Canara HSBC OBC iSelect Smart360 Term Plan

Canara HSBC OBC iSelect Smart360 Term Insurance Plan provides financial safety to your family members in case of your unforeseen death. This plan pays a lump sum or regular income at certain covered events of the policyholder. This term insurance product provides three plan options of coverage and inbuilt covers to choose from as per your requirements, making sure that your family’s goals are met. 

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Get ₹1 Cr. Life Cover at just ₹449/month*
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Covers
COVID-19
Tax Benefit
Upto Rs. 46800
Life Cover Till Age
99 Years
8 Lakh+
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*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

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Key Features of Canara HSBC OBC iSelect Smart360 Term Plan

  • Life insurance coverage till the age of 99 years

  • The plan provides the option to receive a return of the total amount of premiums paid in case no claim has been filed

  • Option of no premiums in future if diagnosed with critical illness, or occurrence of Total and permanent accidental disability, if availed

  • You can avail of child care benefit that provides additional life cover till the child attains the age of 21 years

  • The plan offers an accidental lump sum payout in case of accidental total and permanent disability, accidental death, or critical illness if availed.

  • You can block your plan premium at policy commencement and increase coverage up to 100 percent of Base SA in the coming five years.

  • Option to opt for the benefit of steady income on reaching 60 years of age

  • Tax Savings benefit as per the prevailing laws of ITA, 1961.

  • You can increase the coverage of the plan with accelerated terminal illness benefit

Benefits of Canara HSBC OBC iSelect Smart360 Term Plan

Here are the benefits of Canara HSBC OBC iSelect360 Term Plan:

  1. Plan options

    The plan comes with 3 plan options that offer fixed-term coverage till 99 years. The policyholder can choose any of the following options on the basis of his/her protection requirements:

    • Life Secure: In this, the sum assured (SA) amount on death will be paid in case of the policyholder/spouse’s demise during the policy tenure, provided the plan is active in case of demise. Both the policyholder and the spouse can be covered under this plan, subjected to T&Cs of the policy.

    • Life Secure with Income: In this, a monthly income shall be paid at the starting of every month, commencing from the plan anniversary corresponding with or when the policyholder acquires 60 years of age which shall continue till the last of the plan tenure or policyholder’s death, whichever happens, earlier. In case of policyholder’s death during the plan tenure, SA on death depending on the coverage opted, less increasing monthly income that is paid already, shall be payable. The plan will terminate after this payment.

    • Life Secure with ROP: SA on death will be paid in case of death of the policyholder during the plan term. The plan will stop after this benefit payment.

    In case the policyholder survives till the maturity, SA on maturity will be paid to the life assured on the maturity date and the plan will terminate.

  2. Death Benefit

    You have the option to select any of the following death benefit payment options at the time of purchasing the policy in case of the policyholder’s demise during the policy tenure. You cannot change the selected option after the issuance of the policy.

    • Lump-sum : The whole benefit is paid out as a 1-time lump sum payment, ensuring your dependents get financial assistance timely.

    • Monthly Income : It can be level or increasing at 5 or 10 percent per annum and this will be payable for 4 years (60 months). This amount of monthly income will help your family in maintaining their lifestyle by continuously receiving income in case of your absence.

    • Part Lump-sum part Monthly Income : The ratio between part lump sum amount and part monthly income can be selected between 25%/75%, 50%/50%, and 75%/25%. It could be level or increasing at 5/10 percent per annum and will be paid for 4 years (60 months).

  3. Maturity/Survival Benefit

    Life Secure Option No maturity/survival benefit is payable upon the survival of the spouse/policyholder till the completion of the policy tenure.
    Life Secure with Income Monthly Survival income/paid-up monthly survival income shall be payable upon the survival of the policyholder to the starting of the plan month.
    Life Secure with Return of Premium No maturity benefit is available under this option for the survival of the policyholder till the completion of the policy term. Under this option, a maturity amount equivalent to SA on maturity shall be paid in a lump sum upon the survival of the policyholder till the completion of the policy tenure. The policy will terminate after paying this benefit and no other benefits are payable.
  4. Special Exit Value

    A special exit option is available under the Life Secure Option in which the total premium amount paid will be returned, excluding the premium paid for inbuilt covers and the underwriting extra premium, if the life assured surrenders his/her policy at the earlier of the following options:

    • The time when the policyholder’s attained age is 65 years, or

    • x Policy year (x is the 25th policy year for policy tenure from 40 to 44 years and the 30th policy year for plan term greater than 44 years).

