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What is Term Insurance?

Term insurance is a policy offering which makes sure that your family is financially stable and secure in your absence. If an individual is insured under this policy, they will have to pay a specific amount at fixed intervals. However, if at any point of time the life insured dies, the nominees selected by him/her during the time of purchasing the policy, will be given an assured sum amount. Term insurance is the most effective form of insurance that provide financial protection to the insured individual and his/her family in case of sudden death.

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What Are The Benefit of Term Insurance >

Term Insurance Plans

Canara HSBC Oriental Bank of Commerce Life Insurance offers online Term insurance plans which helps to secure your family financially in your absence.

iSelect+ Term Plan

  • • Tax Benefits under Sec 80C
  • • Spouse cover available
  • • Return of premium option
  • • Whole life cover option
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POS - Easy Bima Plan

  • • Double life cover in case of accidental death
  • • Return of premium on maturity
  • • Premium payment term options
  • • Tax benefits
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How the Term Insurance Plan from Canara HSBC OBC Life Insurance helps You?

  • Canara HSBC OBC is a joint venture of two of India's largest public-sector banks named Canara Bank and Oriental Bank of Commerce . Canara HSBC OBC was launched in 2008 to offer life insurance to individuals seeking financial freedom in unfortunate circumstances. The organization continually works on providing various life insurance plans that make premium payments easier and payouts beneficial for the term policyholders.
  • The in-depth knowledge of the two renowned public sector banks combined with years of experience with HSBC makes Canara HSBC OBC life insurance stand out from the others. The company is aware of today's families' needs and their reliance on a few people for financial needs. They know when misfortune hits, how families suffer due to lack of money. That's why Canara HSBC OBC Life Insurance offers a wide range of products catering to various financial needs of consumers. Its products guarantee lifetime income, uninterrupted child education, customized worth as per high individuals, etc.

Why do you need Term Insurance?

For Your Family Protection

  • If your family relies on you for financial needs, you need term insurance more than anything. You don't know what the future holds. You can't stop the rain from falling, but you can take an umbrella to save you and your family from the storm. A Term Plan is your umbrella against the sudden financial storms.

For Your Assets' Protection

  • You may have an ongoing loan on house, vehicle, or any of your property. If something happens to you, the loan repayment burden will fall on your family. With Term Plan's payout, your family will be able to repay your loans and save your property as well.

For Dealing with Lifestyle Risks

  • Critical illness like cancer, heart attack, kidney failure can take place at any moment. If something similar happens to you, your family may suffer emotionally and financially. Term insurance keeps your family safe from financial drain out so that they get enough time to recover.

Why Choose our - iSelect+ Term Plan?

iSelect+ Term Plan is online term insurance plan that provides one with enhanced protection options. It covers everything ranging from protection against sudden death to disability to secure a regular income for your family. Here are some other reasons to choose iSelect+ Term Plan

1. Whole Life Cover

iSelect+ Term Plan covers 99 years of age, ensuring the most prolonged financial security to avail for your family.

2.Spouse Cover

iSelect+ Term Plan considers your spouse as a part of your term policy, giving both of you maximum coverage against financial misfortunes.

3.Accidental Death Coverage

iSelect+ Term Plan arms you against financial challenges occurred due to sudden disability or accidental death. It never allows you to run out of money in the face of adversity.

4.Family's Financial Security

What do you always dream about for your family? That they never run out of money, no matter if you are there or not. iSelect+ Term Plan makes your dreams come true by offering you a monthly income option to meet your family's financial needs in your absence. Further to beat inflation costs choose the monthly income option increasing at 5% or 10% simple interest annually. iSelect+ Term Plan also provides comprehensive coverage that can help secure your child's future in your absence.

5.Increased Coverage meet growing responsibilities

As you move ahead in life your responsibilities now extend from yourself to others and keeping that in mind iSelect+ Term Plan comes with an option to increase your coverage at certain key events of your life such as your marriage, birth of a child or house purchase.

6.Tax Benefits

When thinking of the best term insurance plan, people worry about the extra bucks they have to pay in the name of security. But they never look at the tax benefits they are getting in front of insurance. Term insurance plans work in two ways. On one side, it gives you tax benefits under section 80C and 80D, and on the other hand, it gives lifetime security even after your death. So, if you are worried about paying extra money from your pocket, think of how much you are saving from tax. Hence, there won't be a big hole in your deep pockets when you plan for a Term Plan.

