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Top Term Insurance Plans by Canara HSBC Oriental Bank of Commerce

dateKnowledge Centre Team dateFebruary 09, 2021 views124 Views
Best Savings and Investment Plans

You must understand that buying a life insurance policy is one of the best things you could do during your lifetime. Being a hard-working, dedicated, and a dependable employee is hard enough, your family’s safety should be the last thing that you need to lose sleep over while you are out there trying your best. Financial stability is one of the pointed factors to ensure a healthy, functional family life. The point is, if your family is financially dependent on you, then you should get yourself a life insurance policy so that your family woes after your untimely death isn’t burdened by financial insecurity. Let’s talk about term insurance plans now because it is the purest and the best form of life insurance out there. Purchasing a term insurance policy has its advantages. Let’s first start by understanding what a term insurance policy is.

What is a Term Insurance Plan?

As mentioned earlier, a term insurance plan or term insurance is the basic and simple form of life insurance. The term insurance policy provides extensive coverage to your family from life volatility. It is a policy that provides coverage for a specific period or a term. The life insured pays a certain amount at a specific interval to the insurance company. If the policyholder were to pass away unexpectedly during the coverage period, then the nominated beneficiaries receive the assured sum from the insurance company. A term insurance plan is as plain as it gets and basic as it does not involve any profit. And if the life insured outlives the insurance plan, then no amount is paid by the insurer.

How to Choose a Term Insurance Policy?

The Sooner the Better

There is an age limit to purchase term insurance plans. But the sooner you purchase it, the better plan it is. Try not to be late because as time passes, your premium amount will increase counting on your age and develop any illness or disease; it will get tougher to get the policy of your choice later. Once you are clear that you require a particular amount of life cover, plough ahead and complete the action within a couple of months.

Evaluate Your Needs

You should completely comprehend the monetary necessities and prerequisites of your family and yourself before you select a term insurance policy. The policy you pick should have a sufficient life cover, adequately big enough to deal with your family’s financial needs in your absence. Start with investigating all kinds of revenue, existing monetary arrears, and your family’s lifestyle costs. Additionally, you ought to consider partner’s and kids’ objectives in life.

Accident Cover, an Added Bonus

If you are eager to go somewhat extra, get the Accidental Death Benefit. Accident cover can add an enormous advantage with ease and can secure you against a range of eventualities, for example, road accidents, by offering loosened-up advantages to your family in addition to lump-sum settlement.

Unique Aspects

While insurance agencies have rushed to advance, all in all, they have been generally imaginative concerning what is term plans. Organisations have been fast and proactive in cutting premium rates in any event, offering additional limits to specific classifications like non-smokers, for example. Purchasing term plans is presently very easy thanks to the internet. It is easy for a healthy sound individual, as characterized by the insurance company, to purchase a term plan over the web without going through a clinical examination.

Suitable Payout

Before you purchase term protection on the web, you need to check whether the arrangement has an ordinary payout choice. It will guarantee a predictable progression of pay to your family when you are not around anymore. Regular income payout helps meet ends in the absence of your income.

The premium amount of your plan depends on the payout option you opt for. You can choose a lump sum payout or a normal month to month payout (if accessible in your policy). You should pick the payout alternative according to your prerequisites and your family’s needs as the premium likewise fluctuates relying on the payout choice you pick.

Term plans by Canara HSBC Oriental Bank of Commercial Life Insurance offer an alternative to look over special amount payout, monthly payout and even a mix of both. This implies your nominee can get a regular regularly scheduled payout for 40 years. The sum will be paid in equivalent regularly scheduled payments to your family.

The Top Term Insurance Plans by Canara HSBC Oriental Bank of Commerce

Canara HSBC Oriental Bank of Commercial Life Insurance is offering two beneficial term insurance formulations, keeping in mind the monetary needs of your family in your absence.

iSelect Star Term Plan

Canara HSBC Oriental Bank of Commerce Life Insurance iSelect Star Term Plan is essentially your umbrella that protects your family during the occasional downpour that life rains down. iSelect Star Term Plan is a simple, customizable policy that can be moulded to meet your family’s needs. It is exceptionally malleable, meeting your necessities at various life stages by offering alternatives for coverage, yet also for premium payment and benefits payouts.

Why Choose iSelect Star Term Plan?

