Canara HSBC OBC iSelect Star Term Plan
iSelect Star Term Plan from Canara HSBC OBC Life Insurance Company is a pure term insurance plan with a lot of options which make the protection more comprehensive. It is priced aggressively and comes loaded with great features and provides a lot of flexibility to the policyholder.
We will understand these options in detail in the sections below.
| Plan Type | Term Insurance |
| Unique Identification Number (UIN) | 136N073V02 |
Note: There is an earlier version of this plan with V01 in the UIN.
This is a comprehensive plan and offers a good amount of flexibility to the policyholder. You can get a whole life cover and also the option to cover your spouse in the same plan. The built-in optional covers are also good. The pay-till-60 option also makes a lot of sense for salaried individuals who may want to finish paying off premiums in their working age and then continue to enjoy cover with peace of mind.
Key Features
Provides large life cover at affordable rates
Riders to cover Accidental Death, Disability & Child Support benefit
Tax Benefits
Return of Premium option available
- Option of taking a Whole Life Cover
- Option of covering your spouse’s life in the same plan
- Option to pay till age 60 and enjoy cover throughout the policy term
- Option to decide on nominee payouts
- Option to increase life cover at major milestones in life
Benefits
The plan has 3 options to choose from:
- Life Option
- Life with Return of Premium Option
- Life Plus Option
If Life Option is selected, the customer can have the following flexibilities:
- Coverage Options
- Level - In which the cover amount remains the same throughout the policy term
- Increasing - In which the insurance cover will increase by 5% every year (simple interest) till it reaches 100% of original sum assured, effectively doubling your life cover. This is applicable to the spouse cover also.
- Built-in Coverage Options
- Accidental Death Benefit (ADB)
- Accidental Total Permanent Disability Benefit (ATPD) - Premium Protection
- Accidental Total Permanent Disability Benefit (ATPD) - Premium Protection Plus
- Child Support Benefit
- Spouse Cover
For all the 3 Options in this plan, the payouts to the nominee in case of unfortunate death of the policyholder, can be fixed as following:
- Lumpsum - The life cover is paid to the nominee. If whole life cover is opted, only this mode of payout is applicable
- Monthly Income - You can choose a level monthly income or an increasing monthly income which increases @ 5% / 10% p.a.. The monthly income will be paid in equal monthly instalments over 120 months, balance policy term or 40 years, whichever is earlier.
- Part Lumpsum & Part Monthly Income - a part of the sum assured can be paid lumpsum and the balance can be used to maintain a monthly income.
How it works
Plan Options
Let us understand the 3 plan options a bit better:
- Life Option - In case of death or diagnosis of a Terminal Illness of the policyholder, the cover amount is paid to the nominee.
- Life with Return of Premium Option - In case of death or diagnosis of a Terminal Illness of the policyholder, the cover amount is paid to the nominee. In case the policyholder survives the policy term without a claim, the premiums paid will be returned on maturity.
- Life Plus Option - In case of death or diagnosis of a Terminal Illness of the policyholder, the cover amount is paid to the nominee. In case the policyholder survives the policy term without a claim, the premiums paid will be returned on maturity. Further, the cover amount will continue till the policyholder reaches the age of 99 years. During this period, in case of death or diagnosis of a Terminal Illness of the policyholder, the cover amount is paid to the nominee.
Coverage Options
In case Life Option is selected for the plan, the policyholder can choose Level Coverage or Increasing Coverage for the Sum Assured.
- Level Cover - The cover amount will remain the same throughout the policy term. However, you have the option of increasing the cover amount thrice during the policy term without any underwriting. These can be done as mentioned below.
- On Marriage - 50% increase
- Birth of Child - 25% increase
- House Purchase - 25% increase
- Increasing Cover - The cover amount will increase by 5% of the base amount, every year, till the total cover becomes double. This facility is also provided for working spouse if added in the policy.
The table below will show how the coverage amounts will work for both options for 45 year old who has taken a 50 lakh cover for 30 years.
| Sum Assured over the policy term | |||
| End of Year | Age | Level | Increasing |
| 5 | 50 | 50 lakhs | 62.5 lakhs |
| 10 | 55 | 50 lakhs | 75 lakhs |
| 15 | 60 | 50 lakhs | 87.5 lakhs |
| 20 | 65 | 50 lakhs | 1 crore |
| 25 | 70 | 50 lakhs | 1 crore |
| 30 | 75 | 50 lakhs | 1 crore |
Optional Built-in Covers
This is applicable only if you have chosen the Life Option. You can select an extra amount of cover for these conditions. The extra cover will get paid in case of the event happening.
- Accidental Death Benefit (ADB) - On death due to Accident, in addition to the amount payable on death, an additional ADB Sum Assured will also get paid.
- Accidental Total & Permanent Disability(ATPD) - Premium Protection - On occurrence of Accidental Total and Permanent Disability, all the future premiums payable will be waived off for the respective life on whom this cover has been opted and the policy will continue with the other coverages that have been opted for by you.
- Accidental Total & Permanent Disability (ATPD) - Premium Protection Plus - On occurrence of Accidental Total and Permanent Disability, the ATPD Sum Assured will be paid, all future premiums payable will be waived off for the respective life on whom this cover has been opted and the policy will continue with the other coverages that have been opted for by you.
- Child Support Benefit (CSB) - Apart from the amount payable on death or on diagnosis of Terminal Illness, the CSB Sum Assured will be payable. The CSB Sum Assured can be utilized to take care of all the milestones you have planned for your child.
Optional to cover You and your Spouse
Both you and your spouse can be covered together in this plan with respective sum assured amounts. In case of a claim being made for one person, the plan benefits for that individual will stop after the payouts are made. The plan will continue for the rest of the policy term for the other individual with a reduced premium amount.
Spouse coverage cannot be taken, if the primary member has taken a whole life coverage or opted for a pay-till-60 premium payment term option.
