Canara HSBC OBC Term Insurance Plans
Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited was established in 2008 as a joint venture between Canara Bank, Punjab National Bank, and HSBC Insurance (Asia Pacific) Holdings Limited in the year 2008. The company boasts of bringing together the trust and market knowledge of India’s two big public sector banks with the global expertise in the insurance field of HSBC to provide insurance plans with the Indian consumer in mind.
Types of Term Insurance Plans offered by Canara HSBC OBC Life Insurance
1. iSelect Star Term Plan: This is a pure protection plan that acts as a shield against any uncertainties of life with the flexibility to choose between multiple premium payment and benefit payout options. It provides whole life coverage for self, spouse coverage, an increase of life cover, etc., at an affordable premium. The return of premium benefit is also available for those who choose to get back the premiums on the survival of the policy term.
Among the benefits of the iSelect Star Term Plan, the policyholder can choose from three variants – Plan Option Life, Plan Option Life with Return of Premium, and Plan Option Life Plus. The minimum sum assured for Plan Option Life is fixed at Rs 25 lakhs and Rs 15 lakhs for other plans. The person’s minimum age availing of this policy must be 18 years, and the maximum should be 65 years. In addition to the above, income tax benefits on the premiums paid and benefits payout are available as per Section 80C and Section 10(10D) without any upper limit.
2. Saral Jeevan Bima: The Canara HSBC Oriental Bank of Commerce Life Insurance Saral Jeevan Bima is a simple, easy-to-understand feature and requires less documentation for purchasing the policy. Under the policy, the insured’s family shall receive the benefit amount in a lump sum in case of death to the policyholder.
IRDAI has fixed Saral Jeevan Bima’s terms and conditions to bring more people into the insurance fold. Therefore, anyone can avail of this plan without restrictions on gender, place of residence, occupation, or educational qualifications. There are no maturity benefits offered per this policy on survival of term.
The policy shall cover death due to accident only during the waiting period of 45 days from the risk commencement date. In case of death other than an accident that may happen during the waiting period, an amount equal to 100% of total premiums shall be paid, post which the policy shall get terminated without any future benefits.
Why choose Canara HSBC OBC Life Insurance term policies?
- To have low-cost financial protection for your family.
- To enjoy rewards for maintaining a healthy lifestyle and special discounts for non-smokers.
- To avail optional spouse cover under the same policy.
- It offers a rebate for women and for choosing high sum assured.
- To avail tax saving benefits under Section 80C and 10(10D).
For more information on the plans offered by Canara HSBC Oriental Bank of Commerce Life Insurance can be known by visiting the website iiflinsurance.com.