Canara HSBC OBC Life eSmart Term Plan

The Canara HSBC OBC Life eSmart Term Plan is an online pure Life Insurance Plan that provides life coverage and financial protection. The nominee receives the Sum Assured as the Death Benefit, thus protecting the loved ones in case of the sad demise of the policyholder. The policy also offers special discounted rates are available for non-tobacco users and women.

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Get ₹1 Cr. Life Cover at just ₹411/month*
No medical
checkup required
Save more with
upto 10% discount**
Tax Benefit
Upto Rs. 46800
Life Cover Till Age
99 Years
8 Lakh+
Happy Customers

*Tax benefit is subject to changes in tax laws.

**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Get ₹1 Cr. Life Cover at just ₹411/month*
No medical checkup required
Save more with upto 10% discount**
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Key Features

  • The policy is a pure term insurance plan offering high life coverage.
  • The policy offers further reduced rates for females and non-tobacco users.
  • The policyholder may opt for an additional rider that give more protection as under Option B.
  • The process for purchase of the policy is hassle-free and is done online.
  • The nominee can initiate a claim through the website or through email, a toll-free number or a letter to any of the company branches.


  • In the unfortunate event of the demise of the policyholder, the nominee receives a Death Benefit.  There are two options for Death Benefit:
  • Option A - The nominee receives the Sum Assured as the Death Benefit.
  • Option B – The nominee receives the Sum Assured plus the Accidental Death Benefit (if applicable).
    • Tax benefits are available on the premium paid and Death Benefit as per sections 80(C) and 10 (10D) of the Income Tax Act.

Product Specification:




Entry Age of the Life Assured (Last Birthday)

18 years

70 years

Maturity Age (Last Birthday) of the Life Assured


75 years

Policy Term (PT) in years

5 years

40 years

Premium Paying Term (PPT) in years

Regular pay

Premium Paying Frequency


Sum Assured

Rs. 2500000

No limit

Details About Premium


Life Cover

Annual Premium in Rupees

Age (Years) ->








Sum Assured Rs. 1 crore

Term 20 years







Term 25 years








Sum Assured Rs. 1 crore Plus Accidental Death Benefit Sum Assured of Rs. 1 crore

Term 20 years







Term 25 years







Policy Details

  • Grace Period: There is a limited timeframe of 30 days from the due date of the unpaid premium to pay all dues. This timeframe is reduced to fifteen days in case of monthly mode.
  • Policy Termination or Surrender Benefit: There are no Surrender Benefits under this policy. If the policy is not reinstated within the revival period, the policy is terminated. Termination of the policy also occurs on payment of the Death Benefit.
  • Free Look Period: Policyholders have a limited free look period of thirty days from the date of receiving policy documents to review the policy. If the policyholder does not wish to continue with the policy, then he or she can cancel the policy. The customer will then receive a refund of the premium paid minus a proportionate premium for the risk borne by the company, including as any extra expenses, such as towards a medical examination or stamp duty charges.


  • If the policyholder does not pay all due premiums within the Grace Period, the policy will lapse.

Additional Features or Riders

  • The revival of a lapsed policy is possible if the policyholder submits a request for reinstatement within a timeframe of two years from the date of the first unpaid premium.
  • The Accidental Death Benefit is an amount equal to the Sum Assured and is paid on the death of the Life Insured within 180 days of the accident.


  • The term insurance cover is void if the person insured, whether sane or insane at the time, commits suicide within one year from the start of the policy cover or reinstatement. The company will refund the premium paid for that year, to the nominee.
  • The Accidental Death Benefit is not paid if the death is caused directly or indirectly by the following:
    • Life Insured flying in an aircraft other than as a bonafide passenger on an aircraft of a licensed airline,
    • the Life Insured partaking in hazardous sport or pastime,
    • The Life Insured performing military (or similar) services,
    • The Life Insured taking part in a strike, riot, criminal activity, self-inflicted injury or suicide.
    • If the death is caused by war, civil commotion, nuclear radiation or contamination.
You may also Like: Canara HSBC OBC Life Insurance Plans

Documents Required

The policyholder has to fill up an online ‘Application form’ with photo identity proof (Passport, PAN Card or Driving License) and income proof in the form of a copy of the latest ITR or Form 16 or copies of the last three months salary slips.

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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