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Term Insurance Plans are the basic form of insurance that protects the policyholder against any unfortunate event such as death or permanent disability. Canara HSBC Oriental Bank of Commerce Life Insurance ‘Point Of Sale’ product POS- Easy Bima Plan is one such pure-term insurance plan that offers life cover and promises the return of all premiums paid during the term until the policy maturity.
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Note: Know more about what is term insurance first before reading this article.
Canara HSBC OBC Life Insurance offers three Term Insurance plans- iSelect Star Term Plan, Saral Jeevan Bima and POS-Easy Bima Plan.
Term Plans
|
Parameters |
Minimum |
Maximum |
|
Entry Age |
18 years |
55 years |
|
Maturity Age |
28 years |
65 years |
|
Sum Assured |
Rs. 50,000 |
Rs. 15,00,000 |
|
Premium Payment and Policy Term |
5 Pay-10 years 10 Pay-15 years 10 Pay- 20 years |
|
|
Annual Premium |
· Rs.2,219 for 10-year Policy Term · Rs. 1,076 for 15 year- Policy Term · Rs. 989 for 20 year- Policy Term |
Based on Sum Assured |
|
Premium Payment Mode |
Annual and Monthly mode. Modal Factor= Annual Premium multiplied by a factor of 0.10 to get the monthly instalment premium payable. |
|
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The purchase process is hassle-free and does not have additional requirements or medical tests.
With POS- Easy Bima Plan, one can get benefit from Double life cover if there is accidental death. Double Life Cover comprises Accidental Death Benefit Sum Assured + Death Benefit Sum Assured will be paid.
The total premiums paid during the 90-days’ waiting period from the risk commencement date are paid in this case. This will include modal loading excluding GST & other taxes. When the waiting period is over, 100% Death Benefit is paid back to the policyholder. Once the payment of these benefits is made, the policy terminates.
In case of death by accident, the 90-days’ waiting period is not applicable and the Accidental Death Benefit Sum Assured equal to the Death Benefit Sum Assured is paid. After the payment of these Benefits, the Policy will be terminated, and no amount will be paid.
Let’s assume the policyholder survives till the plan maturity. In that case, the total premiums paid by the policyholder during the lifetime of the Policy are returned to the policyholder, excluding GST and other taxes.
POS Easy Bima plan offers convenient options to its customers regarding the selection of the policy term and payment of premium for a limited period according to one's needs.
Policyholders can get the tax benefits of up to Rs 1.50 lakhs under Section 80C of the Income Tax Act, 1961, for the premium paid for a specific period to avail benefits of a term insurance policy. According to Section 10 (10D) of the IT Act, any amount received under a Life Insurance Policy as a death benefit is also tax-free.
“Tax benefit is subject to changes in tax laws. Standard T&C apply.”
Ritik is planning financial security for his family with a vision that his family would not have to struggle for finances in case of his untimely demise. For this reason, he purcahsesPOS Easy Bima Plan offered by Canara HSBC Oriental Bank of Commerce Life Insurance. Here is an illustration of premiums with options on Policy and Premium payment terms on Sum Assured of Rs. 3,00,000.
|
Premium Payment Term/ Policy Term |
Sum Assured (Rs) |
Annual Premium (Rs) |
Return of Premium on date of Maturity in case of Annual mode (Rs) |
Monthly Premium (Rs) |
Return of Premium on date of Maturity in case of Monthly Mode (Rs) |
|
5 Pay / 10 Term |
3,00,000 |
9,423 |
47,115 |
942 |
56,538 |
|
10 Pay / 15 Term |
3,00,000 |
6,186 |
61,860 |
619 |
74,232 |
|
10 Pay / 20 Term |
3,00,000 |
6,294 |
62,940 |
629 |
75,528 |
To buy the Canara bank POS Easy Bima plan, any of these documents are required:
If you want to buy the Policy online, you need to go to the Canara HSBC Life website and contact an advisor. For meeting the advisor, you can fill in their personal information- your name, email id, mobile number, pin code and city where you reside. You also need to fill in the source of reference for the plan. ick the box declaring that you agree to abide by the company’s privacy policy and that you are ready to receive any information about the plan on the given email id or mobile number.
In Terms and Conditions regarding the application of tax, premiums and benefits, there are a few exclusions to the plan:
In the event of the death due to suicide of a person with an Insurance policy within 12 months:
Accidental Death of the Life Assured caused by any of these reasons is excluded:
“For a detailed list of exclusions, please refer to the policy document or the product brochure.”
Note: Check out the best 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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