Canara HSBC Young Term Plan
- Life Stage Benefit
- Special Exit Value
- Child Care Benefit
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Canara HSBC Young Term Plan is an online available pure protection term insurance plan. It offers two plan options, allowing policyholders to select the protection level: Life Secure and Life Secure with Return of Premium (ROP). It provides financial security to the life insured as per their financial requirements. The plan comes with various benefits, such as whole life cover, child care benefits, premium waiver, or special exit value. In this plan, you can stay protected against death, disease or disability with additional built-in covers. With the Young Term Plan, you can even enhance your base cover up to 100% in 5 years from the policy inception, and the premium remains the same.
Canara HSBC Young Term Plan offers you a range of benefits including:
Minimum Age - 18 years Maximum Age - 45 years
Maximum Maturity Age - 99 years
Minimum term - 10 years Maximum term - 81 years
Basic Sum Assured: Rs. 25 Lakhs to no limit
The policy loan is not available under Young Term Plan.
Yearly, half-yearly, quarterly & monthly
Let's understand how the Canara HSBC Young Term plan works with a simple premium illustration.
Mr. Ajay is a 30-year-old non-smoker and a healthy person earning 10 lacs or above annually. He is looking for a term plan that provides a return of premium options.
His financial advisor advised him to buy the Canara HSBC Young Term Plan Work. He visited PolicyX.com.
Let's understand how the Canara HSBC Young Term plan works for him with a premium illustration table.
| Age of policyholder | Monthly Premiums | Annual Premiums | Policy Tenure | Total premiums paid | Sum assured |
| 30 years | ₹978/month | ₹10,871/year | 30 years | ₹2,89,270 | ₹1 Cr |
Key Takeaways: If Mr. Ajaya dies during the policy tenure, his family will receive ₹1 Cr as a death benefit from the insurer. If he outlives the policy tenure, he'll get back the premiums paid towards the plan as a maturity benefit.
Here are the benefits associated with the Canara HSBC Young Term Plan
If thе primary policyholder or thеir spousе passеs away during thе policy tеrm, a lump sum amount will bе givеn to thе family. Both the policyholder and their spouse can be added in the same policy.
In this varaint, if thе policyholder outlives thе еntirе policy term, thеy will gеt back thе monеy they paid in premiums on thе maturity datе of thе policy after deduction of necessary charges.
In the level cover option, your sum assured remains the same during the policy term. In the increase cover option, your sum assured increases by 10% per annum after the completion of every Policy Year.
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.
Under this option, the spouse cover allows you to add your husband or wife to a single plan. It is the same as the joint life policy, which offers coverage for two people under the same plan.
Protect your child's future with the Child Care Benefit option and enhance your life cover till your child turns 25 years old.
Canara HSBC Term Insurance Plans
You can add the following riders to your Canara HSBC Young Term Plan:
Get an extra payout on top of base cover upon death due to an accident.
Upon accidental total & permanent disability to the policyholder, your future premiums will be waived, and the policy will continue till maturity.
If you are diagnosed with 40 pre-specified critical illnesses, your future premiums will be waived, and the policy will continue until maturity.
If you are diagnosed with any covered terminal illness, lump sum benefit up to a maximum of Rs. 2 Crores shall be payable while you're alive.
Here is the list of exclusions associated with the plan:
Canara HSBC Young Term Plan is an all-around protection plan that offers multiple benefits. It provides two plan options as per your protection needs: Life Sеcurе and Life Sеcurе with Return of Premium. Whether you want a Level coverage, Life stage enhancement coverage or increasing coverage, this plan has you covеrеd. If you want to know more about the plan or compare different plans, you can easily contact us through the website policyx.com or call us at 1800-4200-269.
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