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Best Term Insurance Plan in India

iSelect Term Plan

UIN: 136N045V01

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.

iSelect Term Plan Product Parameters Product Parameters

iSelect Term Plan Age Criteria

Age Criteria

  • 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)
iSelect Term Plan Policy Term

Policy Term


5-40 years

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

iSelect Term Plan Sum Assured

Sum Assured

  • Life Assured:
    25,00,000 & above (subject to underwriting)
  • Spouse:
    25,00,000(fixed)
iSelect Term Plan Optional in-built cover

Optional in-built cover

  • 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
iSelect Term Plan Premium Payment Details

Premium Payment Details

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

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 tenure

Choice of life cover up to age 80 with inbuilt death and terminal illness covers.

Spouse cover

Option to cover your spouse along with your policy.

Family's financial liabilities

Flexibility to opt whole or part of the plan benefit as regular monthly income.

Increased life stage responsibilities

Option 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 Benefits

Tax 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 protection

Accidental death and accidental disability covers.

Option to secure your family's monthly expenditure

With 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.

Monthly Payout Options
  • Lump Sum

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

  • Lump Sum + 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 be paid to the life assured and 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.