iSelect Smart 360 Term Plan: Lifelong Protection for Your Loved Ones

Written by : Knowledge Centre Team

2025-11-01

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A term plan is the simplest of life insurance products that promise to provide financial security to the family of the life assured. If you are the bread earner of the family, then a term insurance plan is a must for you to ensure your family doesn’t have to compromise on their lifestyles and needs, after you are no more around. Buying a term insurance is a sure shot way of getting peace of mind, at least when it comes to keeping the future of your loved ones financially secured.

iSelect Smart360 Term Plan by Canara HSBC Life Insurance is a pure death benefit plan, which comes with an in-built terminal illness cover. This life cover cum terminal illnesses cover plan is ideal for today’s unprecedented times. In case an unfortunate event takes place and the life assured dies during the policy period, or is diagnosed with a terminal illness, the nominee will be compensated with the sum assured.

It is a highly flexible term insurance plan that can be aligned to your life stage and needs by the means of options for coverage, premium payment and even benefit payouts. Read on to find more about its features that make it stand out from the rest.

5 Most Useful Options Under The iSelect Smart360 Term Plan:

Buying a term plan online cannot get any better, thanks to the iSelect Smart360 Term Plan by Canara HSBC Life Insurance. While buying this plan is easy as just a few clicks, it also offers a buffet of options to choose from. To start with, you can customize your plan depending on your personal insurance needs. Once you have tailored the plan, you get to choose your Sum Assured, Policy Term, Premium Payment Term and the Premium Payment Mode. After generation a quote, selecting your options, and filling the compulsory proposal form, you are all set to pay your first premium and be insured!

Coverage Options: For most term plans, the coverage amount remains the same throughout the Term of the Policy. However, with iSelect Smart360 Term Plan you have the option to alter your coverage when required, due to a major life milestone like getting married, birth of a child, or buying a new house. The policy allows you to increase your Sum Assured thrice during your Policy Term, without the need of an underwriting on occurrence of any of the above listed Life Events.
Spouse Cover Option: Available under the Plan Option ‘Life’, iSelect Smart360 Term Plan lets you add your spouse under the same policy or add your spouse to your existing policy within 1 year of marriage. Both you and the Spouse are covered throughout the Policy Term for your respective separate Sums Assured. On occurrence of first death or diagnosis of Terminal Illness, whichever happens earlier, to either of you, Sum Assured on Death corresponding to the affected life will be paid and policy continues with life cover on the other life with reduced premium. On death or diagnosis of Terminal Illness of the second life, whichever happens earlier, Sum Assured on Death corresponding to that life will be paid and policy terminates. The Policy Term, Premium Payment Term and the premium payment mode remain the same for the Spouse, as yours.
Optional Benefit Covers: Under iSelect Smart360 Term Plan, you can opt for optional riders, to enhance your coverage. These riders safeguard your family from accidents/mishaps resulting in death, which can suddenly impair the family’s income. Therefore, with one of these benefit options, you can get additional amount, apart from the sum assured, in case anything happens. There are four benefit covers offered under the plan:
- Accidental Death Benefit (ADB): On death due to Accident, apart from the amount payable on earlier of death or on diagnosis of Terminal Illness, an additional ADB Sum Assured will also get paid.
- Accidental Total & Permanent Disability (ATPD): Premium Protection: On occurrence of Accidental Total and Permanent Disability, all the future premiums payable will be waived off for the respective life and the policy will continue with the other coverages that have been opted for by you.
- Accidental Total & Permanent Disability (ATPD): Premium Protection Plus: 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 have been opted for by you.
- Child Support Benefit (CSB): You can opt for this benefit 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, which can be utilized to take care of all the milestones you have planned for your child.
Return of Premium Plan Option: One among the three plan options available, Life with Return of Premium option offers dual policy benefit. On occurrence of death or on diagnosis of Terminal Illness, whichever happens earlier, during the Policy Term, Sum Assured on Death is payable. On the other hand, if you outlive the Policy Term, you will receive a return of the Total Premiums Paid by you at maturity and the policy terminates upon payment of these benefits.
Benefit Payout Options: The plan offers you not just 1, but 3 payout options to choose from at the time of buying the policy. Depending upon what you choose, the policy benefit is payed out in that form in case of earlier of death or diagnosis of Terminal Illness during the Policy Term. The options available are:
- Lump-Sum Amount: The entire benefit is payed out as a one-time lump-sum amount, helping your family get timely support.
- Monthly income: The benefit amount is payed out in form of monthly amounts that help your family receive continuous income even in your absence. Monthly income can either be leveled or increasing.
- Part Lump-Sum, Part Monthly Income: The benefit amount is payed in a mix of lump-sum and monthly amounts, as per the proportion decided by you.

Your biggest priority in life is to secure a good life for your family members. Your life revolves around their aspirations and happiness and you work hard to fulfill their dreams. However you will never have control over uncertainties in your life and like all other plans, you should also plan for any unfortunate event so that the dreams of your loved ones are still protected; even in your absence. iSelect Smart360 Term Plan is the shield against all uncertainties of life. You can also look at other term plans offered by Canara HSBC Life Insurance.

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Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.