Top Term Insurance Plans by Canara HSBC Oriental Bank of Commerce

A term insurance plan is a type of life insurance that protects your family in the event of your premature death. A traditional term insurance policy only covers your life for a set amount of time, up to a specific age. A typical policy will simply terminate if you outlive the specified cover period. There are multiple insurance providers who offer different varieties of term insurance plans. The following article focuses on top term insurance plans offered by Canara HSBC Oriental Bank of Commerce. So, read on to learn about the features and benefits of different term insurance plans by Canara HSBC.

Top Term Insurance Policies by Canara HSBC Oriental Bank of Commerce

Canara HSBC Oriental Bank of Commerce Life Insurance offers the following term insurance plans.

• Canara HSBC Smart Suraksha Plan

This is a pure protection plan that includes accidental disability and death coverage for the policyholder. Individuals who want to secure their families' financial future even if they are not present may consider this plan. The cost of life insurance is really low. Life Cover, Accident Plus, and Disability Plus are the three plan options available to customers. The insured has the option of choosing between accidental death and comprehensive disability coverage. For policies with a large sum assured and online plans, rebates are available at premium rates. Female clients are also eligible for premium rebates. Customers who live a healthy lifestyle are rewarded, for instance, nonsmokers pay cheaper premiums or receive a bigger sum assured.

• Canara HSBC iSelect Term Plan

This is a pure term insurance policy that covers the policyholder's entire life. Death and terminal illness coverage are included in the policy for added protection. Accidental Total and Permanent Disability and Accidental Death are optional coverages that can be added to the plan for a fee. The customer has many benefit payout alternatives, including a lump sum payment or a monthly income for a period of 10 years/until the end of the coverage period. The plan allows the user to select from a variety of coverage options, such as self-only or self-and-spouse life insurance. The plan provides special premium rebates to non-tobacco consumers. Female consumers are given special discounts or are guaranteed a larger payment. Under Section 80C and Section 10 (10D) of the Income Tax Act of 1961, tax rebates can be claimed on benefits received or premiums paid toward the plan.

• Canara HSBC POS - Easy Bima Plan

This is a non-linked, non-participating term insurance policy with a premium refund option. The plan is meant to provide customers with hassle-free protection at an affordable price. Medical tests are also not required. In the event of an accidental death, the life insurance benefit is doubled. If the policyholder lives to the end of the plan's term, the entire premium paid will be refunded. Modal loading is included, however GST and cesses are not. The policyholder can determine the frequency of premium payments and the length of the coverage based on his or her needs. The premiums paid and payouts received are tax deductible for the policyholder.

Conclusion

Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited offers a comprehensive protection solution called Canara Term Insurance. Canara Bank, HSBC Asia Pacific Holdings Limited, and Punjab National Bank have teamed up to form the company. In India, the organisation has 40 branch offices and 20,000+ partner branches. Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited offers multiple types of term insurance plans, for example, iSelectTerm Plan and POS-Easy Bima Plan etc. In addition to term insurance, you can get coverage for your spouse, as well as accidental death or disability insurance. 

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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.