Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited iSelect Star Term Plan is designed to protect you against life's uncertainties. It's a highly flexible term plan that you can match to your life stage and needs. It offers different options for coverage, premium payment and benefit payouts.
Why you'll want it?
iSelect Star Term Plan offers multiple options like whole life coverage, covering spouse in the same policy, multiple premium payment options including short tenure like 5 or 10 years as well as option to pay during your working years i.e. till you reach the age of 60.
Key Things about the Plan:
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Multiple options for coverage, premium payment and benefit payouts helps you build the right plan for your needs
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Choice of cover for a limited period or for your entire lifetime
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Option to enhance your cover through additional inbuilt coverages (additional riders) like Accidental Death Benefit, Child Support Benefit, Accidental Total and Permanent Disability Benefit
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Option of adding Spouse in the same policy with a discount on the rates for the Spouse
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Multiple premium payment options, including regular payment, payment for a limited duration of 5/10/15/20/25 years or pay only during your working years i.e. till you are 60 years old
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Multiple options to receive benefits as lump-sum, monthly income or part lump-sum part monthly income with the option to choose both level / increasing income
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Increase your life cover with changing life stages and protection needs in the same plan by augmenting cover at key life milestones
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Discounts on premiums for higher sums assured, special discounts on premiums for female customers
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Loyalty discount for the existing customers of the Company
Plan UIN number:
136N073V02
Ways to open:
Online, Branch
How it works
| Step | Details |
|---|---|
| Select one of the Coverage Options |
|
| Select any of the Optional In-Built Covers (Additional riders), if required: |
|
| Option to cover Spouse, if needed |
N/A |
| Carefully select any one of the Benefit Payout Options. Once selected, this cannot be changed upon policy issuance |
For Part Lumpsum and Part Monthly Income, choose the proportion 25% / 75%, 50% / 50% or 75% / 25%. Within Monthly Income, choose level / increasing (at 5% p.a. or at 10% p.a.) Monthly Income and choose to receive it in equal monthly installments over 120 months or till the end of the Policy Term or 40 years, whichever is earlier. Only Lumpsum option is available under Whole Life Coverage. |
| Step |
Select one of the Coverage Options |
|---|---|
| Details |
|
| Step |
Select any of the Optional In-Built Covers (Additional riders), if required: |
| Details |
|
| Step |
Option to cover Spouse, if needed |
| Details |
N/A |
| Step |
Carefully select any one of the Benefit Payout Options. Once selected, this cannot be changed upon policy issuance |
| Details |
For Part Lumpsum and Part Monthly Income, choose the proportion 25% / 75%, 50% / 50% or 75% / 25%. Within Monthly Income, choose level / increasing (at 5% p.a. or at 10% p.a.) Monthly Income and choose to receive it in equal monthly installments over 120 months or till the end of the Policy Term or 40 years, whichever is earlier. Only Lumpsum option is available under Whole Life Coverage. |
B. Once you have tailored the plan based on your needs,
- Choose your Sum Assured, Policy Term, Premium Payment Term and Premium Payment Mode
- Provide your details like age, gender, health status, lifestyle habits, tobacco/alcohol consumption behaviour and occupation
- Generate your premium quote and share remaining relevant personal information regarding occupation, lifestyle and health; and details of your nominee, if applicable
- Proceed to pay your premium online using HSBC Credit or Debit Card
Benefits
Death/ Terminal Illness
In case of death or on diagnosis of Terminal Illness, whichever happens earlier, the Sum Assured on Death is payable provided the policy is in-force at the time of the event. Policy terminates upon payment of the benefit.
