Term Insurance 2478 views July 8, 2019

Canara HSBC OBC iSelect Term Plan

This is more than just an ordinary term insurance plan. Buying this term insurance policy not only ensures a life insurance cover to protect your loved ones but guarantees a terminal illness cover in addition to securing against sudden death or disability due to an accident. The monthly income to sustain the lifestyle of your dependents is another benefit that does not involve the payment of additional premiums.

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Any interested customer, aged 18-70 years, can buy this term insurance plan in India. However, the maximum age beyond which the policy period must not exceed is 80 years. However, the same gets reduced to 75 years in the event of the policyholder opting for an in-built cover too. These options in-built covers may include:-

Accidental Death Benefit (ADB) Cover

The minimum amount of cover on accidental death is Rs 25 lakhs while the maximum may go up to Rs 3 crores.

Accidental Total and Permanent Disability (ATPD) Cover

In the event of sudden and complete disability due to an accident, the policyholder is entitled to a minimum coverage amount of Rs 25 lakhs while the maximum may go up to Rs 100,00,000.

Why Should You Invest In iSelect Term Plan?

Spouse Cover Available

You may opt to include your spouse too in your policy.

Choice of Death Payouts

Financial needs of your family members in the future may be starkly different from what they are today. This explains the effectiveness of having a monthly income in place in addition to opting for lump-sum death benefits.

Increased Sum Assured at Different Milestones

Different stages in life are synonymous with different requirements. This means that it is always good for an increased sum assured pursuant to your potential requirements at different stages of life. Buying this plan allows you to opt for an increased sum assured by 25 percent every five years. The sum assured may go up to 100 percent of the original amount of sum assured during the policy period.

Option oF Choosing In-Built Covers

Accidental death and disability due to accidents are in-built covers that one may choose to tackle sudden death and disability.

Tax Benefits

Tax benefits under the prevailing Income Tax laws are available.

Death Payout Options

As opposed to receiving the entire sum assured in a lump sum, customers may choose from the following payout options depending on their varying and long-term needs. These include:-

Death Benefits Available in a Lump Sum

The total amount of sum assured is paid in a lump sum.

Lump-Sum + Monthly Income

Your nominees may not be well-equipped to handle such a large amount of the sum assured at one go. This explains the importance of including a monthly income plan too to ensure that daily operational expenses are met. According to this option, 50 percent of the sum assured is paid immediately. The rest of the amount is handed over to the nominee as equal monthly installments over a span of 120 months.

Monthly Income For a Fixed Period

The entire sum assured is handed over to the nominee in equal installments over a span of 120 months.

Monthly Income Throughout Policy Period

The entire amount of sum assured will be paid in equal monthly installments until the last month of the policy term as mentioned in the policy document.

Premium Payment Details

The premium paying term is the same as the policy term. Premiums can be paid either monthly or yearly as per one’s convenience and budget.

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