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Overview
The Canara HSBC Young Term Plan is an online pure protection term insurance plan offering two plan options: Life Secure and Life Secure with Return of Premium (ROP). It provides financial security for the life insured in accordance with their financial requirements. The plan comes with various benefits, such as whole life cover, child care benefits, premium waiver, and special exit value. With this plan, you can stay protected against death, disease, or disability with additional built-in covers. You can even enhance your base cover by up to 100% within 5 years of policy inception, while the premium remains the same.
The Canara HSBC Young Term Plan offers a range of benefits, including:
- Choice of Plan Option
- Whole Life Cover
- Child Care Benefit
- Life Stage Benefit
- Return of Premium
- Special Exit Value Benefit
Plan Options
Life Secure
If the primary policyholder or their spouse passes away during the policy term, a lump sum amount will be given to the family. Both the policyholder and their spouse can be added to the same policy.
Life Secure with Return of Premium
In this variant, if the policyholder outlives the entire policy term, they will get back the money paid in premiums on the maturity date of the policy, after deduction of necessary charges.
Key Features and Benefits
Whole Life Cover
With this plan, you can stay protected with life insurance for up to the age of 99 years.
Loyalty Discount
If you are an existing customer with an individual company policy that is in force when buying this plan, you will get a loyalty discount of 5% on your first-year premium.
Block Your Premium
At the policy's inception, the policyholder can opt to block their premium and increase their cover by up to 100% of the sum assured in the next 5 years.
Special Exit Value
This option allows you to surrender the policy at the age of 65 of the life assured and receive back all the paid premiums, minus taxes and necessary charges.
Discounts
The plan offers various discounts such as spouse coverage, loyalty, women, corporate, and salaried discounts.
Coverage Options
In the level cover option, your sum assured remains the same during the policy term. In the increasing cover option, your sum assured increases by 10% per annum after the completion of every policy year.
Life Stage Enhancement
A life stage enhancement option in term insurance lets you increase your sum assured at certain life stages, like when you get married, have a child, or take a home loan.
Spouse Life Cover
Under this option, spouse cover allows you to add your husband or wife to a single plan. It is the same as a joint life policy, which offers coverage for two people under the same plan.
Child Care Benefit
Protect your child's future with the Child Care Benefit option and enhance your life cover until your child turns 25 years old.
Riders Associated with Canara HSBC Young Term Plan
You can add the following riders to your Canara HSBC Young Term Plan:
Accidental Death Benefit
Get an extra payout on top of the base cover upon death due to an accident.
Accidental Total and Permanent Disability Premium Protection
Upon accidental total and permanent disability to the policyholder, your future premiums will be waived, and the policy will continue until 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 is 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 any type of adventure sports.
- Death due to any aviation accident.
- Any pre-existing disease that is not mentioned.
