Canara HSBC Oriental Bank Of Commerce Life Insurance eSmart Term Plan is a pure term life insurance plan which can be easily bought online without any hassles in a simple 4-step process - calculate your premium, fill out the application form, make the required payments and submit your documents. The eSmart TermPlan provides your family with a safety net at low costs so your loved ones can be financially secure when you are not around. For instance, you can opt for a life insurance cover of Rs.1 crore upon payment of a premium of Rs.5811 p.a under this plan.
Eligibility Criteria of eSmart Term Plan
- Age at Entry: The minimum age is 18 years while the maximum is 70 years
Features of eSmart Term Plan
The following are the salient features of eSmart Term Plan
- Policy Term: Minimum: 5 years; maximum - 40 years
- Premium Payment Frequency: Annual
- Sum Assured: Minimum - Rs.25 lakhs
- Premium: The following table shows the aggregate premium rates* under this plan if you opt for the death benefit plus the additional death benefit option for a sum assured of less than Rs.50 lakh and policy term of 5 years
* Male lives not inclusive of service tax
Under this plan, premiums for tobacco users may vary. Also, female lives can avail of better premium rates compared to male lives.
Benefits of eSmart Term Plan
- Death Benefit: In case the life insured dies during the policy term, the nominee has two options to choose from as listed below:
- Option A: Sum Assured
- Option B: Sum Assured plus accidental death benefit
- Maturity Benefits: No maturity benefits are available under this plan
- Surrender Benefit: No surrender benefits are available under this plan
- Accidental Death Benefit: In the event of the death of the life insured due to an accident, the insurance provider will pay an amount equal to the Sum Assured knows as accidental death benefit. The maximum amount which can be offered under this benefit is Rs.1 crore.
- Tax Benefits: You can avail of income tax benefits according to Income Tax Act, 1961.
Vinod Mehta, a 30-year-old (non-smoker) IT employee opts for Canara HSBC Oriental Bank Of Commerce Life Insurance eSmart Term Plan for a Sum Assured of Rs.2 crores and a policy term of 5 years. Mehta has to pay an annual premium of Rs.12,570. In the event of the unfortunate death of Mehta under this plan, his nominee will receive Rs.2 crores.
Frequently Asked Questions
- What happens if premiums are discontinued or not paid on time?
You will be given a grace period of 30 days to make your payments, failing which, your policy will lapse.
- Are there any surrender benefits available under this plan?
No. There are no surrender benefits under this plan
- Can the policy be revived?
Yes. You can revive the policy within 2 years of the last due date of premium (default) after payment of regular premiums with interest (10% p.a) and subject to completion of underwriting requirements.
- Are there any maturity benefits under the plan?
No. There are no maturity benefits under this plan
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017