Canara HSBC Oriental Bank of Commerce offers the eSmart Term Plan which offers a huge sum assured to secure the financial future of the family, in case of the policyholder's untimely death.
Key Features of Canara HSBC Oriental Bank of Commerce Term Plan:
- Life Insurance Cover at a low cost
- This plan can be bought online quickly
- Easy and hassle-free claims process
- Tax benefits on premium payments
- Option to cover accidental death
Example of Canara HSBC Oriental Bank of Commerce Term Plan:
Mr. Sharma, aged 30 years buys eSmart Term Plan for a sum assured of Rs 1 crore, along with the Accidental Death Benefit of the same amount. He pays Rs 11,273 as premium for a 20-year plan. During the policy term, he meets with an accident and dies. His family will receive Rs 2 crore as sum assured.
Canara HSBC Oriental Bank of Commerce eSmart Term Plan:
A pure term insurance plan, eSmart can be bought online. With the flexibility to choose the amount, the family can receive up to Rs.1 crore as sum assured, in case the policyholder has also opted for Accidental Death Benefit.
Parameters of eSmart Term Plan:
- Minimum entry age - 18 years
- Maximum entry age - 70 years
- Minimum policy term - 5 years
- Maximum policy term - 40 years (provided the policyholder is 75 years or younger at the end of the term)
- Premium payment term - Throughout the policy, on an annual basis
- Minimum sum assured - Rs 25,00,000
- There is no limit to choosing the maximum sum assured, subject to underwriting
Canara HSBC Oriental Bank of Commerce Term Plan FAQs:
- Q. Does the eSmart Term Plan have tax benefits?
A.Yes. Tax benefits under this policy are subject to the prevailing Income Tax rules. In order to avail tax benefits, the sum assured should be at least 10 times of the annual premium.
- Q. What happens if, due to some reason, I am unable to pay my premium on time?
A.There is a grace period of 30 days to pay the premium without any impact on the benefits in the policy. The cover will lapse in case the due premium is not received within the grace period.
- Q. How can I reinstate my policy?
A.You have the flexibility to reinstate all the benefits under your policy within two years from the due date of the unpaid premium. A written application, along with the details, for revival of the policy, has to be submitted, as per the company’s underwriting.
- Q. Does the policy have free look period?
A.Yes. The policyholder can cancel the policy within 30 days from the date of receipt of the policy document, in case he/she does not agree with the terms and conditions of the policy. In case of cancellation during free look period, the premium will be repaid, after deducting proportionate risk premium for the period on cover and expenses incurred by the company on medical examination and stamp duty.
- Q. What documents do I need to submit?
A.Standard KYC documents, proof of income & any specific documents as required by the company.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017