Canara HSBC Life Term Plan

There are various types of term insurance plans offered by Canara HSBC in India. Keeping in view the term insurance plan requirement of the people, various types of term insurance plans are provided by Canara HSBC at low premium cost.

Through a Canara HSBC Life Term Plan, the life assured can secure the financial future of his/her family members. In case of accidental death of the life assured during the policy term, the amount is provided as death benefit to the nominee by the individual. Through this death benefit, the family members of the individual can easily meet their financial requirements without any hindrance.

Canara HSBC Life Term Plan is a customer centric term insurance plan. This company has arranged term insurance plans keeping in view the need of the customers. Next, we will discuss the features of Canara HSBC Life Term Plan and the different types of plans in more detail.

Features Of Canara HSBC Life Term Plan

Features of Canara HSBC Life Term Plan are as follows-

1. Canara HSBC Life term plans offer the benefits of a term insurance plan coverage at affordable premiums. Therefore, those who have a low budget can easily avail the benefits of Canara HSBC Life Term Plan.
2. Through Canara HSBC Life Term Plan, you can get a term plan coverage from the age of 18 years till the age of 99 years.
3. You can buy this term insurance plan through both online and offline means. You do not need any paper document for this through online medium.
4. You get a variety of premium payment options in this term insurance plan. You can choose to pay your premiums in a single payment or over a number of years.
5. You also get the option of adding riders in this term insurance plan. You can enhance your coverage by adding the following riders to it-

• Accidental Death and Disability Cover,
• Critical Illness Cover,
• Child Support Benefit

6. This term insurance plan also gives you an opportunity to choose the option of receiving the death benefit. You can choose to receive your death benefit through the following modes as per the requirement of your family-

• Lump-sum
• Regular monthly income
• Lump-sum + Regular Monthly Income

6. Canara HSBC Life Term Plan offers you the option to increase your term coverage over time. Through this, you can increase your term coverage in situations like marriage, birth of a child, purchase of a house etc.
7. You also get the benefit of retirement income support in this plan. You can avail this after the age of 60 years.

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Benefits Of Canara HSBC Life Term Plan

The benefits of Canara HSBC Life Term Plan are as follows-

1. Death Benefit:

Canara HSBC Life Term Plan provides a sum of money in the form of death benefit to the family of the life assured on the death of the life assured. If the life assured dies during the policy term, the death benefit is provided to the nominee by the life assured.

2. Survival Benefit:

Generally, you are not provided with any kind of maturity benefit in a term insurance plan. But in Canara HSBC Term Life Plan you get the option of return of premium on completion of the policy term.

If the life assured survives the policy term, all premiums paid by him are returned. However, you may also have to pay some additional premium for the return of premium option.

3. Riders:

Canara HSBC Life Term Plan also gives you the option of increasing the coverage of your term insurance plan. You can enhance the coverage of your term plan as per your requirement by adding riders to it. You have to pay some additional premium to add these riders.

You can enhance your term insurance coverage by adding the following riders to your Canara HSBC Life term plan-

• Accidental Death and Disability Cover,
• Critical Illness Cover,
• Child Support Benefit .

4. Tax Benefits:

Canara HSBC Life Term Plan also offers you tax benefits. You can avail tax benefits under section 80C of the Income Tax Act, 1961 on the premiums paid for your term insurance plan. Also, you can apply for tax benefit under Section 10 (10D) of the Income Tax Act, 1961 on the death benefit received.

Canara HSBC Life Term Plan

1. Canara HSBC Life iSelect Smart360 Term Plan

• This term insurance plan offers you term coverage till the age of 99 years.
• In this you get the option of return of premium.
• Your premiums are waived off in case of critical illness, accidental total and permanent disability.
• The benefit of child care benefit is also provided to you.
• Income benefit is offered to you after the age of 60 years.
• In this you also get tax benefit.

2. Canara HSBC Life iSelect Star Term Plan

• You get this term plan with whole life cover.
• It allows you the option of increasing your term coverage based on changing lifestyle.
• In this term insurance plan, you get the option of return of premium.
• In this you are also provided with tax benefits as per income tax laws.
• In this plan, you can also include your spouse in your term policy.
• In this term plan, you get the option to choose the death benefit payout in the form of lump sum or monthly income or both.

3. Canara HSBC Life POS Easy Bima Plan

• In this term insurance plan, you get life cover for a long period of time.
• In this you get the option of adding a rider.
• In this plan you get the option of return of premiums paid on maturity.
• In this, you are also provided with the benefit of income tax benefit.

4. Canara HSBC Life Saral Insurance

• This insurance plan offers you the benefits of term plan coverage at very affordable premiums.
• In this term plan, on the death of the insured person, the minimum sum assured of Rs 5 lakh to the maximum of Rs 25 lakh is received.
• In this, you get the option of monthly, half-yearly, annual and single premium payment for premium payment.

Canara HSBC Life Term Plan Eligibility

Eligibility for Canara HSBC Life Term Plan is as follows-

• The minimum age for term plan should be 18 years.
• The maximum age will depend on the term plan.
• Medical test report has to be given.
• Age, income, address, residence and identity proof documents have to be given.

Documents Required For Canara HSBC Life Term Plan

The following are the documents required for Canara HSBC Life Term Plan –

• application,
• Photo,
• medical report,
• income ratio,
• age proof,
• address proof,
• occupancy rate,
• Identity Proof.

Canara HSBC Life Term Plan Premium

Canara HSBC Life Term Plan offers multiple premium payment options. You can choose to pay the premium payments for your term plan as monthly, quarterly, half-yearly, annually or as a single payment.

• monthly
• quarterly
• half yearly
• annual or
• single payment

How To Buy Canara HSBC Life Term Plan?

You can buy Canara HSBC Life Term Plan through both online and offline channels.

To buy Canara HSBC Life term plan online, you need to visit the official website of Canara HSBC Life. You can choose the term insurance plan of your choice by visiting the term insurance plans section. You will get the option to buy term plan there. You can buy the term plan by clicking on it.

To buy Canara HSBC Life Term Plan offline, you need to visit the nearest branch of Canara Bank. You can buy the term plan there by filling the application form and attaching the required documents.