Canara HSBC OBC iSelect Star Term Plan

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Canara HSBC OBC iSelect Star Term Plan is a comprehensive term insurance that comes with 3 different variants, thereby offering great scope of coverage. It is a non-linked, non-participating, pure risk premium life insurance term plan that allows the Life Assured to add their spouse under its Life Option variant. It has multiple premium payment options and allows premium payment till the age of 60 years. The plan also has a return of premium benefit that can be availed upon the maturity of the policy. This benefit is available under the Life with return of Premiums option, and Life Plus option.

The Canara HSBC OBC iSelect Star Term Plan comes with a free-look period which gives the policyholder a right to review the terms and conditions after policy purchase for 15 days (30 days in case the policy has been purchased through the distance mode). In case of any disagreement, the policy can be returned within the given time frame along with a reason for the return.

Best Features of Canara HSBC OBC iSelect Star Term Plan

Given below are some of the noteworthy features of the Canara HSBC OBC iSelect Star Term Plan that make it a unique Term Policy in comparison to the other term plans:

  • There are 3 different plan options available under this plan - Life option, Life with Return of Premium option, and Life Plus option. You can choose the variant that best meets your financial requirements
  • The plan offers a great amount of flexibility with 4 premium payment modes and 3 benefit payouts options.
  • You can opt for an extended cover period under the Life Plus option till 99 years of age.
  • The plan offers an option to add your spouse in the same policy at a discounted premium rate
  • Under this plan, you can enhance the coverage by opting for 2 additional riders i.e., Accidental Death as well as Accidental Permanent & Total Disability.
  • A loyalty discount is available for the existing customers of the insurance company.

Benefits of Canara HSBC OBC iSelect Star Term Plan

Given below are the various benefits that are available when you buy the Canara HSBC OBC iSelect Star Term Plan-

 1. Death Benefit

In case the life assured dies during the policy term, the beneficiary will be eligible to receive the Sum Assured payout options as a lump sum, monthly income or a combination of both. The Sum Assured on Death is higher of-

  • Sum Assured, as chosen at the inception of the policy
  • 10 times the Annualised Premium or Single Premium (as applicable)
  • 105% of all Premiums Paid as on date of death (excluding the premiums paid for the optional in-built covers or Riders, if any).

2. Surrender Benefit

The Surrender Benefit varies according to the plan variant chosen by the policyholder at the time of inception-

  • Life Option - The Surrender Benefit will be available in the 1st policy year in case of Single Premium policies. In case of Limited Pay policies, the Surrender Benefit will be available after all premium payments that are due under the chosen Premium Payment Term.
Premium Payment Term optionSurrender Value Payable
Single Premium/ Limited PayA x Total Premiums Paid x [Unexpired Term/ Policy term]
Regular PayNo Surrender Value is payable

Here, factor A is subject to vary according to the Premium Payment Term option as well as policy year of the surrender.

Unexpired Term is the total number of outstanding policy years.

  • Life with Return of Premium option, and Life Plus option - The Surrender Value payable will be higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV). GSV and SSV are acquired only after the payment of premiums of at least 2 consecutive policy years have been cleared.
    GSV is determined based on the defined percentage of the Total Premiums Paid.
    SSV is determined by the company and is subject to change from time to time, with prior approval of the Authority. SSV is available during the policy term as well as the Extended Cover Period (applicable only in the Life Plus Option).

3. Discount Benefit

Canara HSBC OBC iSelect Star Term Plan offers discounts and rebates on premium for the following - 

  • Female Lives
  • Existing Customers
  • Spouse of the Life Assured
  • High Sum Assured

 4. Child Support Benefit

This is an additional benefit that one can opt for at the time of purchasing the policy to safeguard their child’s future. Apart from the Death/ Terminal Illness benefit, a Child Support Benefit Sum Assured is also payable in case the policyholder has an untimely demise. This additional Sum assured can be utilised to take care of the child’s future as planned.

5. Rider Benefit

There are 2 Riders available under the Canara HSBC OBC iSelect Star Term Plan - Accidental Death Rider, and Accidental Total and Permanent Disability Rider. These Riders offer extensive coverage in case of an unfortunate event in the life of the policyholder. The Riders are discussed ahead.

What is Covered?

The Canara HSBC OBC iSelect Star Term Plan covers different contingencies under its different variants. The coverage scope of the different variants are discussed below in detail:

Canara HSBC OBC iSelect Star Term Plan - Life Option

Apart from the option to cover spouse, the Life Option has the following payable benefits-

1. Death Benefit
In case of death of the Assured Life during the policy term, the Death Benefit is payable to the beneficiary as a lump sum amount or as a monthly payout, or a combination of both.

