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Canara HSBC iSelect Smart360 Term Insurance Plan provides financial safety to your family members in case of your unforeseen death. This plan pays a lump sum or regular income at certain covered events of the policyholder. This term insurance product provides three plan options of coverage and inbuilt covers to choose from as per your requirements, making sure that your family’s goals are met.
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Life insurance coverage till the age of 99 years
The plan provides the option to receive a return of the total amount of premiums paid in case no claim has been filed
Option of no premiums in future on the occurrence Total and permanent accidental disability, if availed
You can avail of child care benefit that provides additional life cover till the child attains the age of 21 years
The plan offers an accidental lump sum payout in case of accidental total and permanent disability, or accidental death if availed.
You can block your plan premium at policy commencement and increase coverage up to 100 percent of Base SA in the coming five years.
Option to opt for the benefit of steady income on reaching 60 years of age
Tax Savings benefit as per the prevailing laws of ITA, 1961.
You can increase the coverage of the plan with accelerated terminal illness benefit
Note: Now that you know that what are the Key Features of Canara HSBC iSelect Smart360 Term Plan, you should also get to know about what is term insurance to buy a term plan for your loved ones.
Term Plans
Here are the benefits of Canara HSBC iSelect360 Term Plan:
The plan comes with 3 plan options that offer fixed-term coverage till 99 years. The policyholder can choose any of the following options on the basis of his/her protection requirements:
Life Secure: In this, the sum assured (SA) amount on death will be paid in case of the policyholder/spouse’s demise during the policy tenure, provided the plan is active in case of demise. Both the policyholder and the spouse can be covered under this plan, subjected to T&Cs of the policy.
Life Secure with Income: In this, a monthly income shall be paid at the starting of every month, commencing from the plan anniversary corresponding with or when the policyholder acquires 60 years of age which shall continue till the last of the plan tenure or policyholder’s death, whichever happens, earlier. In case of policyholder’s death during the plan tenure, SA on death depending on the coverage opted, less increasing monthly income that is paid already, shall be payable. The plan will terminate after this payment.
Life Secure with ROP: SA on death will be paid in case of death of the policyholder during the plan term. The plan will stop after this benefit payment.
In case the policyholder survives till the maturity, SA on maturity will be paid to the life assured on the maturity date and the plan will terminate.
You have the option to select any of the following death benefit payment options at the time of purchasing the policy in case of the policyholder’s demise during the policy tenure. You cannot change the selected option after the issuance of the policy.
Lump-sum : The whole benefit is paid out as a 1-time lump sum payment, ensuring your dependents get financial assistance timely.
Monthly Income : It can be level or increasing at 5 or 10 percent per annum and this will be payable for 4 years (60 months). This amount of monthly income will help your family in maintaining their lifestyle by continuously receiving income in case of your absence.
Part Lump-sum part Monthly Income : The ratio between part lump sum amount and part monthly income can be selected between 25%/75%, 50%/50%, and 75%/25%. It could be level or increasing at 5/10 percent per annum and will be paid for 4 years (60 months).
| Life Secure Option | No maturity/survival benefit is payable upon the survival of the spouse/policyholder till the completion of the policy tenure. |
| Life Secure with Income | Monthly Survival income/paid-up monthly survival income shall be payable upon the survival of the policyholder to the starting of the plan month. |
| Life Secure with Return of Premium | No maturity benefit is available under this option for the survival of the policyholder till the completion of the policy term. Under this option, a maturity amount equivalent to SA on maturity shall be paid in a lump sum upon the survival of the policyholder till the completion of the policy tenure. The policy will terminate after paying this benefit and no other benefits are payable. |
A special exit option is available under the Life Secure Option in which the total premium amount paid will be returned, excluding the premium paid for inbuilt covers and the underwriting extra premium, if the life assured surrenders his/her policy at the earlier of the following options:
The time when the policyholder’s attained age is 65 years, or
x Policy year (x is the 25th policy year for policy tenure from 40 to 44 years and the 30th policy year for plan term greater than 44 years).
Accidental Death Benefit: This is an add-on benefit on the occurrence of death because of an accident, the SA on death plus the ADB sum assured amount will be paid and the plan will terminate.
Accidental Total and Permanent Disability Premium Protection (ATPD PP): In case of accidental total and permanent disability, all the premiums in the future under the plan will be waived off and all other coverages shall continue for the rest of the policy tenure.
