Canara HSBC OBC Life Insurance POS – Easy Bima Plan

Tax benefits

Policyholders will be eligible for tax benefits not only on the premiums they pay towards the policy, but also the benefits received under the policy under Section 80C and Section 10 (10D) of the income Tax Act, 1961

Paid-up benefits

Paid-up benefits will be provided under this policy with respect to the death benefit sum assured, accidental death benefit sum assured, and return of premiums on maturity

Policy surrender

Once the policy has been surrendered, the (surrender) value that it will acquire shall either be the Guaranteed Surrender Value (GSV) of the policy, or the policy's Special Surrender Value (SSV), whichever is higher

Policy lapse

The policy will lapse and cease to provide cover if premiums for it have not been paid during the grace period of the first 2 continuous policy years (for policies with 5-year PPT), and grace period of the first 3 continuous policy years (for policies with 10-year PPT)

Policy revival

1. You can request for policy revival during the revival period which extends for a period of 2 years starting from the date of the first missed premium payment.
2. To revive the policy, the policyholder must make all pending premium payments, in addition to any interest that is applicable. Revival will depend on the discretion of the insurer's underwriting process.
3. After the policy has been successfully revived, it will continue to offer coverage and benefits as before

Policy loan

Loan facility is not available with this policy

Free look period

1. This policy comes with a free look period of 15 days (30 days in case the policy has been received via distance marketing).
2. If the customer is not satisfied with the policy's terms and conditions, they must return the same within the permitted free look period, along with stating the reason for cancellation.
3. Post successful cancellation of the policy, the customer will receive the amount of premiums they have paid, minus the amount of proportionate risk premium and stamp duty charges

Grace period

A grace period of 30 days is provided for making due premium payments

Waiting period

If the death claim has been made on account of non-accidental death, a waiting period of 90 days will be applicable

Nomination

Nomination is permitted as per the provisions of Section 39 of the Insurance Act, 1938.

Assignment

Policy assignment is permitted as per the provisions of Section 38 of the Insurance Act, 1938.