Life is unpredictable, and no one knows what the future holds. While we all hope for the best, it is essential to prepare for the worst.
One of the best ways to protect your family’s financial future is by investing in a term insurance policy.
Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited is a leading insurance provider in India that offers a range of term insurance plans to suit every need. In this comprehensive guide, we will explore the various Canara HSBC term insurance plans, their features, benefits, and everything else you need to know to make an informed decision.
Canara HSBC Term Insurance
What is Term Insurance?
Term insurance is a type of life insurance policy that provides coverage for a specific term or period. If the policyholder passes away during the policy term, the insurance company pays the sum assured to the nominee. Unlike traditional life insurance policies, term insurance policies do not offer any maturity benefits or investment components. They are designed to provide pure protection at an affordable premium.
Canara HSBC Term Insurance Plans
Canara HSBC Oriental Bank of Commerce Life Insurance offers three types of term insurance plans:
Select Term Plan
The iSelect Term Plan is a comprehensive term insurance plan that offers high coverage at an affordable premium. The plan offers four coverage options – Life Option, Life with Return of Premium Option, Life Plus Option, and Life Plus with Return of Premium Option. The policy term ranges from 5 to 62 years, and the minimum sum assured is Rs. 25 lakhs.
Smart Future Plan
The Smart Future Plan is a non-linked, non-participating term insurance plan that offers a lump sum payout in case of the policyholder’s demise. The plan also offers the option to choose an increasing cover or level cover. The minimum sum assured for the plan is Rs. 50 lakhs.
POS Easy Bima Plan
The POS Easy Bima Plan is a simple and affordable term insurance plan that can be bought online. The policy term ranges from 5 to 40 years, and the minimum sum assured is Rs. 50,000. The plan offers a lump sum payout to the nominee in case of the policyholder’s demise.
Features and Benefits of Canara HSBC Term Insurance Plans
High Coverage
Canara HSBC term insurance plans offer high coverage at an affordable premium. The iSelect Term Plan offers coverage up to Rs. 25 crores, while the Smart Future Plan offers coverage up to Rs. 50 crores.
Flexibility
The term insurance plans offered by Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited are highly flexible. The iSelect Term Plan offers four coverage options and the option to add riders like accidental death benefit and critical illness benefit. The Smart Future Plan offers the option to choose an increasing cover or level cover. The POS Easy Bima Plan can be bought online and offers a simple and hassle-free buying experience.
Tax Benefits
Investing in a term insurance plan also offers tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
How to Choose the Right Canara HSBC Term Insurance Plan?
Choosing the right term insurance plan can be a daunting task. Here are a few factors to consider while selecting a Canara HSBC term insurance plan:
- Coverage: Consider the amount of coverage you need to ensure your family’s financial future in case of your demise.
- Premium: Select a term insurance plan that offers high coverage at an affordable premium.
- Flexibility: Choose a plan that offers flexibility in terms of coverage options and additional benefits like riders.
- Claim Settlement Ratio: Check the claim settlement ratio of the insurance provider before buying a term insurance plan. A high claim settlement ratio indicates that the insurance provider settles claims efficiently.
Conclusion
Investing in a term insurance plan is one of the best ways to protect your family’s financial future in case of your demise. Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited offers a range of term insurance plans that provide high coverage at an affordable premium. The iSelect Term Plan, Smart Future Plan, and POS Easy Bima Plan are flexible, offer tax benefits, and can be customized to suit your specific needs. When choosing a term insurance plan, consider the coverage, premium, flexibility, and claim settlement ratio to make an informed decision. With Canara HSBC term insurance plans, you can rest assured that your family’s financial future is secure.
FAQ:
The minimum age to buy Canara HSBC term insurance plans is 18 years.
No, the sum assured cannot be increased or decreased during the policy term. However, you can opt for a different plan or a different coverage option at the time of renewal.
Yes, you can cancel the policy by giving a written notice to the insurance provider. The insurance provider will refund the premium after deducting the applicable charges.
The medical check-up requirement depends on various factors like age, sum assured, and medical history. In some cases, a medical check-up may be mandatory, while in others, it may not be required.
If you miss paying the premium, the policy may lapse, and you may lose the coverage. However, most Canara HSBC term insurance plans offer a grace period of 30 days, during which you can pay the premium without any penalty.