| Level |
Increasing |
|---|---|
Your coverage amount will remain same throughout the Policy Term. However, if you are paying regular premium, you have the option to increase your Sum Assured thrice during your Policy Term without any underwriting on occurrence of any of the below listed Life Events, subject to the terms & conditions of the policy:
|
Your insurance cover will increase by 5% p.a. (simple interest) every policy year, up to an overall increase in the Sum Assured to 100% of the original Sum Assured. |
| Level |
Your coverage amount will remain same throughout the Policy Term. However, if you are paying regular premium, you have the option to increase your Sum Assured thrice during your Policy Term without any underwriting on occurrence of any of the below listed Life Events, subject to the terms & conditions of the policy:
|
|---|---|
| Increasing |
Your insurance cover will increase by 5% p.a. (simple interest) every policy year, up to an overall increase in the Sum Assured to 100% of the original Sum Assured. |
| Accidental Death Benefit (ADB) |
Accidental Total & Permanent Disability (ATPD) - Premium Protection |
Accidental Total & Permanent Disability (ATPD) - Premium Protection Plus |
Child Support Benefit (CSB) |
|---|---|---|---|
| This is an additional benefit. In case of death due to accident, apart from the amount payable on death, an additional ADB Sum Assured will also be paid. |
This is an additional benefit. In the unfortunate event of Accidental Total and Permanent Disability, all the future premiums payable will be waived for the respective life and the policy will continue with the other coverages that you have opted for. |
This is an additional benefit. On occurrence of Accidental Total and Permanent Disability, the ATPD Sum Assured will be paid, all future premiums payable will be waived off for the respective life and the policy will continue with the other coverages that you have opted for. |
This is an additional benefit which allows you to safeguard your child's future. Apart from the amount payable on death or on diagnosis of terminal illness, whichever happens earlier, the CSB Sum Assured will be payable. The CSB Sum Assured can be utilised to take care of all the milestones that you have planned for your child. |
| Accidental Death Benefit (ADB) |
This is an additional benefit. In case of death due to accident, apart from the amount payable on death, an additional ADB Sum Assured will also be paid. |
|---|---|
| Accidental Total & Permanent Disability (ATPD) - Premium Protection |
This is an additional benefit. In the unfortunate event of Accidental Total and Permanent Disability, all the future premiums payable will be waived for the respective life and the policy will continue with the other coverages that you have opted for. |
| Accidental Total & Permanent Disability (ATPD) - Premium Protection Plus |
This is an additional benefit. On occurrence of Accidental Total and Permanent Disability, the ATPD Sum Assured will be paid, all future premiums payable will be waived off for the respective life and the policy will continue with the other coverages that you have opted for. |
| Child Support Benefit (CSB) |
This is an additional benefit which allows you to safeguard your child's future. Apart from the amount payable on death or on diagnosis of terminal illness, whichever happens earlier, the CSB Sum Assured will be payable. The CSB Sum Assured can be utilised to take care of all the milestones that you have planned for your child. |
| Lump Sum |
Monthly Income |
Part lump sum part monthly income |
|---|---|---|
|
|
|
| Lump Sum |
|
|---|---|
| Monthly Income |
|
| Part lump sum part monthly income
|
|
| Parameters |
Minimum |
Maximum |
|---|---|---|
| Age at Entry |
18 years |
65 years except For PPT Upto Age 60 years# – 55 years For Non-Working Spouse – 50 years |
| Age at Maturity |
28 years |
80 years except For Whole Life Coverage# – 99 years For ADB / ATPD – 75 years |
| Policy Term (subject to Maximum Maturity Age) | 5 years* |
62 years except For Whole Life Coverage# where it will be fixed at 99 minus Age at Entry |
| Sum Assured |
INR2,500,000
For Optional In-Built Covers – INR2,500,000 |
As per Board Approved Underwriting Policy (BAUP) For ADB – INR30,000,000 For ATPD PPP – INR10,000,000 For non-working Spouse – INR2,500,000 |
| Premium |
Varies depending on the chosen Plan Option, Sum Assured, Policy Term, PPT, Premium Payment Mode and other options available under the plan |
N/A |
| Parameters |
Age at Entry |
|---|---|
| Minimum |
18 years |
| Maximum |
65 years except For PPT Upto Age 60 years# – 55 years For Non-Working Spouse – 50 years |
| Parameters |
Age at Maturity |
| Minimum |
28 years |
| Maximum |
80 years except For Whole Life Coverage# – 99 years For ADB / ATPD – 75 years |
| Parameters |
Policy Term (subject to Maximum Maturity Age) |
| Minimum |
5 years* |
| Maximum |
62 years except For Whole Life Coverage# where it will be fixed at 99 minus Age at Entry |
