Canara HSBC OBC Term Insurance

Canara HSBC Oriental Bank of Commerce Life Insurance offers different Term Plans. Term Plan is a pure protection plan to provide financial security to your family and the option to secure an income for the family even in breadwinner's absence.

"This plan is discounted by insurer"

It is a pure death benefit plan. It is a pure protection plan that provides life insurance and terminal illness cover. In an unfortunate event, if the insured dies during the policy period, the nominee will be compensated with the sum assured.

Features

• The minimum age is 18 years, and maximum age is 65.
• Policy Term can vary from 5 years to 40 years. The maximum age of insured should be of 80 years or 75 years (if optional rider chosen) at the end of policy term.
• The sum assured can be Rs. 25 Lakh and above including inbuilt Terminal Illness cover.
• The premium paying term - Regular premium.
• Flexibility in paying premiums - Yearly/Monthly.
• The nominee receives the sum assured in the case of an untimely demise of an insured during the policy term.
• Option of insuring your spouse in the same policy. In which case, the sum assured is fixed as Rs. 25 lakh, including Terminal Illness.

Canara HSBC Smart Suraksha Plan is a non-linked, non-participating term insurance plan.

Features

• The minimum age is 18 years, and maximum age is 65.

• Policy Term can vary from 5 years to 30 years or age up to 60 years. The maximum age of insured should be of 75 years at the end of policy term.

  • Policy for a term of 5 years is available after the age of 40 years.
  • Available only from the age of 30 years to 55 years.

• The sum assured can be Rs. 20 lakh and above.

  • Maximum Sum Assured in Life Cover option - No Limit
  • Maximum Sum Assured under Accident Plus: Rs. 3 Crore
  • Maximum Sum Assured under Disability Plus: Rs. 1 Crore

• The premium paying term - Regular premium.

• Flexibility in paying premiums - Yearly/Monthly.
• The sum assured is given to the nominee in case of an untimely demise of an insured during the policy term.
• Death Benefit - In case of death of the insured, nominee will get the entire sum assured.

• Benefit with optional Riders - Customize your Canara HSBC Term Plan with Riders.

  • Accidental Death Rider: In case of an accidental death of the insured, an additional amount along with the sum assured in the lump sum is given the nominee.

    Benefit = Sum Assured + Additional accidental death cover (Max. Rs.3 crore)

  • Accidental Total and Permanent Disability Rider: In the case, if insured suffers an accidental total and permanent disability, the insured will receive the sum assured.

    Benefit = Sum Assured + Additional accidental death cover + Cover against Total and Permanent Disability (Max. Rs.1 crore)

• Tax Benefits- As per the Section 80C and 10(10D) under the Income Tax Act, the premiums and the payouts are tax deductible.

• No Maturity benefits.
• Rebate for higher sums assured - Sum Assured above Rs. 50 lakh.
• Rebate for women - Premiums would be calculated using an age 3 years younger.

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

Following are 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.

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.
• In case of suicide after one year from the date of inception or revival, the company will pay death benefit as applicable.

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 they pay the Fund Value to the Claimant on registration of the claim*. In 2016, the company was conferred with “The Economic Times Best BFSI Brands 2016” award in the Life Insurer category, which clearly shows that the company is customer oriented, be it the customizable products as per the needs or claim settlement process