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Canara HSBC iSelect+ Term Plan is a non-linked, individual term plan that protects the insured from various unforeseen events in life. This plan is flexible and provides options like Coverage for Whole Life, and Spouse Coverage, which can be availed jointly under a single policy. Moreover, it also provides a total return of paid Canara HSBC iSelect+ Term Plan premium. Available in three options, Life, Life Plus, and Life with Return of Premium, it is a perfect term plan to cover the unfortunate events that may arise in one's life.
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There are also various in-built covers available to enhance protection.
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Parameters |
Details |
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Policy Tenure |
MINIMUM: Life Plan Option: 5 years (10 years for Decreasing Cover option) Others: 10 years MAXIMUM: Life Plan Option: 62 years (99 years minus entry age for Whole Life Coverage) For Decreasing Cover Option, age is subject to the cover decrease period, at least 5 years Others: 30 years |
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Premium Paying Term |
Life: Single-Premium (NA for Whole Life Coverage) Limited Pay: 5/10/15/20/25/Up to Age of 60 years-as per plan option Regular Pay: Equals policy term Life with Return of Premium: Limited Pay: 10/15/20/25/Up to 65 years of age, as per plan option Regular Pay: Equals policy term Life Plus: Limited Pay:10/15/20/25/Up to 60 years of age, as per plan option Regular Pay: Equals policy term |
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Premium Paying Mode |
Yearly/ Half-yearly/ Quarterly/ Monthly |
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Entry Age |
For all plan options, Min Age: 18 years Max Age: 65 years; depends upon plan option Spouse (Non-working ): 50 years Decreasing Cover: 55 years PPT up to 60 years of age (Life Plan Option): 55 years PPT up to 60 years of age (Other plans): 50 years Single-Premium Plan: 45 years |
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Maturity Age |
For all plan options: Min Age is 28 years Max Age: 80 years Life Option- Whole Life Cover: 99 years Plans with ATPD/ ADB cover: 75 years |
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Grace Period |
30 days; 15 days (Monthly) |
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Sum Assured |
Minimum: Plan Option Life: Rs. 25,00,000 (exception: Decreasing Coverage option- Rs. 50,00,000) Optional In-built Covers- Rs. 25,00,000 Other Plans: Rs. 15,00,000 Maximum: As per underwriting guidelines; ADB Cover– Rs. 3,00,00,000 ATPD PPP – Rs. 1,00,00,000 For non-Working Spouse cover – Rs. 25,00,000
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Liquidity |
No loan benefit available |
The core benefits of Canara HSBC iSelect+ term insurance plan are as follows:
All benefits are payable if Canara HSBC iSelect+ Term Plan policy status is active.
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
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.
There are four optional additional benefits available under this Policy for the Life Option. They are in-built covers:
Age criteria for different plan variants are different as per the table mentioned above.
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.
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.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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