Get covered at unbelievably low premiums for high sums. It can't get any better.

Canara HSBC OBC iSelect Lumpsum

Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited is the first life insurance company to launch ‘Immediate Payout’ on death claim registration wherein the company pays the death benefit to the claimant on the registration of the claim. In 2016, the company was conferred with “The Economic Times Best BFSI Brands 2016” award in the Life Insurer category. Canara HSBC OBC offers many life insurance products including term plans.

Comes with an in-built Terminal Illness cover, plus optional Accidental Death Benefit and Accidental Total and Permanent cover

The term plan is the simplest of life insurance product. A term plan provides the financial security to the family of the life assured. It is a pure death benefit plan. Canara HSBC OBC iSelect term plan provides life cover including terminal illnesses. In an unfortunate event, if the life assured dies during the policy period or is diagnosed with any of the listed terminal illness, the nominee will be compensated with the sum assured.

Features of Canara HSBC OBC iSelect Lumpsum

  • Provides low cost financial protection to your family
  • Rewards for living a healthy lifestyle, non-smokers pays lower premium
  • Premiums can be paid either yearly or monthly
  • Inbuilt Terminal Illnesses feature
  • 2 cover options – Level Cover and Increasing Cover
  • Offers optional covers

    • Accidental Death Benefit
    • Accidental Total & Permanent Disability
    • Spouse cover in the same policy
  • Rebate for women
  • Rebate for higher sum assured
  • Tax Benefits - Tax saving benefits under Section 80C and 10(10D)

Benefits of Canara HSBC OBC iSelect Lumpsum

  • Coverage Options: You can opt for the type of coverage your beneficiary would receive. Under Canara HSBC OBC iselect term plan you have two options for selecting the coverage to choose from:

    • Level Cover: The sum assured will be fixed for the policy term and the beneficiary will receive the coverage fixed at the time of purchase.

    • Increasing Cover: The sum assured will increase by 25% after every 5th policy year up to the 20th policy year as shown below in the table:

Policy YearIncreasing sum assured over the Policy Years (expressed as a % of original sum assured)
1-5100%
6 – 10125%
11 – 15150%
16 – 20175%
21 onwards200%
  • Death Benefit: The Company pays the sum assured to the nominee in lump sum, in case the life assured dies during the policy period.

  • Payout in case of Terminal Illness: If the life assured is diagnosed with any of the mentioned Terminal Illness, the company will pay the sum assured. 100% sum assured is paid out as one-time lump sum amount.

  • Optional Spouse Cover: You can opt for an optional cover for your spouse under the same policy. This way, you can cover your spouse. However, the sum assured (coverage) is fixed as Rs.25 lakh.

  • Accidental Death Cover: - In case of an accidental death of the life assured, an additional amount along with the base sum assured as lump sum – one time payout will be given to the nominee.

  • Accidental Total and Permanent Disability Cover: In case the life assured suffers an accidental total and permanent disability, the insured will receive the sum assured as lump sum.

  • Maturity Benefit: There is no maturity benefit under iSelect lumpsum term plan.

Eligibility of Canara HSBC OBC iSelect Lumpsum

Entry AgeLife assured - Min. 18 years and Max. 70 years
Spouse – Min. 18 years and Max. 50 years
Policy Term AgeMin.5 years and Max. 40 years
Maturity AgeMax. 80 years and 75 years (if optional inbuilt cover/s were chosen)
Premium Payment ModeRegular (same as policy period)
Premium Payment FrequencyYearly/Monthly
Min Basic Sum Assured (inclusive of terminal illness cover)Life assured - Rs.25 lakh and above Spouse – Rs.25 lakh (fixed)

Optional In-Built Cover of Canara HSBC OBC iSelect Lumpsum

Customize your Canara HSBC Term Plan with Riders. Under iSelect term plan, you can opt for two optional riders. These riders help the life assured to increase the coverage of the policy.

1. Accidental Death in-built cover: In case of an accidental death of the life assured, an additional sum assured is paid to the nominee along with the base sum assured of the plan.

The minimum cover is Rs.25 lakh and the maximum cover is Rs.3 crore. The cover under this plan, if opted, is paid in lumpsum.

2. Accidental Total and Permanent Disability in-built cover: In case the life assured suffers the total and permanent disability due to the accident, the life assured will receive the rider sum assured plus the base sum assured as a one-time lump sum payout.

The minimum cover is Rs.25 lakh and the maximum cover is Rs.1 crore. The cover under this plan, if opted, is paid as lumpsum under iSelect lumpsum payout option.

Specific Exclusion:

If you opt for Accidental Total and Permanent Disability and Accidental Death Benefit

Following are the Exclusions:

  • Any condition, ailment or related condition(s) within 48 months prior to the issuance of the policy by the insurer or at the time of reinstatement of the policy are not covered.
  • Any partial or total disability because of taking part in any dangerous sport or other activities like hunting, mountaineering, racing, bungee jumping, etc. is not covered.
  • Self-inflicted injury, suicide or attempted suicide is not covered.
  • Service in any military, air force, the naval or paramilitary organization leading to disability, injury, or death is not covered.
  • The insured taking part in any strike, industrial dispute, riot, war, civil commotion, invasion, terrorism, hostilities, nuclear reaction, biological or chemical contamination, etc. is not covered.

If any of the exclusions mentioned above are disclosed at the proposal stage, then Disability Plus and Accident Plus options will not be offered.

Other Details of Canara HSBC OBC iSelect Lumpsum

Surrender Value: There is no Surrender Value under this plans.

Maturity Benefits: There are no maturity benefit.

Grace Period: In case, the policyholder couldn’t pay the premiums on time and past the due date, Canara HSBC OBC offers a grace period of thirty (30) days from the due date and fifteen (15) days for monthly premium mode.

Tax Benefit: All the premiums and the payout is exempted from the tax under Section 80C, 10(10D) of Income Tax Act.

Free-look Cancellation: The policyholder has the right to review the policy for which Canara HSBC OBC provides a 30 days of free-look period. If the policyholder disagree with certain terms and conditions and wish to cancel the policy during this period, the policyholder can cancel the policy stating the reasons for non-agreement.

If the policyholder cancels the policy during the free-look period, he will receive the refund of the premiums paid. But, this refund would be paid only after deducting the cost due to the medical tests, risk premium for the period of cover, and stamp duty charges, if any.

Lapsed Policy Reinstatement or Revival: A lapsed Policy can be revived within 2 years from the due date of the first unpaid premium. The approval of reinstatement will be considered only after the approval by the company's Board Approved Underwriting. The reinstatement of policy may have same terms and premium or may be modified. The life assured also might have to undergo for a medical test.

No benefits on the expiry of revival period.

Canara HSBC OBC iSelect Lumpsum Exclusions

Suicide

  • If the insured commits suicide within one year from the date of commencement of the Policy or date of revival of the Policy, the company will pay death benefit equal to 80% of the premiums paid till the date of suicide.

Canara HSBC OBC iSelect Lumpsum Review

Canara HSBC OBC iSelect lumpsum plan is customizable with optional riders. It also comes with inbuilt terminal illness cover. Moreover, you can increase the coverage and widen the scope of the policy by opting riders. It's a perfect non-link, non-participating term insurance plan to provide financial stability to your family.

Leave a rating!
4.0 (1 votes)