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Canara HSBC OBC iSelect Term Life Insurance Plan and Policy

Canara HSBC OBC iSelect Term Life Insurance Plan and Policy - Canara HSBC Oriental Bank of Commerce Life Insurance iSelect Term Plan is a pure protection plan that provides life insurance and terminal illness cover along with cover against accidental death/ disability, and the option to secure an income for your family even in your absence. Take a few minutes out to secure the biggest online deal of all - the well-being of your family.

Eligibility - Canara HSBC OBC iSelect Term Life Insurance Plan and Policy

Parameters Description
Age at entry
(as on last birthday)
Life Assured: 18 years - 70 years
Spouse (if opted for): 18 years - 50 years
Maximum age at maturity 80 years 
(If optional in-built cover has been chosen: 75 years)
Policy Term 5 years* - 40 years
Sum Assured (inclusive of Terminal Illness cover) Life Assured: Rs. 25,00,000 & above (subject to underwriting)
Spouse: Rs. 25,00,000 (fixed)
Optional in-built cover
(if opted for)
Cover Minimum Maximum
Accidental Death Benefit (ADB) Rs. 25,00,000 Rs. 3,00,00,000
Accidental Total and Permanent Disability (ATPD) Rs. 25,00,000 Rs. 1,00,00,000
Premium payment mode Yearly/ monthly
Premium Payment Term Regular premium payment (Same as Policy Term)

*Policy term of 5 years - 9 years is available only for age at entry of 35 years and above

Policy Details - Canara HSBC OBC iSelect Term Life Insurance Plan and Policy

Your best laid plans for the happy and secure future of your loved ones might derail with an unforeseen disability or accident or even worse, death. With Canara HSBC Oriental Bank of Commerce iSelect Term Plan, you can get to design your safety net so that you can protect your family's future to ensure that they lead their lives comfortably without any financial worries, even in your absence.

iSelect Term Plan fulfils all the criteria for being a comprehensive protection plan for you and your family! Here's how...

Needs fulfilled
Fulfillment of your need through iSelect Term Plan
Financial security - for longer tenure
Choice of life cover up to age 80 with inbuilt death and terminal illness covers
Increased life stage responsibilities
Option to increase your cover by 25% every 5 years ensures that your life stage needs are met. If opted, the Sum Assured increases up to 100% of the original sum assured during the policy term.
Option to secure your family's monthly expenditure
With the option to choose benefit payout till the end of the planned coverage period (policy term) enables your family with regular monthly income in your absence which can be used to provide for your family's monthly expenses.
Spouse Cover
Option to cover your spouse along with your policy.
Family's financial liabilities
Flexibility to opt whole or part of the plan benefit as regular monthly income.
Optional in-built protection
Accidental death and accidental disability covers.
Tax Benefits
Tax Benefits under the plan will be as per the prevailing Income Tax laws and are subject to amendments from time to time. For tax related queries, contact your independent tax advisor.

Benefits - Canara HSBC OBC iSelect Term Life Insurance Plan and Policy

Multiple payout options:

Choose from:

  • Lump Sum: Entire benefit is paid out as a one-time lump sum
  • Lump Sum + Monthly Income: 50% of the benefit is paid out immediately. The rest of the benefit is paid out in equal monthly instalments over 120 months
  • Monthly Income for a fixed term: The entire benefit amount is paid out in equal monthly instalments over 120 months
  • Monthly Income till the end of your policy term: The entire benefit amount will be paid out in equal monthly instalments till the end of the planned policy term.

Events covered:

1. Death/ Terminal Illness: In case of the unfortunate death the sum assured will be payable.

2. Accidental Death (if opted): In case of the unfortunate event of death of the Life Insured due to an accident an additional amount will be paid to the nominee along with the sum assured.

3. Accidental Total and Permanent Disability (if opted): In case the life insured suffers from accidental total and permanent disability, the sum assured under the policy will be paid to the life assured and the policy will terminate.

Maturity Benefits - Canara HSBC OBC iSelect Term Life Insurance Plan and Policy

This being a term plan, no benefits are payable on maturity.

Tax Benefits - Canara HSBC OBC iSelect Term Life Insurance Plan and Policy

You can avail tax benefit on the premium paid subject to current applicable provisions of Section 80 C of income Tax Act, 1961. Please note that tax laws are subject to amendments from time to time.

#Tax benefits under the policy will be as per the prevailing Income Tax laws and are subject to amendments from time to time. For tax related queries, contact your independent tax advisor.

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