Does the iSelect+ Term Plan help in saving income tax?

  • According to Section 80C, term insurance plan allows you to claim approximately 1.5 lakh each financial year for the premium you paid for yourself, your family, spouse, and children. iSelect+ Term Plan gives you access to claim such benefits each year by paying the minimum premium for the term policy. Looking at the tax benefits in legal terms, under Section 10(10D) any sum received at maturity of a Life Insurance Policy, is exempted from tax. This exemption however, is not applicable to: the amount received Section 80DDA(3) or 80DD(3), maturity benefits received under a Keyman Insurance Policy, sum received under any insurance policy issued on or after April 1, 2003, during the term of which the premium paid is more than 20 percent of the sum assured.

How Does Term Insurance Help In Tax Saving >

Benefits of Life Insurance:

Term Insurance can help you plan your finance during unforeseen circumstances by offering solution to financial needs at the right time. The Term Plan deals with your vulnerable conditions by offering you a repayment plus interest of the premium you paid.

Just the way you financially protect your family from unforeseen circumstances, term insurance similarly protects your loved ones. The Term Plan replaces your income. It takes care of your family's financial needs in your absence.

Term insurance offers additional payouts in case of critical illness like kidney failure, heart attack, cancer, etc.

Under section 80D and 80C, Term Plan provides you tax benefits and additional tax savings if your Term Plan covers critical illness.

How Much Term Insurance Cover do you need?

Insurance experts recommend buying term insurance plans covering 15-20 times of your total annual income. For example, if your yearly salary is Rs. 8 lakh, term insurance must include a minimum Rs. 1 crore life insurance.Here are the other factors to consider while calculating term insurance plan coverage you need -


Individuals in the younger age bracket are generally of the view that one can pay the premium for a long time with less chances of illness in order to keep the premium rate low. While those in the older age bracket are more susceptible to diseases but a lesser capacity to pay and thus they have to pay higher premiums.

2.Current Cost of Family

Each family has its lifestyle and expenses. You don't want your family's lifestyle to suffer if something happens to you. Hence, you must consider the current cost of the family to make sure you select the sum assured accordingly.


You don't want your children's education to be interrupted due to financial problems. Calculate sum assured that covers children's education.


If you are concerned about your children's wedding and want them to have it the best - no matter whether you are there or not - must consider it while calculating sum assured.


At last, you should calculate your ability to pay the premium. Premium amount must be more comfortable to pay so that you won't think of closing it down because of the inability to pay.

How to Choose the Best Term Plan?

1.Claim Settlement Ratio

The claim settlement ratio includes the total number of claims the insurance company covers out of the claims filed when the insured individual dies. For example, if the insurance company has an 80 percent claim ratio, it means the insurer pays 80 out of every 100 claims filed.

2.Solvency Ratio

The solvency ratio indicates the capability of the insurer to meet its debt obligations, which includes cases where the insurer has to pay the insurance cover to the beneficiary in case of death of the policy holder. It should be at least 1.5.

3.Inquire the Existing Customer Experience

In order to know the service of the company, one can enquire existing customers about their experience with the insurance company. Another way can be to check online reviews and ratings of the company. Ensure that the customer experience is excellent to avoid emergence of any issues during the ongoing term policy period.

4.Choose the Benefits Carefully

While choosing the insurance company, see the list of benefits they offer or enquire about the benefits you want to cover. Check out the below-given list of most common benefits you must look out for when choosing your best term insurance plan. 1.Regular income payout option 2. Number of critical illnesses covered 3. Accidental death benefit 4.Premium waiver in case of disability

Key Features of Term Life insurance plan

Security at Affordable Premiums: Your financial freedom comes at a minimum cost with term insurance. The Term Plan covers all your misfortunes at minimum premium possible, depending on your age even when suffer through critical illness.

Extremely Easy to Buy: Purchasing a Term Plan is a fairly easy process. Everything is available online, ranging from a form to term insurance calculator where you know about the premium you have to pay as per your criteria.

An Essential Investment for Future: A monetary investment is important to secure one's future. Hence, term insurance can be seen as an investment as it helps one secure their family from financial misfortunes.

Flexible Payment Options: The Term Plan gives you a wide range of payment options to choose from as per your convenience. You can go for monthly/quarterly /yearly payment.

