Insurance Plans 412 views March 16, 2020

Canara HSBC OBC Life Insurance iSelect+ Term Plan

iSelect+ Term Plan is newly launched by Canara HSBC Oriental Bank of Commerce Life Insurance company to offer its customers enhanced coverage and protection at affordable rates of premium. This insurance plan helps the individuals and the subscribers to design a financial safety net for protecting the future of their family. iSelect+ Term plan ensures the policyholder that his/her family will lead their lives comfortably and without any financial stress. This insurance plan offers different options for coverage as well as benefit pay-outs and payments of premium.

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Features of iSelect+ Term Plan

iSelect+ Term Plan is a term insurance plan which is newly designed keeping in mind the current term insurance needs of individuals. The key features of iSelect+ Term Plan are as follows:

  1. This insurance plan is available to be purchased online
  2. This plan can be brought as an individual plan or a joint life plan covering the policyholder and his/her spouse
  3. This plan is a very flexible plan with different options of payment of the premium amount and also different option to receive the pay-outs of the benefits under the plan.
  4. iSelect+ Plan is a customer-friendly insurance plan which is aligned with stages of life and various insurance requirements of the customers.
  5. This insurance plan offers enhanced protection through death cover and terminal illness cover
  6. The premium rates for higher sum assured and for women are lower
  7. There are special rates of premium in the plan for non-tobacco users
  8. The plan offers three coverage options to the holders of the policy to choose from as per their need and requirement. The options include Option 1 “Life,” Option 2 “Life with Return of Premiums, “Option 3 “Life Plus.”
  9. The premium paid for the plan attracts tax benefits under section 80C of the Income-tax Act. Also, the death benefit is tax-free under Section10(10D) of the Income Tax Act.

Benefits of iSelect+ Term Plan

iSelect+ Term Plan offers enhanced coverage and benefits to the holder of the policy. The benefits that are offered by iSelect+ Term plan are as follows:

  1. The insurance plan offers an optional cover of accidental death and accidental permanent and total disability on payment of an additional amount of premium.
  2. Choose from four options to receive the benefit proceeds which includes receiving the benefit in one lump sum pay-out or in monthly instalment or partly in a lump sum and party in monthly instalments
  3. Offers two types of coverage during the term of the policy which includes level cover and increasing cover
  4. If you buy the plan online, you can customise the plan to suit your insurance requirement in simple steps.
  5. On the death of the insured individual or on the diagnosis of terminal illness during the term of the plan, the sum assured under the plan is paid out to the nominee of the plan or to the insured individual as the case may be. The death benefit will be paid out as per the death benefit option selected by the insured.
  6. The accidental death benefit optional cover pays an additional amount to the nominee of the plan which is in addition to the sum assured in the plan and is paid in a lump sum on the accidental death of the insured during the term of the plan
  7. A grace period of 30 days is offered to the holder of the policy to pay the due premiums upon expiry of which the insurance plan will cease immediately. However, for monthly premium payment mode the grace period is 15 days.

Eligibility Conditions of iSelect+ Term Plan

The eligibility conditions that are required to be fulfilled before buying this insurance plan are as follows:

  1. The minimum age required for entry in the plan is 18 years and maximum entry age is 70 years and for a spouse in a joint life plan the minimum entry age is 18 years and maximum entry age is 50 years
  2. Maximum age at maturity of the plan is 80 years and if you opt for the optional covers it is 75 years
  3. The minimum term of the policy is 5 years and the maximum term of the plan is 40 years.
  4. The sum assured for the insured individual is Rs 25 Lakh and above and for the spouse if you have opted for joint life is Rs 25 Lakh (fixed)
  5. The premium payment mode of the plan is monthly or yearly
  6. The term of the premium payment is regular which is same as the term of the policy
  7. The minimum sum assured in the optional cover is Rs 25 Lakh for both an accidental death benefit and accidental total and permanent disability whereas maximum sum assured is Rs 3 Crore for the accidental death benefit and Rs 1 crore for accidental total and permanent disability

Conclusion

Term insurance plans are pure protection oriented plans which provide financial support and security to the insured’s family in his/her absence. iSelect+ Term Plan is a new term insurance product and is simple to understand. iSelect+ Term Plan is an ideal choice with convenient premium paying options which offers you enhanced coverage at an affordable premium cost. With its availability online, you can easily buy the policy without any hassles.

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