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.
Key Features of Canara HSBC OBC Life eSmart Term Insurance Plan
Online Term Plan with No Maturity Benefit
There are 2 Options for Death Benefit in this plan:
Option A - Only Sum Assured
Option B - Sum Assured + Accidental Death Benefit
The Minimum Sum Assured in this plan is Rs 25 lacs
Policy can be taken for 5 to 40 years and continued till 75 years of age
COMPARE THIS PLAN WITH OTHER TERM PLANS
Benefits you get from Canara HSBC OBC Life eSmart Term Insurance Policy
Death Benefit – 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
Maturity Benefit – This being a pure protection plan, there are no Maturity Benefits.
Income Tax Benefit - 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