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 of Canara HSBC OBC Life Pure Term Plan
- It is a pure Term Insurance Policy with Death Benefit only and no maturity benefit
- Discount is provided for female policyholders
- Wide choice of term from 5 to 30 years with coverage till 60 years of age
Benefits you get from Canara HSBC OBC Life Pure Term Plan
Death Benefit – In case of death of the life insured, the nominee gets the sum assured under the plan as chosen at the time of inception.
Maturity Benefit – This being a pure protection plan, there are no maturity benefits.
Income Tax Benefit - 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 conditions and other restrictions in this Pure Term Plan
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Minimum
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Maximum
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Sum Assured (in Rs.)
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10,00,000
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No Limit
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Policy Term (in years)
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5
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30
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Premium Payment Term (in years)
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Single
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Equal to policy term
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Entry Age of Policyholder
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18
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64
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Age at Maturity
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-
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74
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Single premium (in Rs.)
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NA
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NA
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Payment modes
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Single, Yearly, Half-Yearly, Quarterly, Monthly
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Sample illustration of premium amount in Canara HSBC OBC Life Pure Term Plan
The below illustration is for a healthy Male and Female opting for a Sum Assured = Rs. 25 lakhs and Policy Term = 25 years
Additional Features and Benefits of Canara HSBC OBC Life Pure Term Plan
Riders – No riders are available in this policy
You stop paying the premium - 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.
You want to surrender the policy – There are no surrender benefits under this term plan.
You want a loan against your policy – Loan facility is not available under this policy.
Alternate term plans from different insurance companies
ING Vysya Term Life
Future Generali Care Plus Classic
Sahara Kavach from Sahara Life Insurance
Other term insurance plans from Canara HSBC OBC Life Insurance
This is the ONLY term plan from this company
