Term Insurance 415 views December 19, 2020

Canara HSBC Oriental Bank of Commerce Life Insurance understands your worry for your family by introducing term insurance plans. With these plans, you can protect your family financially in case of your unfortunate demise. The company offers you two different term insurance plans – iSelect Star Term Plan and POS Easy Bima Plan. All you need to do is pay the premium of any of these plans, which you choose, on the due date. In case you die during the policy term, your timely payment of premium will ensure your dependents receive the lump sum amount without any delay.  Your premium payment will also qualify you for tax benefits. Sounds good! Let’s read more about this life insurance policy below.

Term Insurance

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Types of Canara HSBC OBC Term Insurance

There are two types of term insurance plans at Canara HSBC Oriental Bank of Commerce Life Insurance

iSelect Star Term Plan

An insurance cover at an affordable price that gives you various coverage options to choose from – Life, Life with Return of Premium & Life Plus. You can cover for a limited period or your entire life under this policy. Increase your cover through additional inbuilt coverages like Accidental Death Benefit, Child Support Benefit, Accidental Total and Permanent Disability Benefit. You can also add a Spouse in the same policy with a discount. iSelect Star Term Plan benefits can be received as a lump-sum, monthly income or part lump-sum part monthly income with the option of both level / increasing income.

POS Easy Bima Plan

There is a hassle-free purchase process for the POS Easy Bima plan as there are no medical tests required. And you will have a double life cover in case of accidental death. In case the Life Assured dies due to an accident, Accidental Death Benefit Sum Assured plus the Death Benefit Sum Assured will be payable. For accidental death, a waiting period of 90 days applies. The period starts from the date of risk commencement. Return of the Total Paid Premium happens upon the survival of the Life Assured till maturity.

Why Should You Buy Canara HSBC OBC iSelect Term Plan?

This is the widely preferred term plan from Canara HSBC OBC Life Insurance because of the following invaluable benefits it comes with.

Long Term Financial Security – When doing financial planning with a term insurance plan, often the focus remains on long-term security cover for your dependents. So, with the iSelect Term Plan, you can choose the policy term till the time you attain 80 years of age.

One-stop Solution for All Your Family’s Needs – Having multiple needs is not uncommon in today’s times where someone may look to secure the life of his/her better half while also wanting to secure the future of kids. Keeping in mind such goals, iSelect Term Plan comes with a monthly income option to help your family meet their financial needs in your absence. The comprehensive coverage also allows kids to achieve their aspirations of higher studies in case you are not around. However, if you survive till maturity, you can also get back the paid premium in case you choose the ‘Return of Premium’ option.

Increasing Cover – The growing inflation can make the money you think is sufficient to take care of your family redundant. Keeping in mind the perils of inflation, iSelect Term Plan raises your coverage by 25% every five years basis your needs. Choosing the flexible aging option will ensure 100% extra coverage compared to the defined sum at the inception of the plan.

Cover Against Accidents – An accident can either cause death or disability. With these eventualities come the financial burden on your family members if you are not insured with iSelect Term Plan. In case you face such incidents, a lump sum amount will be payable.

Eligibility for Canara HSBC OBC Term Insurance

The minimum entry age of the policyholder should be 18 years at inception. Your age should be a minimum of 28 years at the maturity of this term insurance plan. Canara HSBC OBC Term Insurance policy term ranges from 5-20 years, depending upon your chosen plan.

Canara HSBC OBC Term Insurance Types of riders

To enhance your term insurance cover, you can add the following available riders to your Canara HSBC OBC Term Insurance:-

Critical Illness Rider:– It will provide additional cover in case you are diagnosed with a critical illness such as cancer, heart attack, coronary artery bypass, kidney/renal failure, paralytic stroke, and major organ transplant.

Accidental Death Benefit Rider:- If the policyholder dies due to an accident, the nominee who is already receiving the sum assured upon the death will also receive an added amount.

Accident and Accident Disability Benefit Rider:- An extra cover in the event of disability due to accident.

Waiver of Premium (WOP) Rider:- If due to an accident the policyholder is permanently disabled, this rider will waive all premiums thereafter.

Accelerated Death Benefit Rider:- When the Life Assured is contracted with a terminal illness that can reduce the lifespan, the rider increases the death benefit.

Income Rider:- If the policyholder dies, his/her family will receive a monthly income for a specified number of years.

Waiting Period

If the Life Assured dies during the first 90 days from the risk commencement date of the Canara HSBC OBC Term Insurance, the company will refund the Total Paid Premiums (if it is not caused due to an accident).

Exclusions from Canara HSBC OBC Term Insurance

Any claim arising directly or indirectly from any of the following are specifically excluded from the Canara HSBC OBC Term Insurance plan:

  1. Any condition, ailment/injury or related conditions for which you had signs or symptoms before the issuance of this policy or at the time of reinstatement.
  2. Participation in any hazardous sport or pastimes such as hunting, mountaineering, racing, steeplechasing, bungee jumping, etc.
  3. The Life Assured flying in any kind of aircraft, other than a bonafide passenger
  4. Self-inflicted injury, suicide or attempted suicide
  5. Use or abuse of drugs, alcohol, narcotics or psychotropic substance that is not prescribed by a registered Medical Practitioner.
  6. If the Life Assured is servicing in the military, air force, naval or paramilitary organization.
  7. War, civil commotion, invasion, terrorism, hostilities
  8. If the Life Assured is a part of any strike, industrial dispute and riot
  9. Committing any criminal or illegal activity with criminal intent
  10. Exposure to Nuclear reactions, Biological, radiations or nuclear/chemical contaminations
  11. Physically handicapped
  12. Mental infirmity

Free Look Period

You can review the Canara HSBC OBC Term Insurance terms and conditions within 15 days (30 days if obtained through distance mode) from the date of the policy document receipt. And if you disagree and return the policy during the free-look period, the company will cancel the policy and refund the paid premiums after deducting the proportionate risk premium, applicable stamp duty charges and medical expenses, if any.

How to Pay the Canara HSBC OBC Term Insurance Premium?

As pointed out above, paying the premium on time helps your dependents receive the much-needed sum to carry on their lives in your absence. So, how can you pay that on time? You can do so online, via Interactive Voice Response System (IVR), Cheque/Demand Draft or at the local hub office/bank branch. Let’s read about these payment modes in detail.

Online Premium Payment

You can pay the premium using any of these online modes – net banking, debit card/credit card, prepaid wallet/cash cards, Unified Payment Interface (UPI), Insta Pay and Auto Debit. In addition, you can also convert your premium into Equated Monthly Installments (EMIs).

Offline Payment Modes

You can even call the Toll Free number – 1800-891-0003/1800-180-0003/1800-103-0003 to pay your premium. Other payment options include issuing a cheque or demand draft in favour of Canara HSBC OBC Life Insurance Co. Ltd. and mentioning your name, mobile number and policy number on the rear side of these financial instruments. Those looking to pay via demand draft needs to send the instrument to –

Canara HSBC OBC Life Insurance Co. Ltd.

139 P, Sector -44,

Gurugram – 122003

Haryana, India

If you want to pay at any of the company’s HUB offices, you can do so via cheque/demand draft or by swiping the debit/credit card. Canara Bank branches also allow payments via cheque/demand draft/direct transfer by which your account gets debited for the due premium amount.

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