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Insurance CompaniesOctober 28, 2020

Canara HSBC OBC life insurance company

“Do something today that your future self will thank you for” – Get the right insurance now!

Living in a frenetic digital existence, we’re always on the move with an extreme focus on the present. The dizzying momentum of the present makes us forget about the future and we get purely engrossed in its existence.

We all think about our next vacation, our next car or our next adventure. Somehow, we never think about our next mishap. What if we meet with some unfortunate incident, an unforeseen happen to us or our loved ones? The very thought makes us shudder as we think about it. But yet we never go on to do anything about it. Focusing on it now is the best thing we could do. There is a famous Chinese proverb that explains that the best time to plant a tree was twenty years ago, the second-best time is now! So even if you’ve never thought about it, maybe now is the best time to invest!

Yes, your important tv shows can wait. Don’t let life be a series of Netflix and Chill, you can do both! Think about your future where you can retire peacefully and chill to your heart’s content. Which one sounds better – Netflix/Chill or Peaceful Life/Chill?

Term Insurance does just that. It has your back so that you can go ahead and do whatever you intended to do in life.

Canara Bank has a new offering – the iSelect Plus Plan that has been developed keeping in mind and securing a safe future for your family members and planning for an unfortunate event amidst the uncertainty of life.

The Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited founded in June 2008 is a joint venture between Canara Bank owns 51% of the company jointly with Punjab National Bank which owns 23%, and HSBC Insurance which owns 26% of the company. The Insurance Company has more than 20,000 partner bank branches and 40 branch offices throughout India and offers several insurance products which are well worth the money invested.

KEY FEATURES

  • Canara Bank iSelect Plus Plan is an Individual Non-Linked Non-Par Pure Risk Premium Life Insurance Term Plan, which can be purchased either through an agent or online on the company’s website or through one of the partner websites.
  • The iSelect Plus policy offers low-cost plans with several options such as whole life coverage as well as covering of spouse within the same policy at a discounted premium rate.
  • Minimum Age at entry for this plan is 18 years and maximum age at entry is 65 year, but this may vary depending upon the individual Plan option chosen or may even be determined based upon the premium payment term or spouse’s working status. Minimum age at maturity is 28 years while the Maximum age at entry is 80 years and may go up to 99 years in the case Whole Life Coverage option is chosen.
  • The Policy Holder also has the option to augment cover through additional riders such as Accidental Death Benefit, Accidental Total and Permanent Disability Benefit & Child Support benefit, which is available only with the plan option Life.
  • Loyalty discounts are offered to existing customers and discounts are also available for females and non-smokers. Additionally, there are discounts also provided for Higher Sum Assured and a discount is also provided for Spouse coverage under the same policy.
  • You may opt to pay your premium in multiple ways – by Single Premium or Limited Premium payable over 5,10,15,20 or 25 years. You may of course opt for regular payment or choose to pay the premium only through your working years till the age of 60.
  • Premium payments can be made on a monthly, quarterly, half-yearly or annual basis and you are free to change the Premium payment mode anytime under the Life option without a fee being charged.
  • The Policy Term ranges from 5 years till 99 years (for Whole Life Coverage only) depending upon the Coverage chosen.
  • Sum Assured ranges from Rs 15 lakhs to Rs 1 Crore depending upon Plan option chosen as well as the underwriting policy of the Company.
  • Benefit pay-outs by the Company will be made as per the option chosen at inception – either as a lump sum, as a monthly income or part lump sum and balance in the form of monthly income over which can be in the form of increasing income as well.
  • Tax benefits on premiums and benefit received will be as per prevalent income tax laws.
  • A Grace Period is provided of 30 days for annual, half-yearly and quarterly modes and 15 days for monthly mode from Premium due date to pay the due premium. If left unpaid, the policy will lapse.
  • Free Look Period – The Policyholder has the right to review the Policy Terms and conditions within 30 days from the date of receipt of the policy document. If the Policyholder returns the policy stating the reason for the cancellation of the policy during the free-look period, the Company will cancel the policy and refund the premiums received after deducting proportionate risk premium, applicable stamp duty charges and medical expenses, if any.
  • A lapsed policy can be revived within 5 years from the due date of first unpaid premium.
  • The Policy also has a Surrender Value. However, this is dependent upon the plan opted for and mode of premium payment chosen along with other relevant terms and conditions of the Policy.