| Parameters |
Sum Assured |
| Minimum |
INR2,500,000
For Optional In-Built Covers – INR2,500,000 |
| Maximum |
As per Board Approved Underwriting Policy (BAUP) For ADB – INR30,000,000 For ATPD PPP – INR10,000,000 For non-working Spouse – INR2,500,000 |
| Parameters |
Premium |
| Minimum |
Varies depending on the chosen Plan Option, Sum Assured, Policy Term, PPT, Premium Payment Mode and other options available under the plan |
| Maximum |
N/A |
Premium Payment Term (PPT)
Limited Pay – 5* / 10 / 15 / 20 / 25 / Up to Age 60 years#
Note- Option to add Child Support Benefit (CSB) and Spouse cover during the Policy Term is not available, if you have opted for Limited Pay variant
Regular Pay – Equal to the Policy Term
Premium Payment Mode
Yearly / Half- yearly / Quarterly / Monthly
| Mode |
Modal Factors |
|---|---|
| Annual |
1.00 |
| Half-Yearly |
0.51 |
| Quarterly |
0.26 |
| Monthly |
0.09 |
| Mode |
Annual |
|---|---|
| Modal Factors |
1.00 |
| Mode |
Half-Yearly |
| Modal Factors |
0.51 |
| Mode |
Quarterly |
| Modal Factors |
0.26 |
| Mode |
Monthly |
| Modal Factors |
0.09 |
* Policy Term of 5 years to 9 years is available only for Age at entry of 35 years and above. Similarly, 5 years PPT with Policy Terms up to 9 years is only available for ages at entry of 35 years and above.
# This option is not available if you have opted for spouse coverage.
Key things you should know
- This Term plan does not provide maturity benefits upon surviving till end of the policy
- Under regular pay option there will be no surrender value payable
- Your policy will lapse if you do not pay due premium within the grace period
- If you have a 'protection' need, you can click below on 'Apply now' and you will be redirected to the website of Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited (Insurer)
- Non-resident customers should take into consideration the statutory and regulatory requirements of their respective jurisdictions and shall ensure compliance with the same before buying this product. By facilitating purchase of this product, HSBC India makes no representation that the product is suitable for any particular customer or is appropriate in accordance with any applicable local laws, rules or regulations
- You should go through the sales brochure to have a complete understanding of the Policy you are purchasing. You must disclose all details (including health details) correctly in the online proposal form
- Since this product is offered to existing HSBC India customers only, the first premium payment for this product can only be made online through either HSBC India Credit or Debit Card
- Acceptance of the application will be subject to underwriting as per Insurer's board approved underwriting policy
- Purchase of insurance product is purely voluntary and is not linked to availing of any other facility from the Bank
- Tax Benefits as per the Income Tax Act, 1961 as amended from time to time, may be available. For tax related queries, contact your independent tax advisor
Product brochure:
Apply for iSelect Star Term Plan
Important information
Terms and conditions
- This product would not be offered to customers having residence in Japan or nationality of Japan
- (For US Person only)
- There are restrictions on making requests to revival of policies, if the request is made while you are in the USA
- There are restrictions if any policy servicing requests (which impacts the premium or requires change in policy terms and conditions) is made while you are in the USA
- Neither HSBC India nor Canara HSBC Oriental Bank of Commerce Life Insurance Company will be able to send renewal notices or communications on restricted policy servicing activities to your US address or by email when you are in the USA
- Insurance is the subject matter of the solicitation
- The Insurance product is offered and underwritten by the insurer Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited (IRDA Regn. No. 136), 139 P, Sector 44, Gurugram – 122003, Haryana, India.
- The Hongkong and Shanghai Banking Corporation Limited, India (IRDAI Regn. No. CA0016) (HSBC India / the Bank) whose India corporate office is at 52/60, M. G. Road, Fort, Mumbai 400 001, is the Corporate Agent of Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited and does not underwrite the risk or act as an insurer
- The contract of insurance is between the insurer and the insured and not between HSBC India and the insured
- For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale
- You may also reach out to the insurer, Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited at the contact details given below:
Website: www.canarahsbclife.com.
Call: 1800-103-0003/1800-180-0003 (MTNL / BSNL)
E-mail: customerservice@canarahsbclife.in
SMS your query to: 9779030003 to get a call back within 48 hours
Beware of spurious / fraud phone calls!
IRDAI is not involved in activities like selling Insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint