is jointly owned by three leading banks in India, i.e., Canara Bank with a holding of 51% stakes, Oriental Bank of Commerce with 23% stakes, and HSBC Insurance (Asia Pacific) Holdings Limited with 26% stakes. The company has a wide network of branches and more than 115 million customers.
The accessibility of insurance products and distribution are enabled by the vast infrastructure of the bank locations. The in-depth market knowledge of the banks and robust distribution strength contributes to the specific needs of its customer base.
Term Insurance Plans Offered by Canara HSBC Oriental Bank of Commerce Life Insurance:
A term insurance plan is a that ensures the family of the policyholder is protected against his/her untimely death or permanent disability. It is also the most basic form of insurance and can be bought at a very low cost. Some of the term insurance plans offered by Canara HSBC Oriental Bank of Commerce Life Insurance are:
Canara HSBC Oriental Bank of Commerce Life Insurance POS - Easy Bima Plan:
This is a non-linked, non-participating, term insurance policy with return of premium facility. The plan is designed to offer hassle-free protection at an affordable cost to the customer.
Key features of POS - Easy Bima Plan:
Some of the significant features of the POS - Easy Bima Plan are as follows:
- The policy purchase process is hassle-free and has minimum requirements. Medical tests are not mandated as well.
- The life insurance coverage is doubled in the event of an accidental death.
- The total premium paid will be returned if the policyholder survives till the maturity of the plan. This includes modal loading but excludes GST and cesses.
- The policyholder can choose the premium payment frequency and policy term based on his/her requirements.
- The policyholder gets tax benefits on the premium paid and payouts received.
Benefits of the POS - Easy Bima Plan:
The benefits offered by the POS - Easy Bima Plan are as follows:
- Death benefit (non-accidental death) - In the event of death of the policyholder during the waiting period of 90 days from the date of policy commencement, the total premium paid is returned. If the policyholder dies after the waiting period expires, 100% of the sum assured at death is paid.
- Death benefit (accidental death) - Accidental death benefit sum assured is paid along with the sum assured at death.
- Return of premium at maturity - If the policyholder survives till policy maturity, the total premium paid will be returned, subject to the policy being in force.
Canara HSBC Oriental Bank of Commerce Life Insurance Smart Suraksha Plan:
This is a pure protection plan that to the policyholder along with accidental disability/death coverage. The plan should be taken by individuals who are looking to protect the financial future of their families even in their absence.
Key features of Smart Suraksha Plan:
The significant features of the Smart Suraksha Plan are as follows:
- Life insurance coverage is priced very low.
- The policyholder can opt for accidental death or total disability cover.
- Premium rebates are offered to female customers.
- Customers are rewarded for leading a healthy lifestyle, i.e., non-smokers pay lower premiums or get higher sum assured.
- Tax benefits can be availed for the premiums paid under the plan.
- Customers can choose from three plan options, i.e., Life Cover, Accident Plus, and Disability Plus.
- Rebates are offered on premium rates for policies with high sum assured and online plans.
Benefits of Smart Suraksha Plan:
The benefits offered by the Smart Suraksha Plan under each of the options are as described below:
- Life Cover - The life insurance coverage has no limit on the sum assured.
- Accident Plus - Apart from the life insurance coverage, this plan offers Accidental Death Benefit as additional cover. If the life assured passes away in an accident, the additional sum assured will be provided to the nominee along with the sum assured.
- Disability Plus - This plan offers coverage for Accidental Total and Permanent Disability along with Accidental Death Benefit and life insurance coverage. The maximum sum assured that can be availed under this plan is Rs.1 crore.
No maturity benefits will be paid under any of the plan options.
Canara HSBC Oriental Bank of Commerce Life Insurance iSelect Term Plan:
This is a pure term insurance policy that offers protection to the life of the policyholder. The plan also offers terminal illness coverage and cover for accidental disability/death.
Key features of iSelect Term Plan:
The most prominent features of the iSelect Term Plan are as indicated below:
- The policy offers enhanced protection in the form of death cover and terminal illness cover.
- The plan has optional coverage that can be purchased at an extra cost - Accidental Total and Permanent Disability and Accidental Death.
- The customer can choose from several options for benefit payout, i.e., the option to choose lump sum payout or a monthly income for a time period of 10 years/until end of coverage period is available.
- The plan enables the customer to choose from multiple coverage options, i.e., life insurance can be purchased for self only or for self and spouse.
- Non-tobacco users get special premium rebates under the plan.
- Female customers get premium discounts or higher sum assured.
- Tax rebates can be availed on benefits received or premiums paid towards the plan, under Section 80C and Section 10 (10D) of the Income Tax Act, 1961.
Benefits of iSelect Term Plan:
The benefits offered by the iSelect Term Plan are as follows:
- Death Benefit - The death benefit offered under the policy is the sum assured at death. This is based on the coverage option chosen by the policyholder.
- Optional built-in covers - The insurer provides optional covers that can be used to enhance the protection offered by the base policy. These are:
- Accidental Death cover
- Accidental Total and Permanent Disability cover
Since this is a pure protection plan, maturity benefit is not offered under it.
Canara HSBC Term Insurance FAQs:
For the POS - Easy Bima Plan, what happens if I stop paying the premiums?
If the premiums are not paid within the grace period in the first 2 years (for premium payment term of 5 years) and the first 3 years (for premium payment term of 10 years), then the policy will lapse when the grace period ends. The insurance coverage will cease immediately. If the life assured faces death during the grace period and a claim is raised, the insurer will deduct the unpaid premium (along with GST and cess) from the payable death benefit. No benefits are paid at the death of the life assured after the revival period has expired.
For the POS - Easy Bima Plan, what is the free-look period?
The policyholder can go through the terms and conditions of the policy documentation, and if found dissatisfactory, can return the policy back to the insurer within the first 15 days of receipt. This is referred to as the free-look period. If the policy was bought through distance marketing, the free-look period is 30 days. The insurer will cancel the policy that is returned within the free-look period and refund the collected premiums.
Does the Smart Suraksha Plan allow policy loans?
The policyholder cannot avail any loan under the Smart Suraksha Plan. In fact, customers cannot benefit from loans under any of the term insurance plans offered by the insurance company.
What is the timeframe for the lapsation of the Smart Suraksha Plan?
If the policyholder does not pay premiums during the grace period, the policy will lapse. No benefits are payable under the lapsed policy.
The grace period is 30 days from the date of unpaid premium. It is possible for the policyholder to pay the pending premium amount within this time and reinstate the policy benefits. It should be noted that the grace period is 15 days for policies with monthly premium payment frequency.
What is the Spouse Cover under the iSelect Term Plan?
The Spouse Cover is an optional coverage offering under the iSelect Term Plan. This cover provides Rs.25 lakh for the life insurance of the spouse of the policyholder. This cover protects the spouse from terminal illness as well. The death benefit or terminal illness benefit is always paid as a lump sum amount.
If the primary life assured passes away during the policy tenure, the spouse cover will continue as long as regular premiums are paid.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017