Secure Your Future with Canara HSBC OBC Life Insurance's iSelect Term Plan - A Comprehensive Review

Get financial security for your loved ones with Canara Hsbc Obc Life Insurance I Select Term Plan. Quick, easy and affordable. Protect your family today!

Canara HSBC OBC Life Insurance I Select Term Plan is a policy that offers many benefits to its policyholders. Firstly, the plan provides coverage against death, terminal illness, and accidental death. Moreover, the policy comes with customizable premium payment options, which means you can choose the payment frequency and amount that suits your budget. Additionally, the plan offers a wide range of policy terms, so you can choose the term that meets your financial goals. Another great feature of this plan is its affordable premium rates, which makes it accessible to everyone. Overall, Canara HSBC OBC Life Insurance I Select Term Plan is an excellent choice for those who want to secure their family's financial future with a comprehensive and affordable insurance policy.

Introduction

Canara HSBC Oriental Bank of Commerce (OBC) Life Insurance is a joint venture between three leading banks in India. It is one of the leading insurers in India, offering a range of life insurance products to its customers. One of its popular plans is the I Select Term Plan, which provides comprehensive coverage at an affordable premium. Canara

What is the I Select Term Plan?

The I Select Term Plan is a pure term insurance plan that provides financial protection to your family in case of your unfortunate demise. It offers a high sum assured at a low premium, making it an affordable option for everyone.

Features of the I Select Term Plan

The I Select Term Plan comes with several features that make it an attractive option for customers:

Flexible premium payment options
Choice of policy term and premium payment term
Multiple payout options
Optional riders for enhanced coverage
Tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961

Benefits of the I Select Term Plan

The I Select Term Plan offers several benefits to its customers:

High sum assured at a low premium

The I Select Term Plan offers a high sum assured at an affordable premium, making it an attractive option for customers who want comprehensive coverage without breaking the bank.

Multiple payout options

The I Select Term Plan offers multiple payout options to its customers, such as lump sum, monthly income, or a combination of both. This ensures that your family's financial needs are taken care of in case of your untimely demise.

Optional riders for enhanced coverage

The I Select Term Plan offers optional riders such as critical illness, accidental death, and disability for enhanced coverage. These riders provide additional financial protection to you and your family in case of unforeseen events. Term

Eligibility Criteria for the I Select Term Plan

To be eligible for the I Select Term Plan, you must meet the following criteria:

You must be between 18 and 65 years of age
Your minimum sum assured should be Rs. 25 lakhs
Your policy term can be between 5 and 40 years
Your premium payment term can be between 5 and 30 years

How to Apply for the I Select Term Plan

You can apply for the I Select Term Plan online or by visiting your nearest Canara HSBC OBC Life Insurance branch. The application process is easy and hassle-free, and you can complete it in a few simple steps.

Documents Required for the I Select Term Plan

To apply for the I Select Term Plan, you will need to submit the following documents:

Proof of identity (PAN card, passport, voter ID, etc.)
Proof of address (Aadhaar card, passport, utility bills, etc.)
Proof of income (salary slips, IT returns, bank statements, etc.)
Recent passport-sized photographs

Conclusion

The I Select Term Plan is an affordable and comprehensive life insurance plan offered by Canara HSBC OBC Life Insurance. It provides financial protection to your family in case of your untimely demise, ensuring that their future is secure. With flexible premium payment options, multiple payout options, and optional riders for enhanced coverage, the I Select Term Plan is an attractive option for customers looking for a pure term insurance plan.

Introduction to Canara HSBC OBC Life Insurance I Select Term Plan

Canara HSBC OBC Life Insurance I Select Term Plan is a comprehensive life insurance plan that provides financial security to policyholders and their loved ones in case of an unfortunate event. It is a non-linked, non-participating term insurance plan that provides coverage for a fixed period of time. This policy offers flexibility in choosing the policy tenure, premium payment options, and coverage amount options.

Benefits of opting for I Select Term Plan

The I Select Term Plan comes with various benefits, including a lump sum payout to your family in case of your untimely demise, flexible policy tenures to choose from, and the option to increase your coverage amount. Additionally, the plan also offers tax benefits under Section 80C and Section 10(10D) of the Income Tax Act.

Eligibility criteria for availing the I Select Term Plan

To avail of the I Select Term Plan, you need to be aged between 18 to 70 years and should be residing in India. The maximum age limit for the coverage period is 80 years, and the minimum sum assured amount is INR 25 lakhs.

