanent disability cover is payable according to the payout option chosen by the policyholder. |
Exclusions
- In case the life assured commits suicide during the first year after purchase of the policy, 80% of the total premium paid is payable to the nominee.
- In case the life assured commits suicide during the first year after the revival of the policy, the higher amount – 80% of the total premium amount or the surrender value is payable to the nominee.
- A terminal illness caused by AIDS (Acquired Immuno-Deficiency Syndrome) is excluded from the policy.
Other Key Features
| Free-look period | The insurer offers a 30-day free-look period that can be utilised by the policyholder to review the terms and conditions. If unsatisfied with the policy, he/she can return the policy. The premiums paid, in such cases, would be returned by the insurer after necessary deductions. |
| Grace period | A 30-day grace period for annual mode and a 15-day grace period for the monthly mode are provided by the insurer. Failure to pay the premium within the grace period will result in the termination of the policy. |
| Benefit payout options |
The benefits of the policy are payable in 4 ways.
|
| Spouse coverage |
The life assured’s spouse can also be covered under the same policy for a fixed sum of Rs.25 lakh.
|
Tax Benefits
Tax benefits for the premium paid and the benefit received can be availed under sections 80C and section 10 (10D) of the Income Tax Act respectively.
Other Benefits
| Online plans | Exclusive plans are available online – iSelect Term plan and iNVEST Shield plan. |
| Premium calculator | The premium for the policy can be calculated on the official website of the insurer using the online premium calculator. |
| Online premium payment | The premium for any policy purchased from Canara HSBC OBC Life Insurance Company can be paid online by following a few simple steps. |
| SMS feature | Individuals who wish to view policy details, resolve a query, register one’s email ID, or receive updates about premium payment methods, etc. can use the SMS feature. |
Why you should buy the iSelect Term plan from Canara HSBC OBC
Canara HSBC OBC Life Insurance Company is a new and prominent life insurance company that functions with the vision to provide a transparent range of life insurance plans to make the lives of Indian citizens simpler. In the year 2017 alone, the company won eight awards in total for categories such as technology leadership and excellent customer service. The company has branches scattered throughout the country to make the services easily accessible.
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