• Term Life
  • Investment

Canara HSBC iSelect Term Plan

Canara HSBC iSelect Term Plan is a protection plan offered by Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited. This Company was established in 2008 as a joint venture between three of the most formidable financial companies in India - Canara Bank, Oriental Bank of Commerce and HSBC Insurance (Asia-Pacific) Holdings Limited.

The Canara HSBC Oriental Bank of Commerce Life Insurance iSelect Term Plan is an online term insurance plan which offers life insurance and terminal illness cover as well as cover against accidental death/ disability. You also have the option to secure a regular income for your family in case of your unfortunate demise.

Note: All information has been sourced from the official website of Canara HSBC Life.

Features of Canara HSBC iSelect Term Plan

Mentioned below are the features offered by Canara HSBC iSelect Term Plan:

  • The policy comes with enhanced protection, it covers death and terminal illness.
  • Optional in-built cover - Accidental Death and Accidental Total and Permanent Disability.
  • Special premium rates for non-tobacco users.
  • Lower premium rates for women and higher sum assured.

Benefits of Canara HSBC iSelect Term Plan

Mentioned below are the benefits offered by Canara HSBC iSelect Term Plan:

Death/Terminal Illness - In case of your unfortunate demise, the death benefit payable will be equal to the sum assured.

Accidental Death - In case of death of the life insured due to an accident, an additional amount is paid to the nominee/beneficiary/dependent along with the sum assured.

Accidental Total and Permanent Disability - In case the life insured faces accidental total and permanent disability, the entire sum assured will be paid.

Tax Benefits - You can claim tax deductions on the premium paid towards this policy as per Section 80C of the Income Tax Act, 1961. Lump Sum – Here, the insurer pays the benefit in lump sum one-time.

Lump Sum plus Monthly Income - Under this payout option, 50% of the amount is paid out immediately while the remainder is paid in equal installments over a period of 120 months.

Monthly Income for a Fixed Term - The entire amount is paid in equal installments over a period of 120 months.

Monthly Income till the end of your Policy Term - The entire amount will be paid in equal installments till the end of your policy term.

Eligibility Criteria for HSBC iSelect Term Plan

EligibilityCriteria
Age at entryLife Assured: 18 years - 70 years Spouse (if opted for): 18 years - 50 years
Maximum age at maturity80 years (If optional in-built cover/s has been chosen: 75 years)
Policy term 5 years* - 40 years
Sum Assured (inclusive of Terminal Illness cover)Life Assured: Rs. 25,00,000 & above (subject to underwriting) Spouse: Rs. 25,00,000 (fixed
Optional in-built cover (if opted for)
CoverMinimumMaximum
Accidental Death Benefit (ADB) Rs. 25,00,000Rs. 3,00,00,000
Accidental Total and Permanent Disability (ATPD) Rs. 25,00,000Rs. 1,00,00,000
Premium payment modeYearly/monthly
Premium Payment TermRegular premium payment (Same as Policy Term)

*Policy term of 5 years - 9 years is available only for age at entry of 35 years and above

Other Details

What happens if you stop paying premiums?

If you fail to pay the premiums that were due within the grace period of 30 days (15 days for monthly mode), then your policy will lapse at the expiry of the grace period and the insurance cover will cease immediately. No benefit shall be payable thereafter upon death/ diagnosis of terminal illness/ disability (as applicable). Can the policy be revived? Yes, you can make a request for revival of your policy anytime during the revival period of 2 years from the due date of first unpaid premium.

Documents Required for Canara HSBC iSelect Term Plan

Mentioned below are the documents required for Canara HSBC iSelect Term Plan:

  • KYC - Proof of ID and Proof of Address.
  • Proof of Date of Birth.
  • Medical check-up report, if required.

Exclusions - Canara HSBC iSelect Term Plan

Suicide exclusion: If the Life Assured/ Spouse (as applicable), whether sane or insane, commits suicide, the benefits payable under this policy to the nominee or beneficiary will be:

  • In case of death of the insured due to suicide within 12 months from the policy commencement date and the policy is in force, 80% of the premiums for the respective coverage will be refunded.

  • In case of death of the insured due to suicide within 12 months from the revival date of the policy, higher of 80% of the premiums for the respective coverage paid till the date of death or the surrender value as available on the date of death shall be payable.

Exclusion for Terminal Illness: Terminal Illness due to Acquired Immuno-Deficiency Syndrome (AIDS) is excluded.

Exclusions for Accidental Death Benefit/Accidental Total and Permanent Disability Benefit

  • Pre-existing diseases/ailments.

    • Disability caused by Acquired Immuno-Deficiency Syndrome (AIDS) or infection by any Human Immunodeficiency Virus (HIV).

    • Injury caused by participation in hazardous sports.

    • Self-inflicted injury, suicide or attempted suicide-whether sane or insane.

    • Injury caused by the influence or abuse of drugs, alcohol, narcotics or psychotropic substance.

-Disability due to service in any military, air force, naval or paramilitary organization.

  • Disability due to war, civil commotion, invasion, terrorism, hostilities (whether war be declared or not).

  • Disability due to criminal or illegal activity with criminal intent or committing any breach of law including involvement in any fight or affray.

  • Damage arising out of Nuclear reaction, Biological, radiation or nuclear, biological or chemical contamination.

Review of Canara HSBC iSelect Term Plan

The Canara HSBC iSelect Term Plan is an excellent protection plan for yourself and spouse. With ample customization options, you can easily select the payout options and ensure that there is regular income to keep your family protected in times of your absence. There are lower premium rates for non-tobacco users and for a higher sum assured.

FAQs on Canara Hsbc OBC iselect Term Plan

Can I select my renewal premium date?

Yes, Canara HSBC Oriental Bank of Commerce Life Insurance provides you the flexibility of choosing renewal payment date.

Can I convert my renewal premium into EMIs?

Yes, Canara HSBC Oriental Bank of Commerce Life Insurance provides you the facility to pay your premium through credit card and convert it into easy installments (EMI).

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