Various Payout Options: If you are worried that your family won't be able to justify the amount received due to lack of financial planning, you can choose various payout options. For example, you can request the insurance company to pay your family every month, like a regular income.

Wide Range of Customized Offers: Term insurance comes with customized premium offers based on your age and habits. For example, a non-smoker gets an extra discount on premium rates as opposed to the smoker. Similarly, females get additional advantages in premium rates.

How Does Term Plan Work?

Duration: Term insurance plans are available for different periods. You can choose any period as per your comfort.

Payment Option: You can choose any option like monthly, quarterly, half-yearly or yearly, as applicable, to pay a premium.

Premium Calculation: The insurer calculates your premium based on age, health, and life expectancy. For example, a 30-year old non-smoker has to pay around Rs. 3500 per year while a smoker has to pay approximately Rs. 4500 per year.

Medical Test: You may be required to give medical proof of your health and your family's health to the insurance company.

Terms & Conditions: Terms and conditions fill guidelines for payout options in various situations. For instance, if you die before the policy expiration date, the beneficiary will receive the face value. If the insurer survives during the policy, there won't be any payout, depending on the term policy of insurer.

Insurance Renewal: If nothing happens to you till the expiration of the term insurance policy, you can renew it again. The premium will depend on your current age and health condition.

Types of Term Insurance Plan >

Frequently Asked Questions (FAQs) for Life Insurance

  • Sixty-five years is the maximum age for a term insurance plan.

    Term Life Insurance Rates by Age

  • With 'Life with Return of Premium Option' on maturity of your policy if one outlives the policy term get return of total premiums paid. Further with the "life plus" coverage option, this policy continue post maturity till you attain 99 years of age which is the Extended Cover Period. During this period, Sum Assured will be paid on occurrence of death or on diagnosis of Terminal Illness, whichever happens earlier. On attaining age 99 years, the Sum Assured will be paid to you. Policy terminates upon payment of these benefits

  • Each insurance company has its own term insurance premium calculator. If you want to check out the premium quote, go for the iSelect+ Term Plan calculator. It gives a premium amount based on your age, gender, habits, education, and annual income.

  • You can purchase an iSelect+ Term Plan anytime between 18 to 70 years of age.

  • It depends on your needs. For example, if you want to cover a child's education or wedding expenses, you have to include them in your coverage. Your premium will be calculated accordingly.

  • If your key purpose is to give your Family financial protection, go for the term insurance plan. And if you want some savings, in the end, go for a traditional life insurance plan.

  • Go for at least 12 times cover than your annual income. Or you can go as far as 20 times coverage as per your needs.

  • The right time is when you don't have anything to keep your Family safe from financial storms, and they rely on you for financial needs.

    • The following optional covers are available with iSelect+ Term Plan

    • Accidental Death Benefit (ADB) This is an additional benefit. On death due to Accident, apart from the amount payable on earlier of death or on diagnosis of Terminal Illness, an additional ADB Sum Assured will also get paid.

    • Accidental Total & Permanent Disability (ATPD) - Premium ProtectionThis is an additional benefit. On occurrence of Accidental Total and Permanent Disability, all the future premiums payable will be waived off for the respective life and the policy will continue with the other coverages that have been opted for by you.

    • Accidental Total & Permanent Disability (ATPD) - Premium Protection PlusThis is an additional benefit. On occurrence of Accidental Total and Permanent Disability, the ATPD Sum Assured will be paid, all future premiums payable will be waived off for the respective life and the policy will continue with the other coverages that have been opted for by you.

    • Child Support Benefit (CSB)This is an additional benefit. You can opt for this benefit to safeguard your child's future. Apart from the amount payable on death or on diagnosis of Terminal Illness, whichever happens earlier, the CSB Sum Assured will be payable. The CSB Sum Assured can be utilized to take care of all the milestones you have planned for your child.

  • Anyone can go for life insurance as it offers some savings after the maturity date, but it doesn't cover the protection of your family . The best term insurance plan is solely designed for taking care of loved ones if something happens to you. Term Plans act as a shield between your family and sudden financial fall. They make sure that your family lives a healthy life even after you. With a little amount paid per year, you can be worry-free from the family's financial conditions.

Questions that you need to ask while buying Term Insurance?

1. