BETA Launch Login LOGIN
Login
iSelect Plan

iSelect Term Plan

Protect your loved ones at Rs. 13/Day* and save tax under sec. 80C and 80D

Check Premium

iSelect Term Plan

iSelect Term Plan
Check Premium Get a Call Back
×

Get a Call Back

About iSelect Term Plan

UIN: 136N045V03

Canara HSBC Oriental Bank of Commerce Life Insurance iSelect Term Plan is a pure 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.

Take a few minutes out to secure the biggest online deal of all - the well being of your family.

Why Buy

Your best laid plans for the happy and secure future of your loved ones might derail with an unforeseen disability or accident or even worse, death. With Canara HSBC Oriental Bank of Commerce iSelect Term Plan, you can get to design your safety net so that you can protect your family's future to ensure that they lead their lives comfortably without any financial worries, even in your absence.

iSelect Term Plan fulfils all the criteria for being a comprehensive protection plan for you and your family!

  • Financial security for longer tenureChoice of life cover up to age 80 with inbuilt death and terminal illness covers.
  • Spouse coverOption to cover your spouse along with your policy.
  • Family's financial liabilitiesFlexibility to opt whole or part of the plan benefit as regular monthly income.
  • Increased life stage responsibilitiesOption 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 BenefitsTax 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 protectionAccidental death and accidental disability covers.
  • Option to secure your family's monthly expenditureWith 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.
READ MORE

Monthly Payout Options

Lumsum

Entire benfit is paid out as a one-time lump sum.

Lumsum + 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.

Events Covered


  • Death/ Terminal Illness
    In case of the unfortunate death 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 terminate.

Maturity Benefits


This being a term plan, no benefits are payable on maturity.

Tax Benefits#


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.

# Tax benefits under the policy 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.

iSelect Term Plan provides a life insurance cover at a low cost. Please refer to the following example for "Only Me" option to get an idea of how the plan works:

Rahul is a 34-yr old professional, married and blessed with a young daughter. He is responsible for the financial welfare of his family and wants to ensure their financial security as well as their daughter's future in case he is not around. He opts for iSelect Term Plan with sum assured of Rs.1.5 crore for a term of 26 years and the death benefit to be paid out as regular monthly income for a period of 10 years to his family. His premium is Rs. 10,818/- per annum or just Rs. 974/- per month (Illustrated premiums are excluding applicable taxes and cesses).

In case of Rahul's untimely demise any time during the term of the policy, his family will receive equal monthly instalment of Rs.151,350 for 120 months as a regular income which will help support his daughter's education apart from fulfilling other financial obligations.

Note:The premium mentioned above is for standard lives. Premium rates for tobacco users will vary. Your actual premium will depend on the Company's assessment of risks on your health, lifestyle, occupation, etc. Annualized premium may vary for monthly mode. For a personalized quote please refer to the premium calculator on our website.

Age at entry (as on last birthday)


Life Assured:

18-70 years

Spouse (if opted for):

18-50 years

Maximum age at maturity


80 years

(75 years: if optional in-built cover has been chosen)

5-40 years


*Policy term of 5 years - 9 years is available only for age at entry of 35 years and above

Life Assured:

₹ 25,00,000 & above(subject to underwriting)

Spouse:

₹ 25,00,000(fixed)

Accidental Death Benefit (ADB)


(Minimum)

₹ 25,00,000

(Maximum)

₹ 3,00,00,000

Accidental Total and Permanent Disability (ATPD)


(Minimum)

₹ 25,00,000

(Maximum)

₹ 1,00,00,000

  • Premium Payment Mode
    Yearly/Monthly
  • Premium Payment Term
    Regular premium payment (Same as Policy Term)

