We are surely living in the world of uncertainties. And the uncertainty is surely something that cannot be controlled no matter what. With the intent of protecting your loved ones financially from any adversity that might incur at any point in time, the Canara HSBC OBC life insurance has introduced the pure protection plan to fulfil the varying life insurance requirements.
The Canara HSBC Oriental Bank of Commerce Life insurance Saral Jeevan Bima is the non-linked and non-participating individual pure risk premium plan that will be the shield against any adversity in life and will financially secure your loved ones.
Your premium is decided on age at which you buy the policy and remains same, throughout your life
Premiums can increase between 4-8% each year after your Birthday
Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease
Canara HSBC OBC Saral Jeevan Bima is easy to understand and cost-effective term plan that offers the lump sum benefit in case the life assured is no more. The Canara HSBC OBC Saral Jeevan Bima plan also offers the flexibility of the basic sum assured, policy term, premium payment term and premium payment frequency, which could be easily aligned to the varying insurance needs.
Let us briefly take an understanding of the key features of Canara HSBC Oriental Bank of Commerce Life insurance Saral Jeevan Bima listed below:
Entry Age | 18 years to 65 years | ||||||||
Maturity Age | 23 years to 70 years | ||||||||
Policy Tenure | 05 years to 40 years | ||||||||
Premium Payment Mode | For regular and limited premium payment plan monthly/half-yearly or yearly
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Premium Payment Term | · Single-Premium · Limited Payment- 5-years or 10-years · Regular Payment- Equal to the policy period | ||||||||
Sum Assured | Rs 5 lakh to Rs 25 lakh ( The sum assured can be chosen in the multiples of Rs 50,000) |
Now, it is also important to understand the various benefits of Canara HSBC Oriental Bank of Commerce Life insurance Saral Jeevan Bima. Take a look at the listed below benefits:
When the demise occurs during the waiting period and the policy is still active
Accidental Demise | The sum assured upon demise is payable as the lump sum benefit and the policy terminates |
Demise Other Than Accident | 100 per cent of the complete premiums paid will be paid and then the policy terminates |
If the demise including the accidental demise occurs after the waiting period and the policy is still active the sum assured on demise is payable as the lump sum benefit and the policy terminates.
Sum Assured on Demise:
For the regular/ limited premium payment policy higher of: 1. 10 times of one AP, or 2. 105 per cent of the complete premiums paid as on date of demise, or 3. Sum assured to be paid upon the demise |
For single premium payment policy higher of: 1. 125 per cent of the single premium, or 2. Sum assured to be paid upon the demise |
The annualized premium is the complete amount of the premium payable in the policy year and excludes corresponding taxes, the rider premiums and includes the underwriting extra premiums and the loadings for the modal premiums, in case of any.
The single premium is the complete sum of premium payable at the outset and excludes corresponding taxes, the rider premiums and includes the underwriting extra premiums, in case of any.
An absolute amount assured will be paid upon the demise that will be equivalent to the sum assured as specified in the schedule as chosen by the policyholder at the commencement of the policy. The complete premiums paid implies to the total of premiums received and excludes the taxes and rider premiums.
A waiting period of forty-five days will imply right from the beginning date of risk. The policy will likewise cover demise due to an accident only within this period. In case the life assured passes away other than an accident during this waiting period, then a sum equivalent to 100 per cent of the complete premiums paid will be paid and the policy will terminate for any of the future benefits.
The grace period is applicable in case of the regular/ limited premium payment policy. A grace period of thirty days wherein the mode of the payment of premium is half-yearly or yearly and fifteen days in case of the monthly mode of payment is permitted for the payment of every renewal premium. The policy will lapse when the premium is unpaid before the grace period expiry. In case the life assured passes away during the grace period but before payment of the premium then due even then the policy will stand valid and the benefits will be paid after the deductions of the unpaid premium as the balance premiums in case of any are falling due from the demise date and before the coming anniversary of the policy.
When the life assured is a female, the 3-years age set back will then be used upon demise rates. And when a high sum assured is chosen then more discounts will be received upon the premiums that you will pay.
Note: The Canara HSBC OBC Saral Jeevan Bima does not offer any maturity benefit.
The Canara HSBC OBC Saral Jeevan Bima policy works in the following steps:
Some important terms and conditions are important to be aware of in regards to the Canara HSBC OBC Saral Jeevan Bima listed below:
In case the Canara HSBC OBC Saral Jeevan Bima policy premium has not been paid, then all the benefits will cease after the grace period expires from the date of the first unpaid premium and likewise no benefits will be payable. The premiums paid until then will remain non-refundable. This is applicable for both regular and limited premium payment policy.
You can easily apply for the cancellation of the Canara HSBC OBC Saral Jeevan Bima policy before the maturity date for an active policy for the limited and single premium payment policy or any time within the revival period when the policy is in lapsed status for the limited premium payment policy. The below table shows the policy cancellation value that will be payable:
Single-Premium Payment Policy | The policy cancellation value acquires promptly after the single premium is received and is calculated in the following way: 70 per cent X Single premium paid X (Unexpired policy tenure or an original policy tenure) |
Limited Premium Payment Policy | The policy cancellation value acquires when two continuous two years premiums have been duly paid and are calculated in the following way: 70 per cent X Single premium paid X (Unexpired policy tenure or an original policy tenure) The policy cancellation value would be receivable in case of demise of the life insured when the policy is in the state of lapse |
Note: In the case of regular premium payment policy no policy cancellation value would be payable.
The Canara HSBC OBC Saral Jeevan Bima will automatically terminate on the occurrence of the listed below events:
Free Look Period: In case you do not agree with any terms and conditions of the policy, you can easily send the request for policy cancellation with the reasons and the original document of the policy within fifteen days. In case the policy is sourced via distance marketing mode that is any means of communication other than in person from the receipt date of the policy document it is thirty days. The premium received will be refunded subject to deduction of a proportionate risk premium for a period of life cover, medical expenses and stamp duty, in case of any. This facility is accessible upon the receipt of the original policy document and not apply to any duplicate policy document that is issued by the company upon the request.
The listed below suicide exclusion will be applied to the Canara HSBC OBC Saral Jeevan Bima policy:
For regular/ limited premium payment options:
In case of demise due to suicide within twelve months:
Upon payment of the benefits above, the policy will terminate.
Single premium payment options:
In case of demise due to suicide within twelve months from the inception date of the policy, the nominee will be entitled to 90 per cent of the single premiums paid until the demise date. Upon payment of the benefit, the policy will terminate.