  • iSelect Star term plan covers the age up to 99 years, guaranteeing the most drawn-out monetary security to benefit your family.
  • As per Section 80C, the term protection plan lets you lay claim to roughly 1.5 lakh each financial year for the premium you paid for yourself, your family, life partner, and kids. iSelect Star term plan lets you claim such advantages every year by paying the term policy’s base premium.Taking a gander at the tax reductions legally, under Section 10(10D) any sum received at maturity of a life insurance policy, is absolved from tax.
  • With age, your responsibilities and obligations increase. You will need various policies to take care of the many illnesses or mishaps that may come to be as the days pass by. iSelect Star term plan provides complete adaptability on your coverage. The term guarantees 25% increment coverage every five years to meet your needs as you age. It is necessary to note that if you were to choose flexible ageing options, you benefit from the 100% increase in coverage from the original plan purchased.
  • To make things better, the iSelect Star term plan covers your spouse as part of the term plan offering you the benefit of both being protected from the uncertainties.
  • Benefits can be received in different ways. It can be availed as lump sum, monthly income or part lump sum part monthly income depending on your requirements.
  • Premium payment can be made in one go for the entire term or can be made periodically over 5/10/15/20/25 years. Premium payment can be made only during your earning years as well.
  • Tax reductions can be availed on premiums paid, and benefits received depending on the tax laws enforced.
  • Provision to change the cover with extra advantages like accidental death benefit, child support benefit, accidental total and permanent disability benefit.
  • Loyalty discount for the existing customers of the company.
  • Adding a spouse to the same term plan earns you an additional discount on the spouse’s policy.

POS - Easy Bima Plan

Canara HSBC Oriental Bank of Commerce Life Insurance POS - Easy Bima Plan is a pure term life insurance plan with return of premium on the date of maturity. It has been specifically formulated by considering the needs of your loved ones and their benefits in your absence.

Why Choose POS – Easy Bima Plan?

  • The death benefit is paid 90 days from the date of commencement. After 90 days, the assured death benefit is paid in its entirety. On payment of the death benefit, the plan is terminated, and all of this is in case of death other than accidental.
  • If it is an accidental death, then the waiting period of 90 days from the date of commencement is not applicable. It is important to note that the accidental death benefit sum assured is equal to the death benefit sum assured. As a bonus, double life cover is available in case of accidental death.
  • Option to customize premium payment and policy terms to meet the needs of yourself and your loved ones.
  • The best part is, a total of all the premiums paid is returned to you upon surviving at the end of the term, provided the policy is valid.
  • Purchasing the insurance policy has been made simple with close to zero requirements and no medical tests needed.
  • And of course, the tax benefit on premium paid yours to avail under the Section 80C and Section 10(10D), as per the Income Tax Act 1961, as updated.

Therefore, the above mentioned insurance plans by Canara HSBC Oriental Bank of Commerce Life Insurance gives you the best secured insurance plans for your particular needs.

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Frequently Asked Questions (FAQs) for Term Insurance

This being a term plan doesn't offer any payout after maturity or expiration date.

Each insurance company has its own term insurance premium calculator. If you want to check out the premium quote, go for the iSelect Star term plan calculator. It gives a premium amount based on your age, gender, habits, education, and annual income.

You can purchase an iSelect Star term plan anytime between 18 to 70 years of age.

It depends on your needs. For example, if you want to cover a child's education or wedding expenses, you have to include them in your coverage. Your premium will be calculated accordingly.

If your key purpose is to give your Family financial protection, go for the term insurance plan. And if you want some savings, in the end, go for a traditional life insurance plan.

Go for at least 12 times cover than your annual income. Or you can go as far as 20 times coverage as per your needs.

The right time is when you don't have anything to keep your Family safe from financial storms, and they rely on you for financial needs.

If you are unable to make the payment or suffering from a terminal illness, a term plan pays a part of the sum insured to treat your disease.

Term insurance riders are attachment or endorsements made, while taking the term insurance policy, as a supplementary coverage to policyholders. Apart from the core death benefit, term insurance riders offer below-given additional benefits:

  • Accidental Death Rider When a person suffers from a terminal illness, his/her family ends up spending a significant amount in treatment and medical expenses. Accelerated death rider pays a part of the sum insured in advance to cover such costs and save the family from running out of cash.
  • Accidental Disability Rider If the policyholder can't pay the premium because of an accident or permanent disability, a sudden disability this pays the premium on behalf of the policyholder till completion of policy term or for a defined duration.
  • Critical Illness Rider If the insured person gets a heart attack, cancer, or any other critical illness, this rider pays a lump sum on valid diagnosis.
  • Premium Waiver Rider If the policyholder is unable to make payments due to income loss or disability, a premium waiver rider waives off all future premium payments. And the term policy remains active until the expiration date.
  • Income Rider: The rider ensures that your family receives regular income + sum insured in case of unfortunate demise of life insured.

Anyone can go for life insurance as it offers some savings after the maturity date, but it doesn't cover the protection of your family . The best term insurance plan is solely designed for taking care of loved ones if something happens to you. Term plans act as a shield between your family and sudden financial fall. They make sure that your family lives a healthy life even after you. With a little amount paid per year, you can be worry-free from the family's financial conditions.

Questions that you need to ask while buying Term Insurance?

  1. 1. Amount of premium you have to pay based on your age, habits, education, and monthly income
  2. 2. The total number of benefits covered in the term plan. Do they include benefits that you care about the most?
  3. 3. How to save money on tax if you pay for the term plan?
  4. 4. Do they offer regular income options?
  5. 5. Can you change the coverage and premium in the future?
  6. 6. Does the claim consider valid if death occurs outside India?
  7. 7. Which kind of death is not covered by insurance?
  8. 8. Can NRIs take term insurance? If yes, what are the conditions?
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