FAQs

Yes, the tax benefits available under the plan are in accordance with the current Income Tax laws. At any point in time, the prevailing laws are subject to amendments. As a norm, term insurance plans are a great financial instrument for financial protection against unforeseen and unfortunate circumstances, but they are widely acknowledged as an efficient tax-saving investment. Under Section 80C of the Income Tax Act, 1961, you are able to claim deductions of up to Rs 1.5 lakhs in a year on the premiums paid towards your iSelect term plan. There are a few other provisions as well - the amount of premium that you can claim a deduction for, cannot exceed 10% of the sum assured. This stipulation is in place for all insurance policies issued after 1st April 2012. This means you will get tax benefits in the form of a deduction for Rs 1.5 lakh or the actual sum paid, whichever is more. Apart from that, the death benefit, including any bonuses received by the nominee or your beneficiary, is fully tax-exempt under Section 10 (10D) of the Income Tax Act. This sum assured is entirely tax-free in the hands of the receiver.

Thus, iSelect term plan, like any other life insurance policy, presents tax benefits on the premium paid each year and the death benefits received by your beneficiary.

Top-up options in term insurance plans usually serve the purpose of enhancing your life cover. If you find yourself thinking that the initial quantum of life insurance may not suffice to serve the purpose of financial protection of your loved ones, you may want to expand or enhance the life cover. If you are keen on hiking your insurance cover, then you can opt for the built-in options under the iSelect term plan. These options are namely the Accidental death and accidental disability covers. Under the accidental death benefit, your beneficiary stands to receive an additional lump sum amount equal to accidental benefit sum assured along with the original sum assured under the term plan. You can choose to have an accidental death benefit amount of up to Rs 3 crore. How it will be meted out to your beneficiary depends upon the payout option you choose at inception.

The other option is called the Accidental Permanent and Total Disability benefit. Here the sum assured for payout is capped at Rs 1 crore, meaning you can get a cover of up to a maximum amount of Rs 1 crore. It will include incidences of loss of sight, severance of limbs, loss of speech, loss of hearing - all of these medical conditions also need to be checked by a registered medical practitioner who can testify that these are permanent and total in nature.

Thus, you can choose either or both covers for an additional layer of financial protection to your term insurance.

The ‘My Spouse and I’ option of the iSelect term plan allows you to cover your spouse under the same term insurance plan. The age of the spouse at the time of entry should be between 18 years to 50 years. The death benefit for the spouse is fixed at Rs 25 lakhs.
The process of including your spouse for a sum assured fixed at Rs 25 lakhs can be done without any hassles. In the unfortunate event of death/ diagnosis of the terminal illness of the spouse during the policy term, the sum assured under Spouse Cover will be paid out as a lump sum. Your insurance cover will continue (with a reduced premium) with all benefits intact as planned. In the event of death/ diagnosis of terminal illness/ Accidental Total and Permanent Disability (if opted for) of the life assured, the entire sum assured (as applicable) will be paid out, as per the benefit payout option chosen by you and your cover will terminate thereafter. However, the Spouse Cover will continue with a reduced premium, for sum assured of Rs. 25 lakh.

You can convert your policy from "Only Me" to “My Spouse and I” option, anytime during the policy term, provided the policy is in force, by adding a spouse cover within one year from the date of your marriage, where the marriage takes place after the policy commencement date.

Since the policy has a clear provision to add a spouse to the policy, the process is well laid out and hassle-free. In the case of divorce, you have to show appropriate documentation in order to opt-out of the spouse cover option.

Usually, the medicals of a person help the insurer assess the premium rates for you on the basis of the risks on your health, lifestyle, occupation, etc. For example, premium rates applicable to non-tobacco users will be lower than those for tobacco users because of how likely the latter group is to develop health conditions. Thus, to buy or to revive the policy, all the premiums due in the past need to be paid by you along with applicable interest rate and you may also be asked to undergo medical tests if required by the Company’s underwriting policy, to prove continued insurability. A medical test before buying the iSelect term plan might be identified on a case-by-case basis, however, if during the term of the policy there is a diagnosis then medical tests and medical practitioners involved are very specific.

