An online term insurance plan that provides you enhanced protection options such as life cover, terminal illness cover and cover against death / disability. It also gives you the option to ensure regular income for your family in case of unforeseen circumstances.

Plan UIN Number:

 

UIN: 136N045V02

Why Buy?

A comprehensive protection plan for you and your family-

  • Financial security for longer tenure: Choice of life cover up to age 80 with inbuilt death and terminal illness covers.
  • 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.
  • 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.
  • 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.
  • Optional in-built protection: Accidental death and accidental disability cover.
  • 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.

Benefits

Events Covered

  • Death / Terminal illness: In case of an unfortunate event of death or terminal illness, the sum assured will be payable.
  • Accidental death (if opted): In case of an 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.
  • 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.

Benefit Payout Options

  • Lumpsum: Entire benefit is paid out as a one-time lump sum.
  • Lumpsum + Monthly income*: 50% of the benefit is paid out immediately. The rest of the benefit is paid out in equal monthly installments over 120 months.
  • Monthly income* for a fixed term: The entire benefit amount is paid out in equal monthly installments over 120 months.
  • Monthly income* till the end of your policy term: The entire benefit amount will be paid out in equal monthly installments till the end of the planned policy term.
  • Maturity Benefit: This being a term plan, no benefits are payable on maturity.
  • Tax Benefit#: You can avail tax benefit on the premium paid subject to current applicable provisions of Section 80C of Income Tax Act, 1961. Please note that tax laws are subject to amendments from time to time.
  • Surrender Benefit: No benefit is payable on surrender of the policy. All rights under this policy will extinguish on surrender of this Policy.

The monthly income payout will be calculated starting from the date of the event (i.e. death / terminal illness / accidental total and permanent disability, as applicable) and the payout will start from the first monthly anniversary following claim admission.

# Tax benefits under the policy will be as per the prevailing Income Tax laws and are subject to amendments from time to time. Please conduct your independent assessment of the applicable tax implications and contact your tax advisor for any tax related queries. 

About the Plan

Canara HSBC Oriental Bank of Commerce Life Insurance iSelect Term Plan is a 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.
Boundary Condition
Details
Age at entry (as on last birthday)

Life assured: 18-70 years

Spouse (if opted): 18-50 years

Age at maturity (as on last birthday)
80 years (75 years if optional in-built cover has been chosen)
Policy term
5-40 years (policy term of 5 years - 9 years is available only for age at entry of 35 years and above)
Premium payment term
Same as policy term (regular premium payment)
Premium payment mode
Yearly / Monthly
Sum assured

Life assured: INR 2,500,000 & above (subject to underwriting)

Spouse: INR 2,500,000 (fixed)

Accidental death benefit cover (if opted)
INR 2,500,000 to INR 30,000,000
Accidental total and permanent disability (if opted)
INR 2,500,000 to INR 10,000,000
Canara HSBC Oriental Bank of Commerce Life Insurance iSelect Term Plan is a 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.
Boundary Condition
Age at entry (as on last birthday)
Details

Life assured: 18-70 years

Spouse (if opted): 18-50 years

Boundary Condition
Age at maturity (as on last birthday)
Details
80 years (75 years if optional in-built cover has been chosen)
Boundary Condition
Policy term
Details
5-40 years (policy term of 5 years - 9 years is available only for age at entry of 35 years and above)
Boundary Condition
Premium payment term
Details
Same as policy term (regular premium payment)
Boundary Condition
Premium payment mode
Details
Yearly / Monthly
Boundary Condition
Sum assured
Details

Life assured: INR 2,500,000 & above (subject to underwriting)

Spouse: INR 2,500,000 (fixed)

Boundary Condition
Accidental death benefit cover (if opted)
Details
INR 2,500,000 to INR 30,000,000
Boundary Condition
Accidental total and permanent disability (if opted)
Details
INR 2,500,000 to INR 10,000,000

Key things you should know

  • If you have a ‘protection’ need, you can click below on ‘Apply Now’ and you will be redirected to the Insurer’s website.
  • Non-resident customers should buy this product taking into consideration the statutory and regulatory requirements of their respective jurisdictions and shall ensure compliance with the same. 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.
  • Please pay your premiums regularly and on time to enjoy life cover benefits. If you fail to pay your premiums within the grace period of 30 days (15 days for monthly mode) from the due date, then your policy will lapse at the expiry of the grace period and the insurance cover will cease immediately. No benefit shall be payable thereafter upon death / diagnosis of terminal illness / disability (as applicable).
  • This being a term plan, no benefits are payable on maturity as well as on surrender of this policy.
  • 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.
  • Purchase of insurance product is purely voluntary and is not linked to availment of any other facility from The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India / the Bank).
  • The contract of insurance is between the insurance company and the insured and not between the Bank and the insured.
  • 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.
  • The nominee / legal heir will be entitled to receive the benefits upon the death of the Life Assured.
  • Acceptance of the application will be subject to underwriting as per Insurer's board approved underwriting policy.

Apply for a iSelect Term Plan

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Important Information

Terms and Conditions

  • This product would not be offered to customers having residence in Japan or nationality of Japan.
  • Insurance is the subject matter of 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), 2nd Floor, Orchid Business Park, Sector-48, Sohna Road, Gurugram-122018, Haryana, India.
  • The Hongkong and Shanghai Banking Corporation Limited, India (IRDAI Regn. No. CA0016) 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. HSBC India will be entitled to a total commission of 25% on the first year premium of this product.
  • 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 premium
    Public receiving such phone calls are requested to lodge a police complaint
  • ^The premium of INR365 mentioned is for annual mode of payment which is for a healthy non-smoker 20 years old male for sum assured of INR10,000,000 and a policy term and premium payment term of 30 years excluding goods & services tax. Premium rates for tobacco users will vary and actual premium will depend on company's assessment of risk on your health, lifestyle, occupation etc.