Canara HSBC Saral Jeevan Bima Plan

Canara HSBC Saral Jeevan Bima is a comprehensive term insurance plan that covers people for a specific period. In the event of the insured person's unfortunate death during the policy term, the plan provides a lump sum death benefit to their nominees. This plan is specifically designed to cover individuals of all backgrounds, irrespective of educational qualification and occupation. Let’s understand the Canara HSBC Saral Jeevan Bima plan better in this article. 

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₹20 Lacs Life Cover at just ₹372/month+
In case of your death, your family will receive fixed amount, tax free
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Why Should You Opt For The Canara HSBC Saral Jeevan Bima Plan?

Here are the reasons why you should opt for the Canara HSBC Saral Jeevan Bima Plan:

  • The plan offers flexibility in choosing the Basic Sum Assured, Premium Payment Term, Policy Term, and Premium Payment Frequency according to the individual's insurance requirements.

  • Your loved ones get to enjoy Lump Sum Benefit on your unfortunate death.

  • The plan offers easy and hassle-free Purchase Process

  • Tax benefits under section 80C of the Income Tax Act, 1961 are available for this plan.

What Is The Eligibility Criteria For Buying Canara HSBC Saral Jeevan Bima Plan?

Here is the eligibility criteria for buying the Canara HSBC Saral Jeevan Bima Plan:

Criteria Minimum Maximum
Entry Age 18 years 65 years
Maturity Age 23 years 70 years
Premium Payment Term Under Single and Limited Payment: 5 to 10 years
Under Regular Payment: Equal to Policy Term
Policy Term Under Regular & Single Premium: 5 to 40 years
Under Limited Premium (5 Pay): 6 to 40 years
Under Limited Premium (10 Pay): 11 to 40 years
Sum Assured Rs. 5 Lakhs Rs. 25 Lakhs
Premium Payment Mode Monthly, Half-yearly or Yearly

What Are The Key Benefits Of Canara HSBC Saral Jeevan Bima Plan?

Listed below are the key features of the Canara HSBC Saral Jeevan Bima Plan:

  • Financial Security For Your Loved Ones: Ensure that your family is financially protected in case of any unfortunate event by choosing this insurance plan. It offers a lump sum benefit to your loved ones, helping them during difficult times.

  • Flexibility in Premium Payment Terms: You have the freedom to choose from various premium payment options. Whether you prefer a Single Premium, Limited Premium Payment for 5 or 10 years, or continuous premium payments throughout the Policy Term, the choice is yours.

  • Death Benefit: In the event of the Life Assured's death, a lump sum amount will be paid as the Death Benefit to the nominees/beneficiaries.

  • Tax Benefits: You can avail tax benefits under section 80C of the Income Tax Act, 1961.

  • Maturity Benefit: There are no maturity benefits provided under this plan.

  • Survival Benefit: There are no survival benefits offered by this plan.

**The Waiting Period is 45 days from the Date of Commencement of Risk. However, in the event of a policy revival, the Waiting Period will not be applicable.

What Are The Policy Details In The Canara HSBC Saral Jeevan Bima Plan?

Below mentioned are some of the policy details in the Canara HSBC Saral Jeevan Bima Plan:

  • Free Look Period: You have 15 days to review the policy after receiving it (30 days for electronic and distance marketing policies).

  • Grace Period: You get 30 days (for yearly and half-yearly) or 15 days (for monthly) to pay the premium after the due date.

  • Paid-Up Value: This plan does not have any paid-up value as it is solely for protection.

  • Surrender Value: There is no surrender value, but you may receive the policy cancellation value if you cancel it.

  • Revival Period: You can revive the policy within five consecutive years from the due date of the first unpaid premium.

  • Loan Facility: There is no loan facility available with this plan.

  • Lapsation of Policy: If the policy is not revived within the revival period, for regular premium, nothing will be payable, and for limited pay, you will receive the policy cancellation value.

  • Policy Cancellation Value:

    • Under Single Pay Policies: Policy Cancellation Value is available right after receiving the Single Premium and is calculated as follows:

      70% of the Single Premium multiplied by (Unexpired Policy Term/Original Policy Term).

    • Under Limited Pay Policies: Policy Cancellation Value is available right after receiving the Single Premium, as follows:

      70% * (Unexpired Policy Term/Original Policy Term).

    • Under Regular Pay Policies: The Policy Cancellation Value is not applicable in this plan.

  • Rebates For Females: The premium rates are determined based on a 3-year age setback.

  • Termination of Policy: The policy will terminate automatically under the following circumstances:

    • When the death benefit becomes payable.

    • When a refund, if applicable, is settled in case of policy cancellation.

    • On the maturity date of the policy.

    • If the policy is not revived by the end of the revival period.

    • Upon payment of the free look cancellation amount.

What Are The Exclusions Under Canara HSBC Saral Jeevan Bima Plan?

The following exclusion will be applied to the Canara HSBC Saral Jeevan Bima Plan:

Suicide Exclusion

  • Under Regular/Limited Pay Policies:

    If the policyholder dies due to suicide within 12 months from the date of policy inception or revival, the following conditions apply:

    If the policy is in-force at the time of death: The nominee will be entitled to receive 80% of the Total Premiums Paid until the date of death.

    If the policy is revived before the suicide: The nominee will be entitled to receive 80% of the Total Premiums Paid until the date of death as available on the date of death.

    After paying the above benefits, the policy will terminate. Please note that this provision applies specifically to death due to suicide within the first 12 months from the policy's inception or revival.

  • Under Single Pay Policies: If policyholder commits suicide within 12 months from the date of policy inception or revival, the following conditions apply:

    • The nominee will be entitled to receive 90% of the Single Premiums Paid (including any underwriting extra premium, if applicable) until the date of death.

    • Upon paying this benefit, the policy will terminate. Please note that this provision specifically applies to death due to suicide within the first 12 months from the policy's inception.

FAQs

  • Ans: The Canara HSBC Saral Jeevan Bima is a term insurance plan that offers comprehensive coverage for a specific period. If the policyholder unfortunately passes away during the policy term, his/her nominees will receive a lump sum death benefit.
  • Ans: Yes, the Canara HSBC Saral Jeevan Bima Plan offers various premium payment options, such as Single Premium, Regular Premium, or Limited Premium Payment, allowing you to choose what suits you best.
  • Ans: Yes, the premiums paid and the death benefit received in the Canara HSBC Saral Jeevan Bima Plan may be eligible for tax benefits under the prevailing tax laws.
  • Ans: The nominee can choose to receive a lump sum payment in case of the death benefit for the Canara HSBC Saral Jeevan Bima Plan.
  • Ans: The nominee will receive 90% of the Single Premiums Paid (including underwriting extra premium, if any) until the date of death, and the policy will terminate.
  • Ans: Yes, in case of suicide after policy revival within 12 months, the nominee will still receive 80% of the Total Premiums Paid until the date of death, as available on the date of death.
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