Canara HSBC Young Term Plan is a comprehensive pure protection plan that provides financial security to the policyholder as per your financial needs. The plan provides 2 options, Life Secure, which offers life cover for the policy tenure, and Life Secure with Return of Premium (ROP) which offers a return of premium in case of survival till the policy term’s end. This plan offers optional inbuilt coverages to choose from as per your needs, making sure that the dreams of your family are not compromised.Read more
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Let us see some of the features and benefits of the Canara HSBC Young Term Plan.
Here is a list of all the key features you need to know before buying this Canara HSBC life insurance plan:
You can choose a level term plan or an increasing term plan, under which the sum assured either remain fixed or increases by 10% every year until the policy is 100% of the base sum assured.
The plan offers several optional in-built riders that you can add to the base plan to increase its coverage.
You can leave the plan early with the special exit feature offered at no additional costs.
The plan offers the option of receiving a return of all the premiums paid on survival of the maturity.
With the child care benefit, you can secure an additional sum assured for your child till they turn 21 years of age.
The plan offers the option of blocking your premium at inception and increasing your sum assured by 100% within the next 5 years.
|Entry Age||18 years||45 years|
|Maturity Age||28 years||99 years|
|Policy Term||10 years||81 years|
|Sum Assured||25 Lacs||20 Crores|
|Premium Payment Term||Regular and Limited Pay|
|Premium Payment Modes||Monthly, quarterly, semi-annually, and annually|
The Canara HSBC young term plan offers the following two plan options, of which you can select the one suitable for your needs.
Under this, the sum assured will be paid to the nominee of the policy in case of the policyholder’s unfortunate death during the policy term. But in case of survival, no benefit amount shall be paid as a maturity benefit.
Life Secure with Return of Premium
The sum assured on death will be paid to the nominee of the policy in case of the policyholder’s untimely death. In case the policyholder outlives the policy tenure, the insurer will payout the return of all the premiums ( base and rider premiums) as a maturity benefit.
This Canara HSBC term insurance offers the following coverage options with its Canara HSBC young term plan.
The sum assured, under this option, remains the same throughout the policy term.
Under this, the sum assured increases by 10% every year till the sum assured has increased 100% of the base sum assured. The last increase in sum assured will happen after the completion of the 10th policy year.
The life stage enhancement option is only available under the Life Secure option and can be used to increase the sum assured thrice at marriage, childbirth, or adoption.
With this additional benefit, you can secure your child’s financial future, as this benefit pays an amount on top of the base sum assured if the child is within the age of 0 to 21 years at the time of the policyholder’s death. The child can use the benefit amount to take care of their financial needs.
The lock your Premium benefit allows the policyholder to fix their premiums at the time of policy purchase and still be able to increase the sum assured up to 100% within the first 5 policy years. This option is only available under the life secure option with level cover and regular premium payment terms.
You can claim term insurance tax benefits as per the prevailing tax laws u/s 80C, 80D, and 10(10D) of the Income Tax Act of 1961.
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The following riders can be added to the base plan at nominal premiums, which will be paid along with the base premiums:
Accidental Death Benefit (ADB): With this rider, in case the policyholder dies during the policy term due to accidental reasons, the accidental death benefit will be paid to the nominee on top of the applicable sum assured on death.
Accidental Total Permanent Disability Benefit (ATPD) Premium Protection: Under this, if the policyholder suffers a disability due to accidental reasons during the policy term, all the remaining premiums for the policy will be waived off, and the policy will continue its coverage as usual.
Accidental Total Permanent Disability Benefit Premium Protection Plus: With this, if the policyholder is accidentally disabled during the policy term, all the remaining premiums for the policy will be waived off, and the policyholder will receive the rider sum assured as a lump sum amount to take care of their financial needs.
Critical Illness (CI) Premium Protection: The policy provides coverage against 40 critical illnesses, and in case the policyholder is diagnosed with a listed critical illness, after the end of the waiting and survival period, the remaining premiums will be waived off, and the policy will continue its coverage.
Critical Illness Premium Protection Plus: Under this, if the policyholder is diagnosed with a critical illness listed under the plan, all the remaining premiums will be waived, and the rider sum assured will be paid in a lump sum to help the policyholder pay for the treatment and medical costs. This is only applicable after the end of the waiting and survival period.
Terminal Illness: On diagnosis of a terminal illness during the policy tenure, the entire sum assured on death will be paid (maximum limit 2 crores) to the policyholder in advance. If the sum assured is more than 2 crores, the insurer will pay 2 crores in advance, and the remaining amount will be paid to the nominee on the death of the policyholder.
Special Exit Value
The special exit value option is available only under the life secure option and returns all the premiums paid until the time of policy termination. This option is available at no additional cost and provides the following unexpired risk premium value payable:
Premium Payment Term Option
Unexpired Risk Premium Value Payable
A x Paid premiums x (Remaining Term/Policy Term)
This option is only available in the Life Secure option and will provide coverage to both the life assured and the spouse within the same plan.
Option to Change the Premium Payment Term
You can convert your remaining regular premium payment term into a limited premium term at no additional costs or fees. This option can only be exercised during the policy anniversary.
Death Benefit Payout Option
The available death benefit payout options under this term plan are the following:
Part lump sum and part monthly income
This benefit is available only under the life secure option with return of premium option. If the policyholder fails to pay the premium within the grace period after the completion of the first 2 policy years, then the policy will convert into a paid-up policy. After the policy converts into a paid-up policy, the insurer will pay the applicable death benefit on the death of the policyholder during the policy term.
You can revive your lapsed or paid-up term insurance plan within the first five years of the first unpaid premium. The insurer will require you to pay all the remaining premiums, applicable interest, and may ask for a new medical test.
In case of surrender of the policy during the policy tenure, the unexpired risk premium will be paid to the policyholder. The applicable surrender amount will be paid as per the chosen plan option.
The insurer provides a 30-day grace period for quarterly, annual, and semi-annual premium pay terms, and a 15-day grace period for monthly premium payments.
Free Look Period
You get a free look period of 15 days for offline purchased policies and a 30-day free look period for online purchased policies.
In this life insurance plan, in case the policyholder commits suicide within the first 12 months of policy purchase or revival of the policy, 80% of the total premiums paid till death or surrender/early exit value (whichever is greater) will be paid to the nominee.
Accidental Death Benefit and Accidental Total Permanent Disability
The accidental death benefit or the accidental total permanent disability benefit amount will not be paid if the policyholder had any pre-existing conditions, was involved in any criminal activities, committed self-harm or suicide, took part in military, riots, or wars, or was under the influence of drugs.
Critical Illness Benefit
The critical illness benefit amount will not be payable in case the policyholder has a critical illness due to war, riots, or rebellions. If the medical condition or procedure was conducted under the influence of alcohol or drugs or if the policyholder was involved in unlawful activities.
Here is how you can buy the Canara HSBC Young Term Plan from the comfort of your home through Policybazaar.
Step 1: Go to the term insurance page
Step 2: Enter your name, gender, contact number, and date of birth
Step 3: Fill in your educational background, annual income, occupation type, and smoking habit
Step 4: Select Canara HSBC Young Term Plan from the list of available plans and proceed to pay
* Policybazaar provides a 5% discount on the premiums for salaried individuals and an additional 25% on the first year premiums for individuals working under the list of registered companies.
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