iSelect Smart 360 Term

Overview

Canara HSBC iSelect Smart 360 is a comprehensive protection plan that allows you to stay protected with a life cover at affordable premiums. It offers three plan options as per your protection needs: Life Secure, Life Secure with Income, and Life Secure with Return of Premium. You can get a lump sum, regular income, or your premiums back if you stay healthy throughout the policy term. Plus, you can customize it with extra protections that suit your needs. It is simple to pick the right coverage, and you can even include your spouse in the same plan.

Let us explore the iSelect Smart 360 Term plan in this article.

Key Features and Benefits

Canara HSBC iSelect Smart 360 Term Plan offers a range of benefits, including:

• Choice of Plan Option: Select from various plan options to suit your needs.
• Whole Life Cover: Stay protected with life insurance for up to the age of 99/100 years.
• Child Care Benefit: Provides financial support for your child's future.
• Spouse Cover: Include your spouse in the same plan for comprehensive protection.
• Waiver of Premium Benefit: Future premiums are waived under specific circumstances.
• Life Stage Benefit: Increase your sum assured with changing responsibilities at certain milestones, such as marriage, childbirth, or adoption.
• Steady Income Benefit: Starting at age 60, you will receive a monthly income, which is a small percentage of the sum insured. This income continues until you pass away or until the policy term ends.
• Block Your Premium: Lock in your premium rate when you start the policy and increase your coverage by up to 100% over the next 5 years.
• Special Exit Value: If you decide to exit the policy voluntarily, you can get a return of all the premiums you paid.
• Increasing Cover Option: Your coverage amount increases by 10% every year, as long as your policy is active, giving you more protection over time.

Plan Options

Life Secure

If the person insured or their spouse passes away during the policy term, a lump sum amount will be given to the family. Both the insured and their spouse can be covered under this plan, as long as the policy is active.

Life Secure With Income

In this variant, the life insured will start receiving monthly installments from the time they turn 60 for the rest of the policy term or until they pass away, whichever comes first.

Life Secure With Return of Premium

If you, unfortunately, pass away during the policy term, your family will receive a lump sum. On the other hand, you will get back all the premiums paid towards the plan at maturity if you outlive the policy tenure.

Riders Associated with Canara HSBC iSelect Smart 360 Term Plan

You can add the following riders to your Canara HSBC iSelect Smart 360 Term Plan:

Accidental Death Benefit

Get an extra payout on top of the base cover upon death due to an accident.

Accidental Total & Permanent Disability Premium Protection

Upon accidental total & permanent disability to the policyholder, your future premiums will be waived, and the policy will continue till maturity.

Critical Illness Premium Protection

If you are diagnosed with 40 pre-specified critical illnesses, your future premiums will be waived, and the policy will continue until maturity.

Terminal Illness Benefit

If you are diagnosed with any covered terminal illness, a lump sum benefit up to a maximum of ₹2 Crores shall be payable while you are alive.

Exclusions

• Suicide within 12 months of the policy purchase is not covered.
• Consumption of any intoxicants.
• Injuries or illnesses caused due to participation in adventure sports.
• Death due to participation in aviation activities other than as a fare-paying passenger on a commercial flight.
• Any pre-existing disease not declared and accepted by the insurer at the time of policy inception.