Canara HSBC OBC Life Insurance Term Plan

Canara HSBC OBC offers term plans that provide protective life coverage and help the policyholder to secure their loved ones financially in case of his/her absence. 

Canara HSBC OBC Life Insurance Term Plan - Benefits 

Let’s discuss the benefits of Canara HDBC OBC Term Insurance in detail for your easy understanding: 

• Cost-Effective: Provides financial protection and security to your loved ones at low premium rates. 

• Premium Payment: You are allowed to opt for a monthly or yearly premium payment option.

• Riders: Riders are available to enhance the coverage of the policy. 

• Rewards: The plan offers rewards for a healthy lifestyle, and also offers special discounts to non-tobacco users. 

• Rebates: Rebates for women and on higher sum assured amounts are also available under this plan. 

• Tax Benefits: Get the tax-saving benefit on premiums paid u/s 10(10D) and 80C.

Types Of Canara HSBC OBC Life Insurance Term Plans 

Canara HSBC OBC Life Insurance plans provide different term insurance plans. A term plan is a basic pure protection policy that provides financial security to policyholders' loved ones and the option to save an income for their family in case of his/her unfortunate demise during the policy term. 

There are three types of term insurance plans p brovided by Canara HSBC OBC which are: Saral Jeevan Bima, iSelect Star Term Plan, and POS Easy Bima Plan. 

1. Saral Jeevan Bima 

   Saral Jeevan Bima is a quick, ideal, and less expensive plan that offers a one-time benefit during the policyholder’s death. The plan also provides flexibility to select sum assured, policy term, premium payment tenure, and frequency of premium payment according to the insurance requirements. 

   1. Key Features of Saral Jeevan Bima 

      • The plan offers insurance coverage at low premium rates 

      • Provides financial protection and security for your loved ones in case of an unforeseen event 

      • The plan is easily understandable. The buying process is hassle-free 

      • Multiple options of premium payment tenure i.e., single premium/ for five years to 10 years premium payment (limited)/ payment all over the plan tenure. 

      • Tax benefits are also available as per the prevailing laws of the Income Tax Act, 1961.

      • Rebates are also available under this plan on: 

        • Women: If the policyholder is a female, a setback of 3 years will be used on the rates of death. 

        • High SA: Higher SA selected by you will give you more discounts on the premium you need to pay. 

      • Death Benefit: 

        • In case of death during the waiting period, when the plan is in force: 

          • Accidental Death: SA on death is paid as a one-time advantage and at policy end.

          • Death (not because of accident): 100 percent of the full paid premium will be payable and the policy terminates. 

        • In Case of Death Post Waiting Period: Sum assured amount on death is paid as a one-time benefit and the plan terminates. 

   2. Eligibility Criteria 

      Parameters	Details
      Entry Age	Minimum: 18 years  Maximum: 65 years
      Maturity Age	Minimum: 23 years  Maximum: 70 years
      Policy Term	Minimum: 5 years  Maximum: 40 years
      PPT i.e., Premium Payment Term	Single-Premium  Limited premium – 5 to 10 years  Regular Payment – Equivalent to policy tenure
      Mode of Paying Premium	For limited and regular premium payment plan Mode  Modal factors  Yearly 1 Half-yearly 0.51 Monthly 0.09
      Premium	Minimum: Rs. 1998 per year  Maximum: Rs 499875 under single premium
      Sum Assured	Minimum: Rs. 5 lacs  Maximum: Rs. 25 lacs

      *All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

2. iSelect Star Term Plan 

   iSelect Star Term Plan is a non-linked, individual risk premium life insurance term plan that provides multiple options such as entire life coverage, covering partner in the same plan, multiple options of premium payment, including the short term such as 5 or 10 years. Also, there is an option to pay during the years when you work i.e., till you get 60. Option to avail premium return benefit is also provided under this scheme wherein all your premium amount will be returned once you survive/outlive the plan term. 

   1. Key Features of iSelect Star Term Plan 

      • Insurance coverage at low premium rates 

      • Flexibility to choose from different coverage options, benefit payouts, and payment of premiums as per your requirements. 

      • Offers coverage for a limited time or whole life. 

      • Option to add spouse in the base plan with a discount on the spouse rates. 

