Canara HSBC OBC Life Esmart Term Plan
Canara HSBC OBC Life eSmart Term Plan
Canara HSBC OBC Life eSmart Term Plan is an online Term insurance plan. Thus, it is a Traditional Plan without Bonus facility.
Key Features
- Option A - Only Sum Assured
- Option B - Sum Assured + Accidental Death Benefit
Benefits
There are 2 Options:
- Option A- If the Life Insured dies within the Policy Tenure, the Sum Assured would be paid to the nominee as Death Benefit and the policy would be terminated.
- Option B- There is an additional Accidental Death Benefit in this plan in case the Life Insured dies in an accident within the Policy Tenure which is paid over and above the Sum Assured and can be opted till Rs 1 crore
This being a pure protection plan, there are no Maturity Benefits.
Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C. The Maturity Proceeds are also tax free under section 10(10)D under the mentioned clauses
There is Accidental Death Benefit rider in this plan under Option B only.
How it works
In this plan, premium needs to be paid for the entire policy tenure of 5 to 40 years as chosen and the minimum Sum Assured in this plan is Rs 25 lacs.
There are 2 options for Death Benefit in this plan
- Option A- Under Option A, the Sum Assured is paid to the nominee if the Life Insured dies within the policy tenure. However, if the Life Insured survives the entire Policy Tenure, nothing is payable as Maturity Benefit
- Option B- Under Option B, there is an additional benefit of Accidental Death Benefit coverage over and above the regular Sum Assured for death within the policy tenure.
Being a Pure Protection Plan, there is no Maturity Benefit in this plan.
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 25 lacs | No Limit |
| Policy Term (in years) | 5 | 40 |
| Premium Payment Term (in years) | Equal to policy term | |
| Entry Age of Life Insured (in years) | 18 | 70 |
| Age at Maturity (in years) | - | 75 |
| Payment modes | Only Annual | |
FAQs
What happen if you stop paying the premium ?If the policy holder stops paying the premium, then the policy would lapse. The policy can be reinstated subject to underwriting approval.
What happen if you want to surrender the policy ?There are no surrender benefits under this term plan.
What happen if you want a loan against your policy ?Loan facility is not available under this policy.
