Canara HSBC Pure Term Plan
Canara HSBC Pure Term Plan is a pure term insurance policy which offers high coverage at low and affordable premiums. In this type of policies, if the life insured dies then the nominee is given the sum assured but nothing is payable to him on maturity. Canara HSBC OBC Life Pure Term Plan is a term insurance plan which is cheaper than most of the term insurance plans in the market.
Key Features
Benefits
In case of death of the life insured, the nominee gets the sum assured under the plan as chosen at the time of inception.
This being a pure protection plan, there are no maturity benefits.
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
Eligibility
Minimum | Maximum | |
Sum Assured (in Rs.) | 10,00,000 | No Limit |
Policy Term (in years) | 5 | 30 |
Premium Payment Term (in years) | Single | Equal to policy term |
Entry Age of Policyholder | 18 | 64 |
Age at Maturity | - | 74 |
Single premium (in Rs.) | NA | NA |
Payment modes | Single, Yearly, Half-Yearly, Quarterly, Monthly |
FAQs
If the policy holder stops paying the premium, then the policy would lapse. You can re-instate the policy within 5 years of lapsation by paying up all due premiums with interest.
There are no surrender benefits under this term plan.
Loan facility is not available under this policy.