Working of the policy

Under the I Select Term Plan, you need to pay regular premiums for the pre-decided policy tenure. In case of an unfortunate event during the policy period, your designated nominee will receive the sum assured amount mentioned in the policy. The policy does not provide any maturity or survival benefits.

Flexibility to choose the policy tenure

The I Select Term Plan offers you the flexibility to choose a policy term ranging from 5 to 40 years. You can choose a tenure that aligns with your long-term financial goals. This flexibility allows you to customize the policy as per your life stage and future financial needs.

Option to increase your coverage amount

In case your coverage needs increase over time, you can opt for the increase in cover option. This option allows you to increase your coverage amount up to 25% at the end of 5th policy year or on certain life events like marriage or child birth, etc. This feature ensures that your policy coverage grows with your changing life circumstances.

Choice of premium payment options

The I Select Term Plan offers you the choice to pay your premiums regularly or as a single payment, depending on your financial comfort level. You can choose to pay the premium annually, semi-annually, quarterly, or monthly, as per your preference.

State-of-the-art customer service support

The policyholders of I Select Term Plan can avail of state-of-the-art customer service support from the company. You can reach out to the customer service helpline for any queries or support related to your policy. The company also provides online chat support, email support, and SMS support for quick resolution of queries.

Competitive pricing

The I Select Term Plan is reasonably priced, with premiums starting as low as INR 3442 per annum. The premium rates vary based on factors like age, coverage amount, policy tenure, etc. However, the plan offers competitive pricing compared to other term insurance plans available in the market.

Conclusion

The Canara HSBC OBC Life Insurance I Select Term Plan is a suitable life insurance plan to secure your family's future. With flexible policy tenures, coverage amount options, and tax benefits, it provides a comprehensive life cover at a reasonable price. The policy ensures that your loved ones are financially secure in case of your untimely demise.

Canara HSBC OBC Life Insurance I Select Term Plan is a term insurance plan that provides financial security to the policyholder's family in the event of their untimely demise. This plan offers a cost-effective way to secure your loved ones' future and protect them from any financial liabilities.

Pros of Canara HSBC OBC Life Insurance I Select Term Plan:

High Sum Assured: The plan offers a high sum assured, which ensures that your family is financially secure in your absence.
Flexible Premium Payment Options: The plan offers flexible premium payment options, including monthly, quarterly, half-yearly, and yearly, making it convenient for policyholders to pay premiums.
Policy Term: The plan offers a long policy term of up to 40 years, which ensures that your family is covered for an extended period.
Riders: The plan offers riders such as accidental death benefit, critical illness cover, and waiver of premium, which can be added to the base plan to enhance its coverage.
Tax Benefits: The premiums paid towards the plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961, and the death benefit received by the nominee is also tax-free under Section 10(10D).

Cons of Canara HSBC OBC Life Insurance I Select Term Plan:

No Maturity Benefit: The plan does not offer any maturity benefit, which means that the policyholder does not receive any money at the end of the policy term.
No Surrender Value: The plan does not offer any surrender value, which means that the policyholder cannot surrender the policy and receive any money in return.
No Loan Facility: The plan does not offer any loan facility, which means that the policyholder cannot take a loan against the policy.
Policy Lapse: If the policyholder fails to pay the premium within the grace period, the policy will lapse, and the coverage will cease.
No Guaranteed Returns: The plan does not offer any guaranteed returns, which means that the policyholder's returns are subject to market fluctuations.

In conclusion, Canara HSBC OBC Life Insurance I Select Term Plan is a good option for individuals looking for affordable term insurance plans with high coverage. However, it is essential to consider the plan's limitations before making a decision and choose a plan that aligns with your financial goals and requirements.

Thank you for taking the time to read about the Canara HSBC OBC Life Insurance iSelect Term Plan. We understand that choosing the right insurance plan can be overwhelming, but we hope that this article has provided you with useful information to make an informed decision.

The iSelect Term Plan is a comprehensive and affordable insurance plan that offers financial protection to your loved ones in case of any unforeseen circumstances. With its customizable options, you can tailor the plan to suit your unique needs and budget. The plan also comes with a range of benefits such as tax savings, flexible premium payment options, and coverage for critical illnesses.

At Canara HSBC OBC Life Insurance, we are committed to providing our customers with the best possible insurance solutions. Our team of experts is always available to assist you with any queries or concerns that you may have. We believe that everyone deserves financial security and peace of mind, and the iSelect Term Plan is an excellent option for achieving this.

Once again, thank you for visiting our blog and considering the iSelect Term Plan. We hope that you found this article helpful, and we look forward to working with you to provide the protection that you and your family deserve.