• Term Life
  • Investment

Canara HSBC OBC POS - Easy Bima Term Plan

POS - Easy Bima Term Plan by Canara HSBC Oriental Bank of Commerce Life Insurance Company is a non-linked, non-participating pure term insurance cover with return of premium facility on the date of maturity. This plan is designed to provide hassle-free financial protection to one’s loved ones at very affordable rates. About Canara HSBC OBC: Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited came into existence in June 2008. The company is jointly owned by Canara Bank (51%), Oriental Bank of Commerce (23%) and HSBC Insurance (Asia Pacific) Holdings Limited (26%). The life insurance provider has a client base of over 115 million and a pan-India network of 10,000+ branches of bank partners. (Note - All the information contained in this page has been sourced from the official website of Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited.)

Features of POS- Easy Bima Term Plan

The features of Canara HSBC OBC POS - Easy Bima Plan are as follows:

  • Hassle-free purchase process and no medical tests.
  • Double life cover in the event of accidental death.
  • Upon survival till maturity, the total premium paid will be returned, including modal loading but excluding GST and applicable cess(es)/levy, if any.
  • Choice of premium payment and policy term.
  • Tax benefits on the premium paid under Section 80C the Income Tax Act, 1961, and benefits received Section 10(10D) of the Act.

Benefits of POS - Easy Bima Term Plan

The benefits of Canara HSBC OBC POS - Easy Bima Plan are as follows:

Particular Benefits
Death Benefit Payable (other than accidental death)If the insured passes away during the waiting period (90 days from the date of commencement): The total premium paid shall be returned. This will include modal loading but exclude Goods and Services Tax and applicable cess(es)/levy, if any. If the insured passes away after the expiry of the waiting period: 100% of sum assured will be paid. The policy shall terminate following the payment of the death benefit and no further benefits will be payable.
Death Benefit Payable (accidental death)Accidental Death Benefit Sum Assured is payable along with the Death Benefit Sum Assured. The 90-day waiting period is not applicable for accidental death. On payment of the death benefit, the policy will terminate and no further benefits shall be paid. Note: The sum assured under accidental death benefit is equal to death benefit sum assured.
Return of Premium on date of MaturityIf the life assured survives until the policy’s maturity, the total premiums paid shall be returned. This will include modal loading but exclude Goods and Services Tax and applicable cess(es)/levy, if any.

Eligibility Criteria

EligibilityCriteria
Entry Age
Minimum - 18 years
Maximum - 55 years
Maturity Age
Minimum - 28 years
Maximum - 65 years
Premium Payment & Policy Term
  • 5 pay with 10 years policy term
  • 10 pay with 15 years policy term
  • 10 pay with 20 years policy term
  • Sum Assured
    Minimum - Rs. 50,000
    Maximum - Rs. 15,00,000
    Annual Premium
    Minimum Premium:
    Policy Term 10 year - Rs. 2,219
    Policy Term 15 year - Rs. 1,076
    Policy Term 20 year - Rs. 989

    Maximum Premium: No Limit
    Premium Payment Mode and Modal FactorsAnnual premium has to be multiplied with a factor of 0.10 to determine the monthly instalment premium payable.

    Product Details

    How Canara HSBC OBC POS - Easy Bima Plan works

    ProductDetails
    Step 1: Choose Sum AssuredChoose death benefit sum assured on the basis of life cover needs (The chosen Sum Assured has to be in multiples of Rs. 50,000)
    Step 2: Choose premium payment term and Policy Term The plan offers flexible premium payment term and policy term options.

    Premium Details

    Premium Details
    Annual Premium
    Minimum Premium:
    Policy Term 10 year - Rs. 2,219
    Policy Term 15 year - Rs. 1,076
    Policy Term 20 year - Rs. 989
    Maximum Premium: No Limit
    Premium Payment Mode and Modal FactorsAnnual premium has to be multiplied with a factor of 0.10 to determine the monthly instalment premium payable.

    Note: The premium amount will be determined on the basis of the applicant’s age at entry, sum assured, policy period, premium payment term, premium payment frequency and gender.

    Other Details of Canara HSBC OBC POS - Easy Bima Term Plan

    Paid-up benefits under Canara HSBC OBC POS - Easy Bima Plan - The policy shall acquire a paid-up status on the expiry of the grace period of 30 days from the due date of the first unpaid premium (15 days for monthly mode). This is conditional to the fact that the first two years’ full premiums (for Premium Payment Term of 5 years) or first three years’ full premiums (for Premium Payment Term of 10 years) have been paid.

    Once the policy acquires paid-up status, the benefits payable are as follows: Paid-up Death Benefit is equal to: Death Benefit Sum Assured * (Number of premiums paid / Total number of premiums payable during the policy period)

    In case of death due to accident, an additional amount equivalent to Paid-up Accidental Death Benefit Sum Assured will be payable which is equal to: Accidental Death Benefit Sum Assured * (Number of premiums paid/Total number of premiums payable during the policy period). Once this benefit is paid, the policy shall terminate and no further benefit shall be payable.