For example, take the case of a terminal illness diagnosis, that is, if the life assured (or insured spouse, as the case may be) is diagnosed as suffering from an advanced or rapidly progressing incurable disease like cancer. In such a situation, the opinion of two appropriate independent medical practitioners is to be counted. If they say that the life expectancy is no greater than six (6) months from the date of notification of the claim, then the claim is admitted. These medical practitioners are required to be specialists from the field of medicine under which the terminal illness is categorised. Additionally, they should also be registered with the Medical Council of any State or Medical Council of India or Council for Indian Medicine or for Homeopathy set up by the Government of India or a State Government.

Term plans by their very nature are pure life insurance product: in return for your regular premium payments, the term plans promise the financial protection for your loved ones on the occurrence of an unforeseen event. Thus, term insurance plans only offer death benefits to the beneficiaries if the life assured under the policy dies during the term of the plan. Term insurance plans are pure insurance products or a pure protection instrument with no element of savings or investment in them. This means that the entire premium amount paid by you is diverted towards servicing this protection function and not towards an investment. In plans that contain an investment part, maturity benefits are paid upon maturity but that is not the case with term plans.

iSelect is a term insurance plan, therefore no benefit is payable on the maturity.

As a pure insurance product, iSelect term plan offers stronger financial protection. The premium you pay goes towards the cost of insurance and administrative expenses. Therefore, you can rest assured that the entire cost is going to ensure the financial protection of your loved ones should something happen to you. While there is no upfront investment with returns, the returns in the form of death benefits coming to your family are greater.

Death benefits are the payouts of the sum assured handed to the beneficiary or the nominee of the deceased as stated in the policy document. The whole idea of term insurance is to extend financial protection to dear ones.

The death benefits under the iSelect term plan are applicable for the life assured as well as the spouse if they are also covered under the policy. The death benefit for the life assured under this plan is the Sum Assured, basis the coverage option chosen at inception. The death benefit for the spouse, if opted, will be a fixed amount of Rs. 25 lakhs.

At the time of the issue of the policy, you are able to choose any one of the available payout options. The first is a lump sum payment where the entire benefit is paid out as a one-time lump sum. Another option to receive a lump sum plus monthly income. In this case, 50% of the benefit is paid out immediately and the rest of the benefit is paid out in equal monthly instalments over 120 months. Finally, we have the monthly income options of payout. It can continue either for a fixed period of time whereby the entire benefit amount is paid out in equal monthly instalments over 120 months or monthly income till the end of your policy term whereby the entire benefit amount will be paid out in equal monthly instalments till the end of the planned policy term.

You can choose whichever mode at the onset and this cannot change once the policy has been drawn.

Under a life insurance term plan like the iSelect Term plan, the premium is the amount of money you pay to the life insurance company in return for their promise of the extension of financial protection to your family and beneficiaries in the unfortunate event of your demise. This is, in a way, a fee you pay for this service of financial protection that covers the cost of insurance and administrative expenses. Usually, the premium for term plans is the lowest among all insurance products.

A regular premium payment term is usually the same as the policy term, which ranges from 5 to 40 years. You can choose to pay your premium amount either monthly or annually, as is convenient for you. For monthly mode, the annual premium needs to be multiplied with a factor of 0.09 to arrive at the monthly instalment premium payable. Your actual premium will depend on the insurer’s assessment of risks on your health, lifestyle, occupation, etc. You can find the exact amount by using the premium calculator online.

If you fail to pay the due premium within the grace period of 30 days (15 days for monthly mode), then your policy will lapse at the expiry of the grace period and the insurance cover will cease immediately. This means that the protection is gone and if there is a death/diagnosis of terminal illness or an accidental permanent and total disability then no benefit is payable now. In order to avoid such a situation, it is advisable that you pay your premiums regularly.

Call BackCall Back Pay PremiumPay Premium