Canara HSBC iSelect Term Plan

The Canara HSBC Oriental Bank of Commerce Life Insurance iSelect Term Plan can be availed by individuals who fulfill the following eligibility criteria:

iSelect Term Plan Customisation:

The iSelect Term Plan offered by Canara HSBC Oriental Bank of Commerce Life Insurance provides the insured with the flexibility of designing their life plan. The customisations can be made based on the requirements of the customer.

iSelect Term Plan Coverage:

The iSelect Term plan offers the insured 2 coverage options:

1. Level Cover: If the policyholder has chosen the level cover, the sum assured for the term of the policy is fixed.
2. Increasing Cover: If the policyholder opts for the increasing cover, the sum assured increases by 25% after every 5th year of the policy term up to the 20th year. The increase in the sum assured is limited to 100% of the initial cover.

iSelect Term Plan - Sum Assured and Policy Term:

Once the customer has chosen the coverage options, the premium is generated based on the sum assured and the coverage options. The customer will have to submit personal information about their health, lifestyle, occupation, and information about the nominee to the insured. After agreeing to the terms and conditions of the policy, the customer can make the premium payment online.

iSelect Term Plan Exclusions:

The following are the instances that the iSelect plan does not cover:

1. Terminal Illness:
   1. Individuals who are diagnosed with AIDS are excluded from the plan.

1. Accidental death benefit:
   1. Accidental death due to an injury or ailment that was known to the insured 48 months prior to availing reinstatement of the policy will be excluded from coverage.
   2. Accidental death due to high-risk sporting or adventure activities is excluded from coverage.
   3. Death due to suicide or self-inflicted injury is excluded from coverage.
   4. Death due to the effect of illicit drugs is excluded from coverage.
   5. Death due to service in armed forces is excluded from coverage.
   6. Death due to participation in strikes, civil commotion, terrorism, and criminal activity is excluded from coverage.
2. Suicide:
   1. Death due to suicide within 12 months of the policy's term results in payment of 80% of the premium.
   2. In instances where the insured commits suicide within 12 months of the revival period, above 80% of the premium is refunded.

Tax Benefits of the iSelect Term Plan:

Under Canara HSBC Oriental Bank of Commerce Life Insurance iSelect Term Plan, policyholders can avail tax benefits under Section 80C and Section 10 (10D) of the Income Tax Act, 1961.

The iSelect Term plan is a pure protection plan that not only provides a life cover but a terminal illness cover as well. The flexibility of the plan allows policyholders to ensure financial security to their dependents.

Why you Should Buy the iSelect Term Plan from Canara HSBC Oriental Bank of Commerce Life Insurance?

The Canara HSBC Oriental Bank of Commerce Life Insurance company has a wide network of bank branches that offer their products, which makes it very accessible to individuals looking to purchase life insurance. HSBC Insurance (Asia Pacific) Holdings Limited, which owns part of the company, has several years of experience in the insurance field. This guarantees that the service, expertise, and reliability that a customer receives from the Canara HSBC Oriental Bank of Commerce Life Insurance company is one of the best in the industry.

The Canara HSBC Oriental Bank of Commerce Life Insurance company has proved a level of consistency in the performance of its funds and has exceeded the benchmark of all its funds. Additionally, the company's Resolution Centre is dedicated to effectively resolving any customer grievances to its wide and diverse customer base.