      • Premium discounts are available for high SA and women. 

      • Different options of premium payment are also available such as single payment for a full term or payment for a limited time of 5, 10, 15, 20, 25 years or pay only at the time of your working years i.e., till the age of 60. 

      • Option to add riders in your policy that enhances the coverage of your policy such as permanent disability benefit, accidental death advantage, accidental total, and child support benefit. 

      • The plan offers the option to enhance the cover with evolving life stages and security requirements in the same policy. 

      • Get the tax benefits according to the prevailing laws of the Income Tax Act. 

      • Various options are offered to receive benefits such as lump sum, monthly salary, or part lump sum part monthly with the choice for both increasing/level income. 

      • Availability of loyalty additions for the company’s existing customers. 

   2. Eligibility Criteria 

      Parameters	Minimum	Maximum
      Entry Age	18 years	65 years
      Maturity Age	28 years	80 years
      Policy Term	Life – 5 years  Other options of plan – 10 years	Plan Option Life (except for whole) – 62 years  Other options of plan – 30 years
      Premium Payment Term i.e., PPT	Life	Single premium which is not offered for full life coverage  Limited pay – 5 years, 10 years, 15 years, 20 years, 25 years, and up to 60 years of age  Regular Pay- Equivalent to policy tenure
      	Life plan with ROP (Return of premiums)	Limited Pay – 10, 15, 20,25, up to 60 years of age  Regular Pay - Equivalent to policy tenure
      	Life Plus	Limited Pay – 10, 15, 20, 25, up to 60 years of age  Regular Pay - Equivalent to policy tenure
      Mode of premium payment	Yearly, Half-yearly, Quarterly, Monthly
      Sum Assured	Plan Option Life – 25 lacs  Optional in-built cover – 25 lacs Other options of plan – 15 lacs
      Premium	Varies based on chosen policy, policy term, sum assured, PPT, mode of premium payment, and other options under this scheme.

      *All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

3. POS – Easy Bima Plan 

   It is a pure term insurance plan with a premium return during the maturity date. This plan is specifically designed to provide cost-effective and hassle-free security to take care of the requirements of your family. 

   1. Key Features 

      • The plan offers a return of full premiums, restricted of any rider premiums and taxes on living till the maturity date of the plan. 

      • The policy pays a double amount of life cover during the life assured’s accidental death. 

      • Rebates on premium are also offered on premium for female life assured. 

      • Guaranteed Surrender Value i.e., GSVs are paid on policy surrendering. 

      • Suppleness in choosing the payment term of premium as per the requirements of the customer. 

   2. Eligibility Criteria 

      Parameters	Details
      Entry Age	18 years to 55 years
      Maturity Age	28 years to 65 years
      Policy Term	10 years, 15 years, 20 years
      S	50000 to Rs. 15 lacs
      Premium	Minimum: 10 years of policy term: Rs. 2219 15 years of policy term: Rs. 1076  20 years of Policy Term: 989  Maximum: Depends on the chosen SA
      Premium Paying Term	5 years - 10 years  10 years – 20 years and 15 years
      Frequency of premium payment	Yearly and monthly

      *All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Riders of Canara HSBC OBC Life Insurance Term Plans

You can customize your Canara term plans with riders. It is one of the simplest ways to enhance the coverage of your policy by paying an additional amount of premium. There are two options available: 

• Accidental Death: In case of the untimely demise of the policyholder due to an accident, an extra amount will be paid to the nominee along with the amount of sum assured. 

• Accidental Total and Permanent Disability: In case if the policyholder suffers from the accidental total and permanent disability, the policyholder gets the sum assured and the plan terminates. 

Exclusions of Canara HSBC OBC Life Insurance Term Plans

Here are the major exclusions of this plan: 

• Any ailment or medical condition within four months before the issuance of the policy by the insurance company or during the policy reinstatement is not covered under this plan. 

• Any total or partial disability because of participation in an adventurous sport or other activities such as racing, hunting is not covered. 

• Suicide attempted, suicide or self-inflicted injury is not covered. 

• Military, war leading to injury or disability.

• Suicide: If the policyholder commits suicide within 1 year from the commencement date of the policy or revival date, the insurer will pay a death benefit equivalent to 80 percent of the paid premiums till the suicide date.

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