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.

• 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

Have any doubts that need to be clarified?

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

The below illustration is for a healthy Male and Female opting for a Sum Assured = Rs. 25 lakhs and Policy Term = 25 years

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.