• 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

Following are a few salient features of iSelect Term Plan-

Long-term Financial Security: Get life cover up to age 80 (till age 75 with inbuilt covers)

Spouse Cover: Option to secure your partner's future

Optional in-built covers by paying additional premium: Accidental Death and Accidental Total and Permanent Disability. Family's Monthly Expenditure: Option to receive death benefit amount as regular monthly income to cover family's monthly expenses.

Increased life stage responsibilities: Option to increase your cover by 25% every 5 years ensures that your life stage needs are met. If opted, the Sum Assured increases up to 100% of the original sum assured during the policy term. Free look period: You can avail a free look period of 30 days from the date of receipt of the policy document. You can utilize this time to review the benefits offered by Canara HSBC iSelect Term Plan and decide whether they are aligned to your unique insurance needs. In case you decide to return the plan, you will be refunded the premium paid till date after deducting proportionate risk premium and applicable stamp duty charges and medical expenses, if any.

Tax Benefits: Tax Benefits on premium paid and benefit received under Section 80C and Section 10 (10D), as per the Income Tax Act, 1961, as amended from time to time.

Optional inbuilt protection: Accidental death and accidental disability covers.

Monthly income for the family: With the option to choose benefit payout till the end of the planned coverage period (policy term) enables your family with regular monthly income in your absence which can be used to provide for your family's monthly expenses.

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:

During Application

  • Proof of address, identity and age – Aadhaar Card, PAN Card, Voter ID, Driving License, School Leaving Certificates are some accepted proofs
  • Passport size photographs

During Claim Settlement

Following documents are required along with the filled forms:

  • Original policy document
  • Death Certificate issued by Municipal authorities
  • Copy of Bank Pass Book/ Cancelled Cheque
  • Hospital / Other treatment records
  • Photo Identification & address proof of the claimant
  • Post-mortem & chemical viscera report (if performed)
  • Physician's Statement

In case of unnatural death/ accidental death:

  • Police reports (FIR, Panchnama, Police investigation report)
  • Newspaper cutting (if any)(Detailing the incident)

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

HSBC Insurance Holdings Limited has collaborated with Canara Bank and Oriental Bank of Commerce in India to form Canara HSBC OBC Life Insurance Company Limited in the year 2008. The iSelect Term Plan is a pure protection plan that provides life insurance and terminal illness cover along with cover against accidental death/ disability, and the option to secure an income for your family even in your absence. With Canara HSBC Oriental Bank of Commerce iSelect Term Plan, you get to design your safety net so that you can protect your family's future to ensure that they lead their lives comfortably without any financial worries, even in your absence. iSelect Term Plan fulfils all the criteria for being a comprehensive protection plan for you and your family!

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).

What are the term insurance plans offered by Canara HSBC OBC Life Insurance Company?

The following are the three term insurance plan offered by Canara HSBC OBC Life Insurance Company:

  • Canara HSBC iSelect Term Plan
  • Canara HSBC eSmart Term Plan
  • Canara HSBC Smart Suraksha Plan

What is the entry age for Canara HSBC iSelect Term Plan?

The entry age starts from a minimum of 18 years to a maximum of 70 years for the policyholder and up to 50 years for his/her spouse.

What is the maximum maturity age for Canara HSBC iSelect Term Plan?

The maximum maturity age applicable for Canara HSBC iSelect Term Plan is 80 years (75 years if the policyholder has opted for the inbuilt option).

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