  • For part Lump Sum and part Monthly Income, the proportion chosen should be 25%/ 75%, or 50%/ 50%, or 75%/ 25%.
  • Equal monthly installments are payable in case a monthly payout option is chosen. The benefit is payable in equal installments over a period of 120 months, or 40 years, or till the end of the policy term, whichever is earlier
  • For Whole Life Coverage, only a lump sum option is available

2. Terminal Illness Benefit
If the policyholder is diagnosed with a critical illness during the policy term, the Death Benefit is released as per the payout option chosen. After the claim settlement, the policy stands terminated and all other benefits are extinguished.

All the due premiums should be paid and the policy should be in force for a valid claim settlement.

Here is how the Life Option works-

Example -

Name of the insuredMr. Kapoor
Age at Entry30 years
Policy Term30 years
Premium payment termRegular Pay
Premium payment modeAnnual
Sum assured on DeathINR 1 Crore
Premium amount for non-smoking male (excluding taxes)INR 7,813/-

Benefits Payable

  1. In the unfortunate event of the death of Mr. Kapoor during the policy term, his beneficiary is entitled to a lump sum amount of INR 1 Crore. The beneficiary can also opt to receive the payout as a monthly income, or get a percentage of the Death Benefit as a lump sum amount immediately, and the rest of the amount as monthly income.
  2. If Mr. Kapoor is diagnosed with a terminal illness during the policy term, the Death Benefit of INR 1 Crore is payable, as per the chosen payout method, post which the policy is terminated.

Canara HSBC OBC iSelect Star Term Plan - Life with Return of Premium Option

The benefits that are covered under this variant are discussed below-

1. Death Benefit
In case the policyholder dies during the policy term, the Death Sum Assured is payable to the beneficiary, depending upon the payout option chosen. Once the claim settlement is done, the policy and all of its benefits are terminated.

2. Terminal Illness Benefit
If the Life Assured is diagnosed with a terminal illness during the policy term, he or she is entitled to receive the Death Benefit Sum Assured, after which the policy is terminated and all other benefits stand extinguished.

3. Maturity Benefit
In the fortunate event wherein the policyholder outlives the policy term, the company returns the Total Premiums Paid, and the policy is terminated after the benefit payout.

The policy should be in force and all due premiums paid to avail the benefits.

Here is how the Life with Return of Premium Option works-

Example -

Name of the insuredMr. Kapoor
Age at Entry30 years
Policy Term30 years
Premium payment termRegular Pay
Premium payment modeAnnual
Sum assured on DeathINR 1 Crore
Premium amount for non-smoking male (excluding taxes)INR 16,996/-

Benefits Payable

  1. If Mr. Kapoor unfortunately dies during the policy term, his beneficiary will receive either a lump sum amount of INR 1 Crore, or a pre-decided monthly income subject to the Sum Assured at the inception of the policy, or a combination of both.
  2. In case Mr. Kapoor is diagnosed with a terminal illness during the policy term, the Death Benefit Sum Assured will be paid to him after which the policy will be terminated and all other benefits cease to exist.
  3. If Mr. Kapoor survives and outlives the policy term, he is entitled to receive the Total Premiums Paid upon the maturity of the policy. After the benefit settlement, the policy and its benefits are terminated.

Canara HSBC OBC iSelect Star Term Plan - Life Plus

Mentioned below are the benefits that come with this variant-

1.Death Benefit
If the policyholder unfortunately dies during the policy term, his or her beneficiary is eligible to receive the Sum Assured, depending upon the chosen payout option. The payout can either be a lump sum amount, a monthly income, or part lump sum and part monthly income.

2. Terminal Illness Benefit
In case the Assured Life is diagnosed with a terminal illness during the policy term, he or she will receive the Death Benefit Sum Assured. After the payout of the benefit, the policy along with its other benefits will cease to exist.

3. Maturity Benefit
In the fortunate scenario where the policyholder outlives the policy term, the Total Premium Paid will be refunded on the date of maturity of the policy. The policy will however continue under the Extended Cover Period.

4. Extended Cover Period Benefit
If the policyholder survives the policy term, after the maturity benefit is paid, he or she will be eligible for coverage under the Extended Cover Period till the age of 99 years-old.

  • If the Life Assured dies or is diagnosed with a terminal illness during this extended period, the Sum Assured will be paid and the policy will be terminated.
  • If the Life Assured survives the Extended Cover Period, upon attaining the age of 99 years, the Sum Assured will be paid by the company, post which the policy will be terminated and all other benefits will be extinguished.

