Introduction:

The Canara HSBC Life Insurance iSelect Smart360 Term Plan is a comprehensive and flexible life insurance policy designed to provide financial security for your loved ones. In the unfortunate event of Life Assured’s demise, this plan ensures that the family’s financial needs are met through either a lump sum payout or a five-year regular income.

As an Individual Non-Linked, Non-Participating, Pure Risk Premium Term Plan, it offers customizable coverage options to enhance protection based on individual needs. With optional in-built coverages, policyholders can secure themselves against unforeseen events while maintaining their family’s financial stability.

Features of Canara HSBC Life Insurance iSelect Smart360 Term Plan:

Life Cover up to 99 Years

This plan offers extensive life cover, ensuring financial protection for you and your family until the age of 99 years. It provides long-term security, making it a reliable choice for individuals looking for lifelong coverage.

Return of Total Premiums Paid

If no claim is made during the policy term, you have the option to receive a refund of the total premiums paid. This feature ensures that your investment remains valuable even if you outlive the policy.

Premium Waiver on Disability

In case of Accidental Total & Permanent Disability, all future premiums are waived off while the policy benefits continue, ensuring financial relief during critical times. This option must be selected at the time of policy purchase.

Additional Lump Sum for Accidental Death or Disability

The plan provides an extra lump sum payout if the insured suffers from Accidental Death or Accidental Total & Permanent Disability. This ensures added financial protection for the family in case of unforeseen events.

Child Care Benefit

This plan includes a Child Care Benefit that offers an additional Sum Assured until the child turns 21, securing their future and financial needs.

Premium Lock-In & Coverage Increase

You can lock in your premium rates at policy inception and have the flexibility to increase coverage up to 100% of the Base Sum Assured within the next five years.

Accelerated Terminal Illness Benefit

An optional feature allows you to enhance your coverage with an accelerated Terminal Illness Benefit, ensuring financial support in case of a critical health diagnosis.

Steady Income Benefit from Age 60

On reaching 60 years of age, you can opt for a Steady Income Benefit, ensuring financial stability during retirement.

Tax Benefits

Policyholders may avail tax benefits under prevailing Income Tax laws, which are subject to amendments.

Customized Benefits

All benefits are available based on the chosen plan option and coverage, allowing flexibility to tailor the policy as per individual financial needs.

Eligibility Criteria for Canara HSBC Life Insurance iSelect Smart360 Term Plan

• Minimum Age at Entry: 18 years (as on last birthday).
• Maximum Age at Entry:
  • 65 years (varies for specific plan options):
    • Single Premium: Maximum 40 years.
    • Premium Payment Term (PPT) Up to 60 Years (Life Secure Option): Maximum 55 years.
    • PPT Up to 60 Years (Life Secure with Income/Return of Premium): Maximum 50 years.
    • Life Secure with Income: Maximum 55 years.
    • Non-Working Spouse: Maximum 50 years (40 years for Single Premium).
• Minimum Age at Maturity: Not Applicable (NA).
• Maximum Age at Maturity:
  • 99 years for regular plans.
  • 80 years for Single Premium plans or Non-Working Spouse.
  • For policies with coverage up to 99 years, the policy terminates on the anniversary coinciding with or immediately after the insured’s 99th birthday.
• Maximum Maturity for Additional Coverage:
  • If Accidental Death Benefit (ADB), Terminal Illness (TI), Accidental Total & Permanent Disability (ATPD) PP/ATPD PPP optional in-built covers are selected, the maximum maturity age is 75 years for both the base plan and additional covers.

Benefits of Canara HSBC Life Insurance iSelect Smart360 Term Plan

Life Secure

This plan ensures financial security for your family by providing a Sum Assured on Death if the Life Assured or Spouse passes away during the policy term, provided the policy is active at the time of death. This benefit ensures that your loved ones are financially protected, allowing them to meet their future needs without financial hardship. The plan also allows both the Life Assured and their Spouse to be covered under a single policy, subject to policy terms and conditions, ensuring comprehensive family protection.

Life Secure with Income

This plan option provides a Monthly Survival Income, which is paid at the beginning of each month once the Life Assured reaches 60 years of age (last birthday). This income continues until the end of the policy term or the death of the Life Assured, whichever occurs earlier. In the unfortunate event of the Life Assured’s demise during the policy term, the Sum Assured on Death (as per the selected coverage option) will be paid, after deducting any cumulative monthly incomes already disbursed. Once this benefit is paid, the policy will be terminated. This option is ideal for those looking for financial stability post-retirement.

Life Secure with Return of Premium

This plan offers both life cover and premium return benefits. If the Life Assured passes away during the policy term, the Sum Assured on Death (as per the coverage option) will be paid, and the policy will terminate. However, if the Life Assured survives until the maturity of the policy, they will receive a Sum Assured on Maturity, which is equivalent to the total premiums paid during the policy tenure. This option provides both protection and savings benefits, making it an attractive choice for policyholders seeking risk coverage along with a maturity benefit.

Conclusion:

The Canara HSBC Life Insurance iSelect Smart360 Term Plan is a comprehensive life insurance solution designed to provide financial security and flexibility. With options like Life Secure, Life Secure with Income, and Life Secure with Return of Premium, this plan ensures your family’s financial well-being in case of any unfortunate event. It offers lifetime coverage up to 99 years, return of premiums, income benefits, and additional protection against accidental death or disability. This plan is ideal for individuals seeking a customizable and all-in-one term insurance policy that aligns with their financial goals and secures their loved ones’ future.

Key Takeaways:

• The Canara HSBC Life Insurance iSelect Smart360 Term Plan offers flexible coverage options: Life Secure, Life Secure with Income, and Life Secure with Return of Premium.
• Provides financial protection with lump sum or regular income in case of the Life Assured’s death.
• Income benefits begin at age 60, continuing until policy termination or death.
• The Return of Premium option guarantees the return of premiums if the Life Assured survives the policy term.
• Includes additional benefits like accidental death cover and disability benefits.
• Available up to 99 years for comprehensive, long-term coverage.