PLAN OPTIONS

Life – Under this option, the Assured can opt for Increasing cover or level cover. Sum Assured is paid as a Lump Sum upon death or diagnosis of Terminal Illness. There are optional additional covers which can be availed under this plan i.e. Accidental Death Benefit and Accidental Total and permanent disability benefit. The payout can be availed in the form of a lump sum or as a monthly payment to the nominee. Assured can also opt to include their spouse within this policy. However, the spouse amount will be capped at Rs 25 lakhs. Additionally, under this particular option, you may choose the Coverage options as preferred. You can opt for the Level coverage, where the coverage remains the same till the end of the Policy Term. However, you can opt to increase your Sum Assured thrice on the occurrence of Life events such as marriage, the birth of 1st child or purchase of a house. This option is available to those who pay the regular premium, subject to the terms and conditions of the policy. Under Increasing Coverage, you can opt to increase your Sum Assured by 5% annually up to 100% of the original Sum Assured. Thirdly, under Decreasing Coverage, your insurance cover will remain the same every year till you turn 60. After this, the coverage will reduce by 5% annually until the remaining Sum Assured is 50% of the original Sum Assured.

Life with the return of premium – According to this plan, upon the death of diagnosis of Terminal illness, whichever happens, earlier, Sum Assured on death is payable. However, if the Assured survives the Policy term, then the Total Premiums paid will be returned at maturity and the plan will terminate.

Life Plus- Under this option, upon Death or diagnosis of terminal illness, whichever is earlier, Sum Assured will be payable. If the Assured survives past the policy term, all premiums paid will be returned and additionally, the policy cover will continue till the age of 99 which will be considered as the Extended Cover Period.

BENEFITS

  • If you have chosen Plan Option Life, you or your Working Spouse can opt for additional/optional built-in covers which are described in brief:
  • Accidental Death Benefit – under this benefit, an additional Sum Assured will be paid apart from the original Sum Assured to be paid upon death or diagnosis of a terminal illness.
  • Accidental Total and Permanent Disability (ATPD) – Premium protection – Against this benefit, upon the occurrence of the same, all future premiums will be waived and coverage, as chosen, will continue till the end of the policy term.
  • Accidental Total and Permanent Disability (ATPD)– Premium protection Plus – under this Benefit, upon the occurrence of ATPD, Sum Assured will be paid, all future premiums will be waived and the policy will continue with coverage as chosen till the end of the policy term.
  • Child Support Benefit (CSB) – This too is an additional benefit. Under this benefit, apart from the Sum Assured payable on death or diagnosis of terminal illness, the CSB Sum Assured will be payable. This benefit is basically to secure the future of your child.
  • Your Spouse can also be covered/ added to the policy with a separate Sum Assured. The Working spouse can select any coverage option, but for the non-working spouse, the limit is fixed at Rs 25, 00,000. The option to add Optional In-Built Covers or choose a Benefit Payout Option other than Lumpsum is not available to non-Working Spouse.
  • After expiry of the Grace period from the due date of first unpaid premium, your policy will acquire paid-up status, provided that the first 2 consecutive policy years’ premiums have been paid. Also, to be taken into consideration that the policy has not been surrendered or revived. If so, then the paid-up benefits will be available during the Policy Term or Extended Cover Term. This facility is, however, only limited to plan options Life with Return of Premium and Life Plus.
  • Surrender Benefit –Under the Life Option, in the case of Single Premium policies, surrender benefit will be available from the first year itself, while in the case of Limited premium pay policies, the Surrender Benefit will be activated only after payment of all premiums. However, there is no Surrender Benefit available for policies under the Regular Pay Option.
  • The Life with Return of Premium and Life Plus plans will acquire a Surrender Value only after payment of Premium for 2 consecutive years. The Surrender Value may vary, and the rate of Surrender Value payable will be determined by the Company, which may change it from time to time.

Of course, there is a flip side to everything and every coin has 2 sides – a head and a tail! The CANARA iSELECT PLUS is a plan covered for a lot of eventualities on the whole apart from a few minor shortcomings.

Each plan option comes with several features and riders – however they do not overlap i.e. a particular feature/benefit may be available to only one plan option, but not available for another. For example, Surrender value benefit is available for the Single and Limited premium payment options but is not an option for the Regular premium payment option.

Spouse coverage is an excellent feature but cannot be opted for if you have opted for Whole Life Coverage or a Premium Payment Term of up to Age 60 years.

The coverage and benefits available for a Working Spouse are much more than those for a non-working spouse. For a non-Working Spouse, Sum Assured will be fixed at Rs. 25,00,000 which will remain the same throughout the Policy Term. Option to add Optional In-Built Covers or choose a Benefit Pay-out Option other than Lumpsum is not available to non-Working Spouse.

A lapsed policy may be revived within the prescribed period, but this will be subject to not only the payment of all due premiums, but an interest rate may also be charged on the unpaid premiums.

Accidental Death Benefit and Accidental Total and Permanent Disability are not payable in case the Assured dies by suicide or attempts suicide – whether sane or insane. ADB/ATPD is also not payable in physical handicap.

All options chosen at Inception cannot be altered during the term of the policy.

To conclude, nevertheless, CANARA iSELECT PLUS Plan is an ideal plan where you can prioritize the safety and security of your loved ones and help them to achieve their goals and dreams in your absence in case of any unfortunate eventuality.

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