Compare Canara HSBC Oriental Term Insurance Plans

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Canara HSBC Oriental Bank Of Commerce Life Insurance Company

Canara HSBC Oriental Bank Of Commerce Life Insurance Co. Ltd. Is a joint venture between three massive financial institutions: Canara Bank (51% share), Oriental Bank of Commerce (23% share) and HSBC Insurance Holdings Limited (26% share), part of HSBC group. Together these institutions have more than 300 years of experience in providing financial services and the products they have launched are designed keeping in mind their customer base, banking needs and distribution strengths.

Canara HSBC Oriental Bank Of Commerce Life Insurance Company

The offered plans are not only for the protection purposes, but also provide a whole life coverage with additional features to safeguard one’s financial interests during unforeseen adverse circumstances. Despite providing extensive coverage, the plans are economical and help to support the insured’s family and ensure their secured future in his absence.

List of Different Term Plans Offered By Canara HSBC Oriental Bank Of Commerce Life Insurance Co. Ltd., With Features, Benefits And Eligibility

Canara HSBC Oriental Bank of Commerce iSmart Term Plan

Features:

  • The plan offers life coverage up to 80 years of age with in-built death and terminal illness cover
  • Option is available to increase the cover by 25% every 5 years to ensure important financial milestones are taken care of. If opted, the sum assured increases up to 100% of the original sum assured during policy term
  • Offers an option of monthly payment to the family till the end of maturity period
  • Spouse can also be covered in the policy
  • Option to convert whole or part of plan benefit as regular monthly income
  • Inbuilt accidental death and accidental disability covers
  • Tax benefits are applicable on the plan

Benefits:

  • Plan benefits can be availed through following options:
    1. Lumpsum: The entire benefit is paid at one go
    2. Lumpsum + Monthly Income: 50% of benefit is paid out at one go and the remaining is paid in equal monthly instalments over a period of 120 months
    3. Fixed Term Monthly Instalments: Entire benefit is paid over a period of 120 months in equal monthly instalments
    4. Monthly Income till the end of policy term: Total benefit amount will be paid in equal monthly instalments till the end of the policy term
  • Terminal Illness: The entire sum assured shall be payable on diagnosis of terminal illness or death of the insured
  • Accidental Death (if opted): An additional amount along with the sum assured shall be paid to the nominee if the policyholder dies due to an accident
  • Accidental Total and Permanent Disability: The insured shall receive sum assured if he suffers from an accidental total and permanent disability and the policy will terminate
  • Maturity Benefits: Since this is a term plan, if the insured survives the policy term, the policy will terminate and no maturity benefits will be payable
  • Income tax benefits under section 80C can be availed for premiums paid

Eligibility:

Minimum Entry Age Life Assured- 18 years | Spouse (if opted)- 18 years
Maximum Entry Age Life Assured- 70 years | Spouse (if opted)- 50 years
Maximum Age at Maturity 80 years (if optional inbuilt cover is chosen- 75 years)
Policy Term 5 years – 40 years
Sum Assured Rs. 25 lakhs and above | Spouse- Rs. 25 lakhs (fixed)
Optional inbuilt Cover Accidental Death Benefit- Min: Rs. 25 lakhs | Max: Rs. 3 crore | Accidental Total and Permanent Disability- Min: Rs. 25 lakhs | Max: Rs. 1 crore
Premium Payment Frequency Yearly or monthly
Premium Payment Term Equal to policy term

Canara HSBC Oriental Bank of Commerce Smart Suraksha Plan

Features:

  • One of the most economical term insurance plans
  • Offers to cover accidental death and/or accidental total permanent disability
  • Discount on premium for non-smokers
  • Special premium rates for women
  • Discount on premium for selecting higher sum assured
  • Tax benefits on premiums paid

Benefits:

  • Death Benefits: Following benefits are offered:
    1. If the policyholder dies within the policy term, sum assured shall be paid to the nominee and policy will terminate
    2. Accident Plus: If the policyholder dies due to an accident, the nominee shall be paid sum assured along with an additional amount equal to sum assured
    3. Disability Plus: In case the policyholder suffers from accidental total and permanent disability, he shall be paid the sum assured and policy will terminate
  • Buying the policy with a sum assured of Rs. 1 crore and above can get you a discount on premium
  • For policies bought by women, the premium shall be set back by 3 years
  • No maturity benefits are available as this is a term plan
  • Income tax benefits can be claimed under section 80C of the income tax act

Eligibility:

Minimum Entry Age 18 years
Maximum Entry Age 65 years
Maximum Age at Maturity 75 years
Policy Term 5, 10, 15, 20, 25, 30 years or coverage up to 60 years of age
Sum Assured Min: Rs. 20 lakhs and above | Max: No Limit | Max. under Accident Plus: Rs. 3 crore| Max. under Disability Plus: Rs. 1 crore
Premium Payment Frequency Yearly or monthly
Premium Payment Term Equal to policy term
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