Get Quotes from Top Insurers with Lowest Premium
Enter Details > Get Quotes > Buy Your privacy is protected.
Unbiased information on plans from varied insurance companies
Easy comparisons to choose the best insurance plan
No hidden costs, pay the same premiumas offered by the insurer
Pre and post sales expert assistance for smooth online buying experience
Reliable, Accurate and Quick policy servicing
Our representative will get back to you soon.
You can also directly contact us at

Canara HSBC OBC Life Insurance ISelect Term Plan

What is the Plan all About?

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.

What are the Key Features?

  • Life cover up to age 80
  • Inbuilt level death benefit and terminal illness cover
  • Need-based benefit payout options to choose from
  • Option to cover your spouse under this policy
  • Optional inbuilt Accidental death & disability cover
  • Special premium rates for non-tobacco users
  • Lower premium rates for women
  • Premium differential for opting higher sum assured
  • Tax benefits as per prevailing tax laws

What are the Plan Benefits?

Coverage Option

    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.

Death Benefit

    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-Built Covers

    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.

Maturity Benefit

    It is a pure protection plan and no maturity benefits are payable, if the life assured survives the policy term.

Surrender Benefit

    There is no surrender value payable under this policy.

Who can Buy the Plan?

Factor Minimum Maximum
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) -
Plan Type Online -

Is any Rider Available with this Plan?

This plan provides in-built cover for Terminal illness and optional in-built cover for Accidental Death, Accidental Total & Permanent Disability.

Is the Plan, eligible for Tax Benefit?

Canara HSBC OBC Life iSelect Term Plan is eligible for Tax benefits as stated:

  • Premiums paid to qualify for tax benefits under Section 80C of the Income Tax Act, 1961.
  • Benefits received are entitled for tax benefits under Section 10 (10D) of the Income Tax Act, 1961.

(Subject to the provision stated therein.)

How the Plan Works?

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

Benefit Payable

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.