Canara HSBC iSelect Smart360 is a term insurance policy provided by Canara HSBC Oriental Bank of Commerce Life Insurance Company. This term insurance plan allows you to secure a substantial cover for a nominal premium, often up to 1000 times the premium paid.
Here are some of the key benefits and features the plan has to offer.
Plan options
The Canara HSBC iSelect Smart360 Plan offers three distinct options, each providing fixed-term coverage up to 99 years. Policyholders can select from the following options based on their specific protection needs:
Life secure: Sum assured (SA) is paid upon the demise of the policyholder/spouse during the active policy tenure. Both the policyholder and the spouse can be covered under this option, subject to the terms and conditions of the policy.
Life secure with income: Monthly income is disbursed starting from the plan anniversary corresponding with the policyholder’s attainment of 60 years of age. This monthly income continues until the last day of the plan tenure or the policyholder’s demise, whichever occurs earlier. In the event of the policyholder’s death during the plan tenure, the SA on death (depending on the coverage chosen) minus the cumulative monthly income already paid will be disbursed, concluding the plan.
Life secure with ROP (Return of Premium): SA on death is paid if the policyholder passes away during the plan term, after which the plan ceases.
If the policyholder survives until maturity, the SA on maturity is paid on the maturity date, and the plan concludes.
Death benefit options
Upon purchasing the policy, you have the flexibility to choose from the following death benefit payment options, which remain fixed throughout the policy tenure:
Lump-sum: The entire death benefit is paid as a one-time lump sum, ensuring timely financial assistance to your dependents.
Monthly income: Either at a level rate or increasing at 5% or 10% per annum, is payable for 4 years (60 months). This sustained monthly income provides continuous financial support to your family, helping them maintain their lifestyle in your absence.
Part lump-sum part monthly income: The ratio between the lump sum amount and monthly income can be customised, with options including 25%/75%, 50%/50%, and 75%/25%. This combined benefit, whether level or increasing at 5%/10% per annum, is paid for 4 years (60 months).
Once selected at the time of policy issuance, the chosen death benefit option remains unchanged throughout the policy tenure.
Maternity benefit
There are three options available which are as follows:
Life secure option: No maturity or survival benefit is paid upon the survival of the policyholder/spouse until the completion of the policy tenure.
Life secure with income: Monthly survival income or paid-up monthly survival income is payable upon the policyholder’s survival to the starting of the plan month.
Life secure with return of premium: No maturity benefit is available under this option for the survival of the policyholder until the completion of the policy term. Upon the policyholder’s survival until the completion of the policy tenure, a lump sum equivalent to the sum assured (SA) on maturity will be paid. The policy concludes after paying this benefit, and no other benefits are payable.
Special exit value
Under the life secure option, a special exit option is provided, enabling the return of the total premium amount paid, excluding the premium for inbuilt covers and any underwriting extra premium. This option becomes available if the life assured chooses to surrender the policy at the earlier of the following conditions:
(a) When the policyholder’s attained age reaches 65 years, or
(b) At the completion of the x policy year (where x is the 25th policy year for a policy tenure from 40 to 44 years and the 30th policy year for a plan term greater than 44 years).
Build-in covers
The Canara HSBC iSelect Smart360 Plan offers various optional add-ons to enhance your coverage:
Accidental death benefit: In the event of death due to an accident, the sum assured (SA) on death, along with the accidental death benefit (ADB) sum assured, will be paid. The plan terminates after this payout.
Accidental total and permanent disability premium protection: If the policyholder experiences accidental total and permanent disability, all future premiums under the plan will be waived off. Other coverages will continue for the remaining policy tenure.
Accidental total and permanent disability premium protection plus: In case of accidental total and permanent disability, a lump sum payment equivalent to the SA will be made, and all future premiums will be waived off. Other coverages persist for the rest of the policy tenure.
Critical illness: Upon diagnosis of a stated critical illness after completing the waiting period, all future premiums are waived off. All coverages continue for the remaining policy tenure.
Terminal illness: If diagnosed with terminal illness, an instant lump-sum payment of up to 2 Crores will be made.
Child care benefit: This benefit secures the child’s future, with the child care benefit sum assured payable when the child’s age is between 0 to 21 years.
Rohit Gyanchandani is Managing Director at Nandi Nivesh Private Limited
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Published: 03 Feb 2024, 09:55 AM IST