iSelect Smart360 Term Plan (An Individual Non-Linked Non-Par Pure Risk Premium Life Insurance Term Plan, UIN: 136N073V01) from Canara HSBC Oriental Bank of Commerce Life Insurance offers a variety of life coverage options, including whole life coverage, spousal cover (covering spouse under the same policy), and multiple premium payment options.
iSelect Smart360 Term Plan also allows you to avail of the return of premium benefit upon policy maturity. The total amount of annualized premium paid towards the plan is returned (minus taxes) once you outlive the policy coverage period.
The criteria to purchase iSelect Smart360 Term Plan primarily depends on your needs. For example, if you seek financial coverage to safeguard your child's education or wedding expenses or diagnosis of terminal illness, you can include the estimated costs into the chosen policy cover. The premium payable will be calculated.
To help, here is an insight into the various eligibility criteria of buying iSelect Smart360 Term Plan –
|Age (at Entry)||18 years||
a) 65 years
b) 55 years (for Decreasing Coverage Option)
c) 55 years (for PPT up to Age 60 years (Under Plan Option Life)#
d) 50 years (for PPT up to Age 60 years (Under other Plan Options)#
e) 45 years (for Single Premium Option)
f) 50 years (for Non-Working Spouse)
|Age at Maturity||28 years||
a) 80 years
b) 99 years (for Whole Life Coverage# under Plan Option Life)
c) 75 Years (for ADB / ATPD – 75 years)
*Policy Term of 5 years to 9 years is available only for age at entry of 35 years and above. Similarly, five years premium payment term (PPT) with Policy Terms up to 9 years is only available for ages at the entry of 35 years and above.
#This option is not available if you have opted for Spouse coverage.
Besides age, the other factors that define the criteria to buy iSelect Smart360 Term Plan include –
1. Current living expenses of the family
2. Expected costs of education (both primary and higher education) of your child
3. Estimated wedding expenses of your child
4. Ease of premium payment
For detailed features and benefits of the plan, including the premium payment tenure, premium payment options, and policy variants, please refer to the policy contract.