Canara HSBC Oriental Bank of Commerce 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.
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:
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.
Some of the significant features of the POS - Easy Bima Plan are as follows:
The benefits offered by the POS - Easy Bima Plan are as follows:
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.
The significant features of the Smart Suraksha Plan are as follows:
The benefits offered by the Smart Suraksha Plan under each of the options are as described below:
No maturity benefits will be paid under any of the plan options.
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.
The most prominent features of the iSelect Term Plan are as indicated below:
The benefits offered by the iSelect Term Plan are as follows:
Since this is a pure protection plan, maturity benefit is not offered under it.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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.
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.
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.
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.
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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