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Canara HSBC Oriental Life Term Insurance Plans

Giving your family the financial protection is always on the top priority and that’s the reason, why you should buy a protection plan. Canara HSBC Oriental Bank of Commerce Life Insurance Company offers a variety of term plans that assures you to provide a financial safety net for your family.

Canara HSBC Oriental Life has 89.58% as Claim Settlement Ratio. (as per IRDAI Annual Report 2014-15).

Canara HSBC Oriental Life offers following term plans:

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1. Smart Suraksha Plan

Being a sole earning member of the family, you always want to ensure their financial future. Canara HSBC Oriental Life offers Smart Suraksha Plan that helps secure your family against uncertainties of life. Smart Suraksha Plan is a term plan that provides financial protection for the family. You can also get the coverage against death and accidental total & permanent disability.

Key Features

• Avail life insurance benefit at a reasonable cost

• Cover against accidental death and accidental total & permanent disability

• Get premium rebate on choosing Sum Assured of Rs. 1 crore & above

• Get premium discounts for healthy lifestyle

• Premium rebate for female lives

• Grab 5% discount on buying plan online

Benefits

  • Death Benefit

    The death benefit is paid out as per plan option opted

    o   Life Cover Option: In case of demise of the life insured during the policy term, the nominee is entitled to receive a Sum Assured amount and the policy will terminate.

    o   Accident Cover Option (Accident Plus): In the event of death of the life insured due to accident, the nominee will receive Sum Assured + accidental death cover (additional amount equal to sum assured). The maximum Sum Assured applicable under this plan option is Rs. 3 crore.

    o   Disability Benefit (Disability Plus): In case the life insured suffers from accidental total and permanent disability, he/she receives Sum Assured + additional accidental death cover + cover against accidental total and permanent disability.

  • Tax Benefit

    The premium payment under the plan is eligible for tax benefits as per Section 80C of the Income Tax Act and the policy proceeds are also entitled for tax benefits as per Section 10 (10D) of the Income Tax Act.

Product Snapshot

Factor Minimum Maximum
Age (as on last birthday) 18 years 65 years
Age at Maturity - 75 years
Policy Tenure 5 years 30 years or Up to 60 years of age
Premium Paying Term Same as policy term Years -
Premium Paying Mode Monthly and Annually Only -
Sum Assured 20 Lacs No Limit (subject to underwriting)
Maturity Proceeds Nil -
Rider Benefits Not Available -
Surrender Benefit Nil -

2. eSmart Term Plan

You work hard to cater all the needs of your family. You always want to provide them with all comforts of life, but whether have you covered your family against uncertainties of life. Canara HSBC Oriental Life offers eSmart Term Plan that provides a safety net and never let your family be financially challenged.

Key Features

• Get life cover at a reasonable cost

• Multiple payout options to choose from

• Option to get cover for accidental death

• Easy claims procedure with Family Assistance Promise

• Simple 4-step process to buy the plan

• Buy plan online with just a few clicks of the mouse

Benefits

  • Death Benefit

    In case of death of the life insured during the policy term, the nominee will receive death benefits on the basis of payout option chosen.

    o   Sum Assured Option: Upon choosing this payout option, you will receive the death benefit equal to sum assured applicable under the plan.

    o   Sum Assured Plus Accidental Death Benefit: Upon choosing this payout option, you will receive the death benefit equal to sum assured plus accidental death benefit. Accidental death benefit is equal to sum assured (up to a maximum of Rs. 1 crore) will be paid in the event of death caused due to accident.

  • Tax Benefit

    The premium payment under the plan is eligible for tax benefits as per Section 80C of the Income Tax Act and the policy proceeds are also entitled for tax benefits as per Section 10 (10D) of the Income Tax Act.

Product Snapshot

Factor Minimum Maximum
Age (as on last birthday) 18 years 70 years
Age at Maturity - 75 years
Policy Tenure 5 years 40 years
Premium Paying Term Same as policy term Years -
Premium Paying Mode Annually Only -
Sum Assured 25 Lacs No Limit (subject to underwriting)
Maturity Proceeds Nil -
Rider Benefits Not Available -
Surrender Benefit Nil -