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Saral Jeevan Bima Yojana
- Canara HSBC Saral Jeevan Bima Plan
Canara HSBC Saral Jeevan Bima Plan
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
Why Canara HSBC OBC Saral Jeevan Bima?
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.
Key Feature of Canara HSBC OBC Saral Jeevan Bima
Let us briefly take an understanding of the key features of Canara HSBC Oriental Bank of Commerce Life insurance Saral Jeevan Bima listed below:
- The insurance cover is available at a cost-effective rate.
- It ensures financial safety of you and the family in case of any unforeseen event.
- The process is hassle-free and easy to understand.
- Options of multiple premium payment that is a single premium, limited premium payment for 5-years or 10-years throughout the policy tenure.
- Tax benefits as per the existing laws.
Eligibility Criteria of Canara HSBC OBC Saral Jeevan Bima
| 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) |
Benefits of Canara HSBC OBC Saral Jeevan Bima
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:
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Death Benefit
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 demiseFor 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.
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Waiting Period
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.
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Grace Period
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.
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Rebates
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.
How Does the Canara HSBC OBC Saral Jeevan Bima Policy Work?
The Canara HSBC OBC Saral Jeevan Bima policy works in the following steps:
- Choose the sum assured.
- Next, choose the policy term, premium payment frequency and premium payment term.
- Answer some questions like age, education, alcohol/tobacco consumption, occupation, education, etc. as required.
- The Saral Jeevan Bima premium is calculated as per the details provided.
- Lastly, thoroughly read the policy terms and conditions and only then proceed further and make the premium payment when you agree to it.
Important Canara HSBC OBC Saral Jeevan Bima Terms and Conditions
Some important terms and conditions are important to be aware of in regards to the Canara HSBC OBC Saral Jeevan Bima listed below:
- The collection of the advance premium will be permitted under the same financial year for the premium that is due in that financial year. When the premium due in the financial year is being collected when in advance in the previous financial year then the company will collect the equivalent for a term of three months maximum in advance of the premium date due. The premium collected in advance will be adjusted on the premium date due. Such advance premium paid by you will not carry forward any interest.
- Assignment: Assignment is permitted within this plan as per Section 38 of the Insurance Act 1938 that is amended from time to time.
- Nomination: The nomination is the holder of a policy of the life assurance on behalf of them is permitted as per Section 39 that is amended from time to time.
- Regular/ Limited Premium Pay Policy: In case of demise of the life assured within an active policy wherein the complete premiums due until the demise date have been paid duly and the mode of premium payment other than the year, the balance premiums in case of any falling from the demise date and before the next anniversary of the policy will be deducted from the claim sum.
- Policy Loan: Within the Canara HSBC OBC Saral Jeevan Bima Policy no policy loan will be accessible.
- Jurisdiction: The policy will be governed by the Indian laws and courts will have the jurisdiction to settle any sort of disputes that might arise within the policy.
- Alteration in Premium Payment Mode: The policyholder might change the premium payment mode anytime within the premium payment term, however, a notice of minimum 60 days or before the anniversary of the policy from the change will be in effect. The change in the premium payment mode will come into effect only on the next anniversary of the policy following the receipt of any request subject to the payment of the premiums due. Moreover, there are no fees applicable to any such alteration.
- Tax: You might be eligible for different tax benefits within the Income Tax Act 1961 that is amended from time to time.
- The various other parameters such as the policy term, premium payment term and sum assured once selected cannot be altered later.
- The Canara HSBC OBC Saral Jeevan Bima policy can be easily bought online from the website of the company.
What If You Do Not Pay Canara HSBC OBC Saral Jeevan Bima Policy Premium?
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.
Is it Possible to Cancel the Canara HSBC OBC Saral Jeevan Bima 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.
Can the Canara HSBC OBC Saral Jeevan Bima Policy be Revived?
- The lapsed policy can be revived within the life assured’s lifetime within the revival period that is five years from the due date of the initial unpaid premium and before the maturity date.
- All the arrears of the premiums accompanying an interest at the applicable rate needs to be paid.
- The company might ask for evidence of continued insurability and also reserve a right to accept, term modification or decline the request of revival. The revival of the discontinued policy will be effective after the equivalent is approved by the company and is also communicated to the policyholder.
- The benefits of the policy will be reinstated to the complete level when the policy is being revived.
- When the policy is not revived under the revival period, the policy will terminate automatically. For regular premium policy, nothing will be payable and for a limited premium payment policy. The policy cancellation sum is payable.
When Will the Canara HSBC OBC Saral Jeevan Bima Policy Terminate?
The Canara HSBC OBC Saral Jeevan Bima will automatically terminate on the occurrence of the listed below events:
- The date upon, which the death benefit is payable
- The date upon, which the refund is settled if applicable in case the policy is cancelled.
- Maturity date
- If the policy has not been revived then on the expiry of the revival period.
- Upon the payment of the free look cancellation sum.
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.
Exclusion Under Canara HSBC OBC Saral Jeevan Bima
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:
- From the date of the policy inception, the nominee will be entitled to 80 per cent of the total premiums paid until the date of demise provided the policy is still active.
- From the date of policy revival, the nominee will be entitled to 80 per cent of the total premiums paid until the date of demise as accessible upon the demise date.
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.