  5. Optional In-built Covers

    • Accidental Death Benefit: This is an add-on benefit on the occurrence of death because of an accident, the SA on death plus the ADB sum assured amount will be paid and the plan will terminate.

    • Accidental Total and Permanent Disability Premium Protection (ATPD PP): In case of accidental total and permanent disability, all the premiums in the future under the plan will be waived off and all other coverages shall continue for the rest of the policy tenure.

    • Accidental Total and Permanent Disability Premium Protection Plus (ATPD PPP): In this, a lump sum payment as SA will be paid and all the future amount of premiums will be waived off. All other coverages will continue for the rest of the policy tenure.

    • Critical illness: In case of diagnosis of stated critical illness during the policy tenure after completing the waiting period, all the future premiums will be waived and all coverages will continue for the rest of the policy tenure

    • Terminal Illness: In case of diagnosis of Terminal Illness (TI), lump-sum payment of up to 2 Cr. shall be paid instantly.

    • Child Care Benefit: This benefit is availed to secure the child’s future. The Child care benefit sum assured will be payable when the child’s age is between 0 to 21 years.

  6. Tax Benefits

    Tax savings benefits are available as per the prevailing laws of the Income Tax Act, 1961.

Eligibility

Factors Description
Plan option
  • Life Secure

  • Life Secure with ROP

  • Life secure with Income

Entry Age (Minimum) Policyholder/Spouse: 18 years
Entry Age (Maximum) 65 years
Maximum Maturity Age 99 years
For single premium or for a non-working spouse: 80 years
If **ATPD PP/ATPD PPP/TI/ADB in built covers (optional) are availed: 75 years, and
If **CI PP/CI PPP in built covers (optional) are availed: 99 years for base cover and 70 years for CI cover in case of Life Secure
Policy Term (Minimum) Life Secure: 5 years
Life Secure with ROP: 10 years
Life Secure with Income: 65 years minus entry age
Policy Term (Maximum) Life Secure with Income/ROP: 81 years
Premium Payment Term (PPT) Life Secure with Income/ROP:
Regular Pay/Limited pay till 5/10/15/20/25/up to 60 years of age
Life Secure: Single pay/ Regular Pay/ Limited pay till 5/10/15/20/25 up to the age of 60 years
Premium Payment Frequency Yearly/half-yearly/Quarterly/Monthly/Single
Minimum Sum Assured Life Secure: 25 Lacs
Life Secure with Income/ROP: 15 Lacs
Sum assured of Critical Illness: 5 Lacs
Maximum Sum Assured No Limit

**ADB- Accidental Death Benefit, TI – Terminal Illness, ATPD: Accidental Total and Permanent Disability, CI – Critical Illness.

Policy Details

  1. Revival of policy

    If your plan has lapsed or is in the paid-up phase, you can revive the plan as mentioned below:

    • The request regarding the revival of the plan should be filed within 5 years from the due date of 1st unpaid premium.

    • All previous due premium amounts will be paid by you along with the applicable rates of interest, applicable from time to time. The interest rate for FY 2021-22 is 8% pm.

    • You are required to undergo medical examinations to prove the continuous insurability

    • All benefits will be reinstated after the revival of the policy

    • If a plan in lapsed phase is not revived within the revival time, it shall terminate upon the expiration of the revival time.

  2. Free look period

    If you are not satisfied with the terms and conditions of the policy, you can send a cancellation request of the plan along with the reasons and the original documents of the policy, within 15 days from receiving the receipt date of the policy documents. A free look period of 30 days is offered if the plan is sourced through the distance marketing mode.

