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.)

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

How Canara HSBC OBC POS - Easy Bima Plan works

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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)

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.