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Canara HSBC OBC Life iSelect Term Plan is a non-linked & non-participating pure protection plan that helps you to design a safety net to protect your family’s future, so they can lead a comfortable life, even in your absence. This plan provides life insurance cover along with the inbuilt terminal illness cover.For coverage enhancement the plan offers optional coverage against accidental death/ disability.
As far as coverage option is concerned, you can opt for Level Cover or Increasing Cover.
Level Cover: Sum Assured will remain fixed for the entire policy term.
Increasing Cover: Sum Assured will increase by 25% after every 5th policy year up to the 20th policy year. The increase in cover is limited to 100% of the original cover.
The Death Benefit is payable, depending on whether coverage has opted for ‘Only Me’ or ‘My Spouse and I’.
For ‘Only Me’
The death benefit (including terminal illness cover) for the life assured is the Sum Assured opted.
In the event of unfortunate demise of the life assured, the Sum Assured is payable through one of the following chosen benefits payout options:
Option 1- Lump Sum: Entire benefit is paid out as a one-time lump sum.
Option 2- Lump Sum + Monthly Income: 50% of the benefit is paid out immediately, on the date of death/terminal illness/Accidental Total and Permanent Disability. The remaining benefit amount is paid out in equal monthly instalments over a period of 120 months.
Option 3- Monthly Income for a fixed term: The entire benefit amount is payable in equal monthly installments over 120 months.
Option 4- Monthly Income till the end of your policy term: The entire benefit amount is payable in equal monthly installments till the end of the policy term.
Note: The monthly income payout will start from the first monthly anniversary after accepting claims.
For ‘My Spouse and I’
In addition to the benefits mentioned under ‘Only Me’ option, a fixed amount of Rs 25 Lacs is payable upon insuring the spouse.
In case, you need additional cover against accidental events, you have the option to choose any one of the optional in-built covers for Accidental Death and Accidental Total & Permanent Disability (ATPD).
Accidental Death: An additional amount up to Rs 3 Crores (in addition to the sum assured) is payable in a lump sum.
Accidental Total & Permanent Disability (ATPD): The sum assured is payable as per the payout option chosen. The maximum benefit amount under ATPD is Rs 1 Crore. This cover is available for Level Cover option only.
It is a pure protection plan and no maturity benefits are payable, if the life assured survives the policy term.
There is no surrender value payable under this policy.
|Age (as on last birthday)||18 Years||70 Years, 50 Years ( For Spouse)|
|Age at Maturity||-||80 Years, 75 Years (in-built Cover Is Opted)|
|Policy Tenure||5 Years||40 Years|
|Premium Paying Term||Same As Policy Term Years||-|
|Premium Paying Mode||Annually & Monthly||-|
|Sum Assured||25 Lacs 25 Lacs (fixed) For Spouse||No Limit (subject To Underwriting)|
|Optional in-built cover||ADB*- Rs 25 Lacs ATPD**- Rs 25 Lacs||ADB - Rs 3 Crores ATPD- Rs 1 Crore|
|Freelook Period||30 Days From The Date Of Receipt Of The Policy||-|
|Grace Period||30 Days (15 Days For Monthly Mode)||-|
This plan provides in-built cover for Terminal illness and optional in-built cover for Accidental Death, Accidental Total & Permanent Disability.
Canara HSBC OBC Life iSelect Term Plan is eligible for Tax benefits as stated:
(Subject to the provision stated therein.)
Let’s understand this plan with an example:
Sanjay at 34 years is looking to ensure the financial security for his spouse and son, when he is not around. He thus opts for Canara HSBC OBC Life iSelect Term Plan with the sum assured of Rs 1.5 crore for a policy term of 26 years and the death benefit to be paid out as regular monthly income for a period of 10 years to his family. The annual policy premium is Rs 10,818
In case of Sanjay’s untimely demise any time during the term of the policy, his family will receive equal monthly instalments of Rs 1,51,350 for 120 months as a regular income which will help support his son’s education apart from fulfilling other financial obligations.