Canara HSBC iSelect+ Term Plan

There are also various in-built covers available to enhance protection.

Benefits of Canara HSBC iSelect+ Term Plan

The core benefits of Canara HSBC iSelect+ term insurance plan are as follows:

Maturity Benefit:

• Life: No maturity benefit is available
• Life Plus: Under this option, the policyholder will be paid back the total premiums on the date of maturity. Plus, the plan will still be continued till the insured person attains the age of 99 years
• Life with Return of Premium: Under this Canara HSBC iSelect+ Term Plan policy option, the insurer will return the total premiums paid by the policyholder, if he/she outlives the plan tenure, and plan terminates

Death Benefit:

• For Life Option- The insured will be paid the Death Sum Assured, either on death or on terminal illness diagnosis, whichever is earlier, and the Canara HSBC iSelect+ Term Plan policy terminates
• In Life Plus - The Death Sum Assured is payable on insured's death or diagnosis of a terminal illness (whichever happens first). If the policyholder survives, the insurer pays back the Total Premiums Paid at maturity, and the Canara HSBC iSelect+ Term Plan will be continued till the attainment of 99 years of age
• For Life Option with Return of Premium (ROP) - In case of death or terminal illness diagnosis, whichever is earlier, Sum Assured on Death is paid. If the policyholder survives, the insurer pays back the Total Premiums Paid at maturity, and the Policy terminates

Surrender Benefit:

• Life Option: In the case of Single Pay, the surrender benefit is available from the first year of the Policy. For Limited Pay, the benefit is available after the payment of all due Canara HSBC iSelect+ Term Plan premium; and for Regular Pay, surrender benefit is not applicable
• Life Option with ROP & Life Plus Options- Surrender value is calculated as per the policy document

All benefits are payable if Canara HSBC iSelect+ Term Plan policy status is active.

Tax Benefit:

Policyholder can avail of tax benefits under this plan as per the Income Tax Act, 1961.

   * Tax benefit is subject to change in tax laws

The Premium for Canara HSBC iSelect+ Term Plan

Under this plan, there are three options, namely- Life, Life with Return of Premium, and Life Plus. Premiums can be paid in four ways, yearly, half-yearly, quarterly, and monthly. Moreover, the premium is divided into terms as per the available options that are, Single Pay, Limited Pay, and Regular Pay. You can calculate the required premiums by using Canara HSBC iSelect+ Term Plan calculator.

Additional Riders for Canara HSBC iSelect+ Term Plan

There are four optional additional benefits available under this Policy for the Life Option. They are in-built covers:

• Accidental Death Benefit (ADB)
• Accidental Total and Permanent Disability (ATPD) - Premium Protection
• Child Support Benefit (CSB)
• Accidental Total and Permanent Disability (ATPD)-Premium Protection Plus

Eligibility for Canara HSBC iSelect+ Term Plan

• Entry Age is from 18 to 65 years.
• Maturity Age is from 28 to 99 years, based on the plan variant.

Age criteria for different plan variants are different as per the table mentioned above.

What are the documents required to buy this Policy?

The documents that need to be furnished at the time of purchase of online Canara HSBC iSelect+ Term Plan, are Photo Identity proofs, Age proof, residential proof, like PAN, AADHAAR card, Voter Id or Passport, etc.

Exclusions of Canara HSBC iSelect+ Term Plan

Under Canara HSBC iSelect+ Term Plan, if the death of the policyholder occurs due to suicide within 12 months of the initiation of Policy, or the policy revival date, then the nominee shall be given 80% of the total paid premiums till death or the respective Surrender Value till death, whichever is higher.

Note: Check all the best term insurance plan in India.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.

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