All the due premiums should be paid and the policy should be in force for a valid claim settlement.

Here is how the Life Plus Option works-

Example -

Name of the insuredMr. Kapoor
Age at Entry30 years
Policy Term30 years
Premium payment termRegular Pay
Premium payment modeAnnual
Sum assured on DeathINR 1 Crore
Premium amount for non-smoking male (excluding taxes)INR 1,33,280/-

Benefits Payable

  1. If Mr. Kapoor dies during the policy term, his beneficiary will receive the Sum Assured of INR 1 Crore as either a lump sum payout, or a monthly income, or a combination of both, depending upon the payout option chosen.
  2. In case Mr. Kapoor is diagnosed with a terminal illness during the policy term, he will receive the Death Sum Assured after which the policy will be terminated along with any other benefits.
  3. If Mr. Kapoor survives the policy term, the company will refund the Total Premiums Paid till the date of maturity of the policy, and the Extended Cover Period will start.
  4. If Mr. Kapoor is diagnosed with a terminal illness or dies during the Extended Cover Period, he or the beneficiary will be paid the Sum Assured of INR 1 Crore, after which the policy will be terminated.
  5. In the fortunate event wherein Mr. Kapoor survives till the age of 99 years, the Extended Cover Period will lapse and the Sum Assured of INR 1 Crore will be paid to Mr. Kapoor. After the benefit settlement, the policy and all its benefits will be terminated.

Canara HSBC OBC iSelect Star Term Plan Eligibility

Eligibility CriteriaLife OptionLife with Return of Premium OptionLife Plus
Minimum Age at Entry18 years
Maximum Age at Entry65 years
55 years (in case of PPT up to age 60)
Single Pay - 45 years
Non-working Spouse - 50 years

65 years

50 years (in case of PPT up to age 60)

Minimum Age at Maturity28 years
Maximum Age at Maturity

80 years

99 years (in case of Whole Life Cover)

75 years (in case where the additional Accidental Death Benefit and Total and Permanent Disability Benefit is chosen)

80 years
Premium Payment TermLimited - 5/ 10/ 15/ 20/ 25, and up to the age of 60; Regular Pay; and Single Pay (not for Whole Life)Limited - 10/ 15/ 20/ 25, and up to the age of 60; and Regular Pay
Minimum Policy Term

35 years onwards - 5 to 62 years

18 to 34 years Entry Age - 10 to 62 years

Whole Life - 99-Entry Age

10 to 30 years
Premium Payment ModeAnnual, Half Yearly, Quarterly, and Monthly
Minimum Sum AssuredINR 25 Lakh

INR 15 Lakhs

Maximum Sum Assured

No Limit (subject to Underwriting Policy)

INR 3 Crore (in case of Accidental Death Benefit)

INR 1 Crore (in case of Accidental Total and Permanent Disability)

Non-Working Spouse - INR 25 Lakh fixed

No Limit (subject to Underwriting Policy)

What is not Covered?

Mentioned below are the exclusions under the Canara HSBC OBC iSelect Star Term Plan-

1.Suicide Exclusion
In case the Life Assured or the insured spouse (under the Life Option) dies due to suicide within 12 months from the date of commencement of the policy or its revival, the nominee shall be entitled to the higher of:

  • 80% of the Total Premiums Paid till the date of death, or
  • Surrender Value as on the date of death.

2. Accidental Death Benefit  and Accidental Total and Permanent Disability Exclusions
Accidental death that is caused by a direct or indirect result of any of the following are excluded, and no benefits shall be payable if any of the conditions covered under the policy, for total or permanent disability, are a direct or indirect result of any of the following -

  • Any injury, condition, or ailment for which the signs and symptoms were present, or the policyholder was diagnosed with, or was receiving medical treatment for within 48 months prior to the inception of the policy, or at the time of reinstatement of the policy
  • Participation in dangerous sports and life threatening pursuits
  • Participation in aviation activities other than as a bonafide passenger on a licensed aircraft of a registered airline
  • Self-inflicted injury or attempted suicide
  • Alcohol or drug abuse
  • Serving in any naval, military, or air force, or paramilitary organisation
  • War, terrorism, hostilities, civil commotion, invasion
  • Participation in riots, industrial disputes, and strikes
  • Breaching the law or participating in activities with criminal intent
  • Nuclear or chemical contamination, or exposure to radioactive, biological, or nuclear material
  • Physical handicap or mental infirmity

Canara HSBC OBC iSelect Star Term Plan Claim Process

Claim Intimation & Registration

·  The claimant/nominee can intimate about the claim through filling the form for death claim

·  Then, send it to the company at its nearest bank branch/head office/the offices along with the claimant’s duly attested address proof and photo ID. 

