POS- Easy Bima Plan

Note: Know more about what is term insurance first before reading this article.

Canara HSBC OBC Life Insurance offers three Term Insurance plans- iSelect Star Term Plan, Saral Jeevan Bima and POS-Easy Bima Plan.

Key Aspects of the Plan

Benefits of POS-Easy Bima Plan

1. Hassle-free

   The purchase process is hassle-free and does not have additional requirements or medical tests.

2. Double life cover

   With POS- Easy Bima Plan, one can get benefit from Double life cover if there is accidental death. Double Life Cover comprises Accidental Death Benefit Sum Assured + Death Benefit Sum Assured will be paid. 

3. Death benefit

   The total premiums paid during the 90-days’ waiting period from the risk commencement date are paid in this case. This will include modal loading excluding GST & other taxes. When the waiting period is over, 100% Death Benefit is paid back to the policyholder. Once the payment of these benefits is made, the policy terminates.

4. Accidental Death Benefit

   In case of death by accident, the 90-days’ waiting period is not applicable and the Accidental Death Benefit Sum Assured equal to the Death Benefit Sum Assured is paid. After the payment of these Benefits, the Policy will be terminated, and no amount will be paid.

5. Return of Premiums 

   Let’s assume the policyholder survives till the plan maturity. In that case, the total premiums paid by the policyholder during the lifetime of the Policy are returned to the policyholder, excluding GST and other taxes.

6. Premium Payment and Term Options

   POS Easy Bima plan offers convenient options to its customers regarding the selection of the policy term and payment of premium for a limited period according to one's needs.

7. Tax Benefits

   Policyholders can get the tax benefits of up to Rs 1.50 lakhs under Section 80C of the Income Tax Act, 1961, for the premium paid for a specific period to avail benefits of a term insurance policy. According to Section 10 (10D) of the IT Act, any amount received under a Life Insurance Policy as a death benefit is also tax-free.

   “Tax benefit is subject to changes in tax laws. Standard T&C apply.”

Premium Illustration

Ritik is planning financial security for his family with a vision that his family would not have to struggle for finances in case of his untimely demise. For this reason, he purcahsesPOS Easy Bima Plan offered by Canara HSBC Oriental Bank of Commerce Life Insurance. Here is an illustration of premiums with options on Policy and Premium payment terms on Sum Assured of Rs. 3,00,000.

Additional Riders

• Surrender value: The Surrender Value will be a higher amount of Guaranteed Surrender Value or Special Surrender Value. After payment of at least the first two consecutive policy years' premiums, the Policy acquires a Guaranteed Surrender Value as well as a Special Surrender Value.
• Female lives: premiums to be set back by 3 years

Documents Required for Buying the Plan

To buy the Canara bank POS Easy Bima plan, any of these documents are required:

• Address Proof- AADHAAR card, V driving licence, or passport
• Identity Proof- AADHAAR card, Voter ID, r Passport or Pan Card

How To Buy POS-Easy Bima Plan Online?

If you want to buy the Policy online, you need to go to the Canara HSBC Life website and contact an advisor. For meeting the advisor, you can fill in their personal information- your name, email id, mobile number, pin code and city where you reside. You also need to fill in the source of reference for the plan. ick the box declaring that you agree to abide by the company’s privacy policy and that you are ready to receive any information about the plan on the given email id or mobile number.

Exclusions

In Terms and Conditions regarding the application of tax, premiums and benefits, there are a few exclusions to the plan:

1. Suicide Exclusion

   In the event of the death due to suicide of a person with an Insurance policy within 12 months: 

   • From the date of commencement of risk under the policy, the nominee shall be entitled to have at least 80% of the total premium paid till the policyholder’s death or Surrender Value as on the policyholder’s death date, whichever is higher, provided the policy is active
   • From the revival date of the policy, the nominee shall be entitled to an amount that is higher than 80% of the total premiums paid till the death or the surrender value as available on the date of death

2. Accidental Death Exclusions

   Accidental Death of the Life Assured caused by any of these reasons is excluded:

   • Any condition/ailment/injury/ or related conditions within 48 months before this policy is issued by the company or at the time of reinstatement of the Policy
   • Death caused, in any case directly or indirectly, AIDS or HIV
   • The death caused by participating in any extreme sports like mountaineering, racing, hunting, bungee jumping, and steeplechasing, any underground or underwater operation, or any such activity
   • Life Assured except as a bonafide passenger (fare-paying or not) participating in any kind of activity as- flying in an aircraft or an aircraft of a licensed airline  
   • Suicide or attempted suicide, or self-injury
   • Death due to influence of drugs or alcohol abuse, or use of narcotics or other addictive drugs not prescribed by a registered Medical Practitioner
   • Death at the service period in any air force, military, naval or paramilitary forces
   • War, invasion, riots, terrorism, hostilities
   • Death of the Life Assured while participating in any industrial dispute, strike,  and riot
   • Life Assured involved in any criminal, illegal or fraudulent activity or involved in any fight or conflict
   • Death due to nuclear radiation, reaction, biological hazards, or chemical contamination
   • Death due to any physical handicap, disability, or mental infirmity

3. 90 days waiting period

   • The company shall refund the premiums paid if the death of the Life Assured occurs during the first 90 days from the risk commencement date.
   • If a death claim arises on account of an accident within the waiting period, then the Accidental Death Benefit will be payable.

   “For a detailed list of exclusions, please refer to the policy document or the product brochure.”

Note: Check out the best term insurance plan in India and choose one that suits your requirements.

FAQs