Canara HSBC OBC Life Insurance Company

Term insurance

Term insurance plans are protection-oriented life insurance plans. They have low premiums allowing you to opt for a high sum assured. Term plans cover the risk of premature death and help you provide financial security to your family. You can choose the desired coverage level and policy term and also customize your plan as per your needs.

You can buy the following Canara HSBC OBC Life Insurance’s term insurance plan

1. iSelect Star Term Plan

iSelect Star is an online term insurance plan which can be bought online with minimal hassles. The plan offers a comprehensive scope of coverage and flexibility in choosing what you need. Here are the salient features of the policy –

• You can choose from different plan options like Life, Life with Return of Premium, and Life Plus

• Whole life coverage is also available under the plan variants

• You can opt for either a uniform sum assured or an increasing cover wherein the sum assured increases every year

• Four optional coverage benefits are allowed for enhancing the scope of the plan. These include the accidental death cover, disablement cover, and child support benefit among others

• You can opt for a joint life plan and cover your spouse too under the same policy

• You can opt to receive the death benefit in installments, in a lump sum, or in a combination of both

• Get the facility of increasing the sum assured at important stages of your life

• Get discounts for female lives or if you are an existing customer of the company

Eligibility conditions

Endowment assurance plans:

Endowment assurance plans combine life insurance coverage with a saving element. They let you create a corpus over the policy tenure which is payable either on earlier death or on maturity. Some endowment plans also give the added benefit of bonus additions which help in enhancing the corpus that you can avail.
 

1. Guaranteed Savings Plan
As the name suggests, Guaranteed Savings Plan helps you create a guaranteed corpus for your financial goals. Here are the primary highlights of the plan 

• There are 3 plan options that you can choose from – Guaranteed Savings Option, Guaranteed Savings with Double Protection Option, and Guaranteed Savings with Premium Protection Option
• The plan offers a guaranteed maturity benefit if you pay the due premiums on time
• Only limited premiums are required to buy the policy
• Enjoy a high premium booster to get additional benefits on higher premium payments
• Guaranteed yearly and loyalty additions are added to the corpus to enhance it

Eligibility conditions

Money-back insurance plans

Money-back insurance plans are traditional life insurance plans that provide liquidity during the policy tenure. These plans pay the money back benefits during the policy tenure. These benefits are a part of the sum assured that is paid at specified intervals. Thereafter, on maturity, the remaining sum assured is paid with a bonus. However, in the case of death, money-back plans pay the whole sum assured as a death benefit irrespective of the money-back benefits already paid.

Child insurance plans

Child insurance plans are savings-oriented life insurance plans which aim to create a corpus for the child. Under these plans, there is a premium waiver rider which usually comes inbuilt in the policy. Through this rider, the premiums are waived off if the parent dies during the policy tenure. The plan, however, continues till maturity whereupon a maturity benefit is paid. Child plans, thus, secure a corpus for the child whether or not the parent is around.

Unit linked insurance plans

If you want market-linked returns on your premiums, you can opt for unit-linked insurance plans. These plans invest the premium in market-linked funds. Thereafter, as the market performs, the funds perform and help you earn returns on your investment. ULIPs also offer the facilities of partial withdrawals, switching, top-up premiums, etc. to make the plan flexible and customizable.

Pension plans

Pension plans are aimed at retirement planning. These plans can be bought either to create a retirement corpus or to secure a lifetime pension. Pension plans come in two variants of deferred annuity plans and immediate annuity plans. Deferred annuity plans help you create a retirement corpus with regular investment while immediate annuity plans pay lifelong incomes as soon as you buy the policy.

Health plans

Health insurance plans are those that cover medical contingencies and pay you a lump sum benefit to help you meet the financial implications of such contingencies. Health insurance plans issued by Canara HSBC OBC Life Insurance Company cover specific illnesses and if you are diagnosed with any covered illness, the plan pays the sum insured in a lump sum to give you financial assistance.