  3. Grace Period

    The grace period of 30 days will be offered for Yearly/Semi-yearly/Quarterly modes, and 15 days for monthly modes of premium payment frequency. The policy is considered to be active with the risk cover during the grace period. If the critical illness/accidental total and permanent disability/terminal illness/Death occurs during the grace time, the benefits will be paid after the deduction of the due unpaid premium amounts.

  4. Nomination and Assignment

    Assignment should be in accordance with the provisions of Section 38 and Section 39 of the Insurance Act, 1938.

  5. Loans

    A loan facility is not available under the plan

Five things to know before buying Term Plan Five things to know before buying Term Plan

Exclusions

Suicide: If the policyholder/spouse commits suicide within 12 months, whether in a sane or insane condition, from the commencement risk date under the plan or revival date of the plan, provided the policy is active or paid up, the benefits paid under the plan shall be:

In case of demise because of suicide within 12 months from the commencement risk date under the plan, provided the policy is in force, 80 percent of the total premium amount paid till the death date or early exit value or surrender value as on the death date, whichever is maximum.

In case of demise because of suicide within 12 months from the policy revival date, higher than 80 percent of the total premium amount paid till the death date or early exit value or surrender value as on the death date, whichever is maximum.

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Canara HSBC OBC iSelect Smart360 Term Plan Reviews & Ratings

4.4 / 5 (Based on 29 Reviews)
(Showing Newest 10 reviews)
Bhawna
Rohtak, April 07, 2021
For long term basis
I took this term insurance plan online and have been a great customer of canara hsbc and policybazaar. It’s been a wonderful plan for a long term basis. All thanks to both the team for giving such support.
Atul
Nawabganj, April 05, 2021
View best quotes
Recently I bought this term plan from the canara hsbc term insurance company and I viewed various quotes related to the same. I have check the quotes and have used the premium calculator for my plan. I really liked it. Thanks team policybazaar.
Dileep
Barpali, March 30, 2021
For long term basis
I took this term insurance plan online and have been a great customer of canara hsbc and policybazaar. It’s been a wonderful plan for a long term basis. All thanks to both the team for giving such support.
Shakib
Lowada, March 23, 2021
View best quotes
Recently I bought this term plan from the canara hsbc term insurance company and I viewed various quotes related to the same. I have check the quotes and have used the premium calculator for my plan. I really liked it. Thanks team policybazaar.
Girish
Atmakur, February 16, 2021
High coverage low premium
Last year I bought a canara hsbc term insurance plan. It was done from policybazaar. I bought it as high coverage and at low premium rates. Such a good plan. Thanks team.
Ritika
B.khajuripada, February 16, 2021
Get to know free quotes
I recently bought a term insurance plan of canara hsbc and it is a nice plan. I got this plan done from policybazaar. Before buying a plan I checked few free term insurance quotes. That’s easy to select. Thanks team.
Ritika
Laxmipur, July 18, 2016
Excellent Work
The term insurance plan of canara hsbc obc life insurance is fantastic and it came in low premiums and even investment is also less. Policy coverage and claims are good. Claiming process is easy because of fast service provided by the executives is awesome.
Ankit
Patherdewa, July 07, 2016
Term plan
My colleague suggested me a term insurance plan and it really did work for me. The service is fantastic which facilitate by the staff and team members. Policy coverage is good and claims are simple to sanctioned by online portal service or by manually.
Gunjan
Ghaziabad, June 28, 2016
Great Insurance Plan
I have term insurance plan which I buy in low premium. The service provided by the company members is quick and the claiming is easy due to this. Policy covers many cases which has fair terms and conditions. The internet service is very simple to operate.
Naveen
Mumbai, April 11, 2016
Wonderful
Policy plan is wonderful with huge benefits like low premiums and the policy coverage is high 89%. Claims are are good and the payback amount is around Rs.37 L after the policy get mature. Internet services are great with easy interface and vast variety of policies are there with full descriptions. Daily update are mailed to me, I like it.
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