Accidental Total and Permanent Disability Premium Protection Plus (ATPD PPP): In this, a lump sum payment as SA will be paid and all the future amount of premiums will be waived off. All other coverages will continue for the rest of the policy tenure.
Critical illness: While the critical illness rider is no longer offered by the insurers for new policies, the individuals with existing policy will still remain covered under the Canara HSBC critical illness rider. However, it is important to note that the T&Cs regarding critical illness benefits are subject to change. In case of diagnosis of stated critical illness during the policy tenure after completing the waiting period, all the future premiums will be waived and all coverages will continue for the rest of the policy tenure.
Terminal Illness: In case of diagnosis of Terminal Illness (TI), lump-sum payment of up to 2 Cr. shall be paid instantly.
Child Care Benefit: This benefit is availed to secure the child’s future. The Child care benefit sum assured will be payable when the child’s age is between 0 to 21 years.
Tax savings benefits are available as per the prevailing laws of the Income Tax Act, 1961.
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| Factors | Description |
| Plan option |
|
| Entry Age (Minimum) | Policyholder/Spouse: 18 years |
| Entry Age (Maximum) | 65 years |
| Maximum Maturity Age | 99 years For single premium or for a non-working spouse: 80 years If **ATPD PP/ATPD PPP/TI/ADB in built covers (optional) are availed: 75 years, and If **CI PP/CI PPP in built covers (optional) are availed: 99 years for base cover and 70 years for CI cover in case of Life Secure |
| Policy Term (Minimum) | Life Secure: 5 years Life Secure with ROP: 10 years Life Secure with Income: 65 years minus entry age |
| Policy Term (Maximum) | Life Secure with Income/ROP: 81 years |
| Premium Payment Term (PPT) | Life Secure with Income/ROP: Regular Pay/Limited pay till 5/10/15/20/25/up to 60 years of age Life Secure: Single pay/ Regular Pay/ Limited pay till 5/10/15/20/25 up to the age of 60 years |
| Premium Payment Frequency | Yearly/half-yearly/Quarterly/Monthly/Single |
| Minimum Sum Assured | Life Secure: 25 Lacs Life Secure with Income/ROP: 15 Lacs |
| Maximum Sum Assured | No Limit |
**ADB- Accidental Death Benefit, TI – Terminal Illness, and ATPD: Accidental Total and Permanent Disability.
Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying.
If your plan has lapsed or is in the paid-up phase, you can revive the plan as mentioned below:
The request regarding the revival of the plan should be filed within 5 years from the due date of 1st unpaid premium.
All previous due premium amounts will be paid by you along with the applicable rates of interest, applicable from time to time. The interest rate for FY 2021-22 is 8% pm.
You are required to undergo medical examinations to prove the continuous insurability
All benefits will be reinstated after the revival of the policy
If a plan in lapsed phase is not revived within the revival time, it shall terminate upon the expiration of the revival time.
If you are not satisfied with the terms and conditions of the policy, you can send a cancellation request of the plan along with the reasons and the original documents of the policy, within 15 days from receiving the receipt date of the policy documents. A free look period of 30 days is offered if the plan is sourced through the distance marketing mode.
The grace period of 30 days will be offered for Yearly/Semi-yearly/Quarterly modes, and 15 days for monthly modes of premium payment frequency. The policy is considered to be active with the risk cover during the grace period. If the accidental total and permanent disability/terminal illness/Death occurs during the grace time, the benefits will be paid after the deduction of the due unpaid premium amounts.
Assignment should be in accordance with the provisions of Section 38 and Section 39 of the Insurance Act, 1938.
A loan facility is not available under the plan
Suicide: If the policyholder/spouse commits suicide within 12 months, whether in a sane or insane condition, from the commencement risk date under the plan or revival date of the plan, provided the policy is active or paid up, the benefits paid under the plan shall be:
In case of demise because of suicide within 12 months from the commencement risk date under the plan, provided the policy is in force, 80 percent of the total premium amount paid till the death date or early exit value or surrender value as on the death date, whichever is maximum.
In case of demise because of suicide within 12 months from the policy revival date, higher than 80 percent of the total premium amount paid till the death date or early exit value or surrender value as on the death date, whichever is maximum.
You may also read: Term Insurance Plan
Note: Check out the term insurance plan in India and choose one that suits your requirements.
†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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