    Paid-up Benefit on the date of Maturity is equal to: Total Premium due till date of Maturity * (Number of premiums paid/Total number of premiums payable during the policy period)

    Documents Required

    An individual will have to submit certain documents to avail Canara HSBC OBC POS - Easy Bima Plan. The documents include:

    • Identity Proof
      • PAN card
      • Aadhaar card
      • Passport, etc.
    • Address Proof
      • Aadhaar card,
      • Passport,
      • Driving license, etc

    Exclusions - Canara HSBC OBC POS - Easy Bima Term Plan

    Suicide Exclusion:

    In the event of the life assured's death due to suicide within 12 months:

    • From the date of the inception of policy, the nominee shall receive at least 80% of the premiums paid, provided the policy is active or
    • From the policy's revival date, the nominee shall receive an amount which is higher of 80% of the premiums paid till the date of death or the surrender value, as available on the date of demise.

    Accidental Death Exclusions:

    Accidental death of the insured from any of the following are specifically excluded:

    • Any injury, ailment or related condition(s) for which the individual had signs or symptoms, and/or were diagnosed, and/or received medical advice/treatment within 48 months prior to the policy being issued or during the time of policy reinstatement.
    • Death due to AIDS or infection by HIV.
    • The insured participating in any hazardous sports or pastimes, any underwater or subterranean operation and racing of any kind other than on foot.
    • The insured flying in any kind of aircraft, other than as a bona fide passenger on an aircraft of a licensed airline.
    • Self-inflicted injury, suicide or attempted suicide.
    • Under the influence or abuse of alcohol, drugs, narcotics or psychotropic substance not prescribed by a registered Medical Practitioner.
    • Service in any air force, military, naval or paramilitary organization.
    • War, invasion, civil commotion, terrorism or hostilities.
    • The insured participating in any strike, industrial dispute and riot.
    • The insured participating in any criminal or illegal activity with criminal intent or committing any breach of law.
    • Exposure to nuclear reaction, radiation, biological or nuclear or chemical contamination.
    • Physical handicap or mental infirmity.

    Review of Canara HSBC OBC POS - Easy Bima Term Plan

    With Canara HSBC OBC POS - Easy Bima Plan, one can benefit from double life cover in the event of accidental death. The premium rates are affordable, and the amount that is paid in exchange for the cover will be returned to the policyholder in the event he or she survives the policy period.

    FAQs on Canara Pos Easy Bhim Term Plan

    What are the tax benefits available on Canara HSBC OBC POS - Easy Bima Plan?

    Tax deduction under Section 80C of the Income Tax Act, 1961, can be claimed for premiums paid toward Canara HSBC OBC POS - Easy Bima Plan. The maximum deduction that can be claimed under this section is Rs. 1,50,000. The benefits from the policy are tax-free in the hands of the receiver under Section 10(10D) of the Income Tax Act.

    What is the policy term of Canara HSBC OBC POS - Easy Bima Plan?

    Canara HSBC OBC POS - Easy Bima Plan can be availed for three policy terms - 10 years, 15 years and 20 years. The premium payment structure for 10-year policy term is 5 pay, for 15-year policy term is 10 pay and 20-year policy term is 10 pay.

    What happens if Canara HSBC OBC POS - Easy Bima Plan is surrendered?

    If the insured chooses to surrender the policy, the surrender value payable will be greater of Guaranteed Surrender Value or Special Surrender Value. The policy will acquire a GSV and SSV only following payment of 2 consecutive years’ premiums for premium paying term of 5 years, and 3 consecutive years’ premium for premium paying term of 10 years. SSV is determined by the insurer and may differ from time to time. GSV is calculated on the basis of defined percentages of total premium paid (including modal loading but excluding GST and applicable cess(es)/levy, if any).

    Can Canara HSBC OBC POS - Easy Bima Plan be revived?

    One can place a request for revival of Canara HSBC OBC POS - Easy Bima Plan anytime during the revival period of 2 years from the due date of first unpaid premium. The policy revival shall be as per the company’s board approved underwriting policy. After the policy’s revival, the product benefits shall be reinstated to the full level. For reviving the policy, all the earlier due premiums have to be paid along with applicable interest rate, as defined by the insurer from time to time.

    What is the minimum and maximum sum assured available under Canara HSBC OBC POS - Easy Bima Plan?

    The minimum sum assured available under Canara HSBC OBC POS - Easy Bima Plan is Rs. 50,000, while the maximum sum assured available is Rs. 15,00,000.

    What is the sum assured and benefits payable for a 40-year-old male?

    The sum assured and benefits payable for a 40-year-old male are as follows:

    Premium Payment Term / Policy TermDeath Benefit (non-Accidental) (Rs.) Death Benefit (non-Accidental) (Rs.) Death Benefit (Accidental) (Rs.) Annual Premium* (Rs.)
    5 Pay 10 Term3,00,000 3,00,000 6,00,0009,423
    10 Pay 15 Term3,00,000 3,00,000 6,00,0006,186
    10 Pay 20 Term3,00,000 3,00,000 6,00,0006,294

    *The annual premium mentioned above excludes GST & applicable cess(es)/levy, if any. (Note - The above sample illustration has been taken from the company website)

    How is premium for Canara HSBC OBC POS - Easy Bima Plan calculated?

    The premium amount for Canara HSBC OBC POS - Easy Bima Plan is calculated on the basis of the insured’s age at entry, sum assured, policy period, premium payment term, premium payment frequency and gender.

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