Term Insurance 166 views May 18, 2021

Want to provide a financial safety net to your family when you are not around? Canara HSBC OBC eSmart Term Plan could help achieve the same by providing a death benefit to your family if you die during the policy term. With this term plan from Canara HSBC OBC, individuals can provide the required financial cushion to their families in their absence at an affordable cost. Individuals can choose this plan within a few minutes online.

Let’s look at the key features of the Canara HSBC OBC eSmart Term Plan that make it so popular among customers.

  1. Life insurance coverage at an affordable premium
  2. Accidental death coverage
  3. Flexibility to choose the longer policy term
  4. The hassle-free claim settlement process
  5. Tax benefits on premium payments towards the policy
  6. A 30-day free look period

Want to know these features of the Canara HSBC OBC eSmart Term Plan in detail? On this page, we will be discussing them in detail so that you can make the right choice. Let’s start right away!

Term Insurance

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Let’s Discuss the Features of the Canara HSBC OBC eSmart Term Plan in Detail

Canara HSBC OBC eSmart Term Plan is a pure term online life insurance plan with which individuals can choose a definite amount (sum assured) that their families will get in an unfortunate event. We are discussing the features of this online term plan below. Please check!

Accidental Death Coverage

Apart from the base sum assured, Canara HSBC OBC eSmart Term Plan also provides an accidental death benefit to the policyholder’s family in case of his/her demise due to an accident. This benefit will be an additional sum assured up to INR 1 crore. Also, the death of the insured person should happen within 180 days of the accident to be eligible for this benefit.

Death Benefit Option

This online term plan from Canara HSBC OBC offers two death benefit options in case a policyholder dies during the policy term – Option A and Option B.

Under Option A, the nominee will get the sum assured, while under Option B, the nominee will receive the sum assured plus accidental death benefit (up to INR 1 crore). However, the term plan will provide benefits only if all the due premiums have been paid until the date of death. Also, you will not get any maturity or surrender benefits under this plan.

Flexibility to Choose Longer Policy Term

Canara HSBC OBC eSmart Term Plan provides multiple policy term options from which policyholders can choose according to their requirements. These options are 5, 10, 15, 20, 25, 30, 35 and 40 years. However, an individual should not be more than 75 years at the end of the policy term.

Higher Sum Insured

Individuals can get a higher life coverage of INR 25 lakhs or more with this term plan from Canara HSBC OBC. With this amount, individuals can secure their family’s financial future in case of an unfortunate event like death.

Hassle-free Claim Settlement Process

In the event of a claim, Canara HSBC OBC assigns a dedicated manager who will assist the policyholder’s family in each step of the claim settlement. The insurer ensures that if something unfortunate happens to a policyholder, his or her family could access the claim amount in a hassle-free manner. The nominee can initiate the claim process online through our website, email, toll-free number, a letter, or through any of the Canara HSBC branches.

Free Look Period of 30 Days

If a policyholder is disagreeing with the terms and conditions of the policy, he/she can cancel the policy within a free look period of 30 days from the date of receipt of policy documents.

Canara HSBC OBC eSmart Term Plan Eligibility Criteria

We are showing the conditions related to the Canara HSBC OBC eSmart Term Plan eligibility criteria below. Please check!

  1. An individual should be between 18 to 70 years of age.
  2. The maximum age at the time of maturity of policy stands at 75 years.

What are the Exclusions under the Accidental Death Benefit Option?

In case of the following situations, policyholders will not receive any accidental death benefit.

  1. Flying in any kind of aircraft, other than as a bonafide passenger (whether fare-paying or not) on an aircraft of a licensed airline
  2. Taking part in any hazardous sport or pastime (including but not limited to hunting, mountaineering, racing, steeplechasing, bungee jumping, etc.)
  3. Performing service in any active military, air force, naval, police, a paramilitary or similar organization
  4. Active participation in any strike, industrial dispute, riot, etc.
  5. Taking part in any criminal or illegal activity
  6. Self-inflicted injury, or suicide (whether sane or insane)
  7. The Policyholder being under the influence or abuse of drugs, alcohol, narcotics or psychotropic substance (not prescribed by a registered medical practitioner)
  8. War, civil commotion, invasion, hostilities (whether war be declared or not)
  9. Nuclear reaction, radiation or contamination

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