·   As soon as the forms and documents are found in order, the claim process is started for a hassle-free settlement at the earliest possible moment.

Documents Required for Death Claims 

  • Real policy document
  • Death certified authorized by the municipal officials
  • Bank Passbook/Cancel Cheque Copy
  • Records of hospital/other treatment
  • Statement of the physician.

Additional Documents Required for Accidental/Unnatural Death Claims 

  • Newspaper cutting (briefing the accident, if any)
  • Police reports (Panchnama, FIR, Viscera Report, Investigation report)

Canara HSBC OBC iSelect Star Term Plan Riders

Personalize the Canara HSBC Term Plan with riders. It is the best and easiest way for widening the base policy’s scope at the low premiums. 

  • Accidental Death – In case of an unfortunate event of the Life Assured due to the accident, the additional amount will be paid to his/her nominee along with the Sum Assured.
  • Accidental Total & Permanent Disability – In case the Life Assured undergoes accidental permanent and total disability, he/she gets the Sum Assured & the policy will be terminated.

Canara HSBC OBC iSelect Star Term Plan Review

Canara HSBC OBC Life Insurance Company Ltd. is the first-ever life insurance firm which launched “immediate payout on death claim registration” where they pay fund value to the claimant on the claim’s registration. In 2016, this company was granted “The Economic Times Best BFSI Brands” award in the category of the life insurer. Offering the 30-day grace period, the iSelect Star Term Plan is a shield against every life uncertainty. This is a quite flexible term plan which can be aligned to the life stage & life insurance requirements as it offers distinctive coverage along with benefit payouts and premium payment. 

This plan offers you an enhanced coverage at inexpensive premiums. Moreover, with its help, you can safeguard your immediate family members’ future through selecting the benefit pay-out, premiums, and coverage as per your needs. All in all, this is a suitable term plan for people looking for a highly customisable plan which offers coverage for life as well as illnesses.

Canara HSBC OBC iSelect Star Term Plan FAQs

  • 1. How to reinstate my policy?

    Well, you can reinstate every benefit within 2 years from the premium’s due date. 

  • 2. Can I pick the renewal payment date?

    Yes, you can. Canara HSBC Life Insurance offers this type of flexibility. You can choose any one date (5th, 10th, 15th. 20th, or 25th) according to your convenience. For more details, you can reach out on the toll-free number i.e., 1800-180-0003 or (MTNL/BSNL user) 18001030003. 

     

  • 3. How much is my policy’s maturity benefit?

    Please note that there is no maturity benefit. Canara HSBC’s offered every term plan is pure death benefit policy with the optional accidental death as well as total & permanent riders. 

  • 4. How to pay the HSBC Canara premium online?

    You can pay the premium online by following the below-mentioned steps - 

    1.    Visit HSBC Canara customer portal and enter the User ID & DOB.

    2.    Pick the policies/policy for which you wish to make the payment. 

    3.    Select the payment option according to your convenience

    4.    Fill in the required details for making the payment and then submit. 

    5.    Keep your receipt number & print/save the premium deposit acknowledgement for the future references.

  • 5. Can I convert the renewal premium into EMIs?

    Yes, you can. Canara HSBC OBC Life Insurance offers you the facility of paying the premium by credit card as well as converting it into EMI i.e., easy instalments. 

  • 6. What is the entry age for this Term Plan?

    Its entry age begins from a minimum of 18 years to a maximum of 70 years for the life assured and a maximum of 50 years for his/her spouse. 

     

  • 7. What is the maximum maturity age for Canara HSBC iSelect Term Plan?

    The maximum maturity age which is applicable for this plan is 80 years (or 75 years in case the life assured has chosen the in-built option). 

  • 8. How can I check my policy status for Canara HSBC Term Insurance Plans?

    The registered users can check the policy status online through logging into the e-portal. Or, you can reach out on the toll-free number, 1800-1030-0003 or 1800-1800-0003 (BSNL/MTNL) for inquiring about your policy status. Besides, you can send the SMS to 09-77-903-0003 for the same.

  • 9. How to pay the premium? What are the available payment modes?

    The HSBC OBC Company Ltd. provides you with 2 premium payment modes known as – 

    • Online payment
    • Cheque payment/cash at the branch

    For online payment mode, you can pay through – 

    • Debit Card
    • Net Banking
    • Credit Card
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