Objective

This is a pure term plan available only through the bancassurance model, i.e. through the designated branches of HSBC, OBC and Canara Bank.

What does it do?

This term plan insures the policyholder and pays policy benefits to nominees when a claim is made.

Pros

In case of a lapse, the policy offers a revival period of up to five years instead of the standard two years offered by most insurers.
This is one of the few plans that offer a long maturity age.
Premiums are lower for women.
Premiums paid towards the policy enjoy taxation benefits.

Cons

There are no riders available with the policy.
The availability at select bank branches, restricts the distribution of this plan.

Suited for

Those who cannot manage without intermediaries and prefer traditional channels to buy insurance can take this policy.

Our View

A pure risk term plan is a definite buy for everyone. Being an offline policy, this is comparatively expensive .You need to check if your needs such as policy term, sum assured, premium payment options matches with those offered by the policy.

Eligibility

Entry Age (years)

Minimum

18

Maximum

64

Maximum Maturity Age (years)

74

Policy Term (years)

Minimum

5

Maximum

30

Sum Assured (Rs)

Minimum

1000000

Maximum

No limit

Premium Payment Frequency

Single, Yearly, Half-yearly, Quarterly and Monthly

Premium Payment Term

Single or equal to policy tenure

Premium Factor (multiply with annual premium)

Half Yearly: 0.52 times annual premium; Quarterly: 0.263 time annual premium; Monthly: 0.09 time annual premium

Policy Cover

Cover remains fixed for the tenure of the policy

Other Features

Free Look Cancellation

In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered

Grace Period

You are allowed to pay premiums within 30 days from the due date. If a due premium is not received within the grace period of 30 days, your policy will lapse and the life insurance cover, including the rider cover, if any, will be terminated

Lapsed Policy Reinstatement

You can reinstate your lapsed policy any time (within 5 years from the due date of the first unpaid premium) by paying all the due premiums and undergoing underwriting requirements, if any

Tax Benefits

Section 80C and Section 10 (10D) of the Income Tax Act, 1961 would apply

Exclusions

In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable

Surrender Value

There is no surrender benefit in this plan

Customer Service

Address

Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited, Unitech Trade Centre, 2nd Floor,Sushant Lok, Phase-1, Sector-43,Gurgaon 122009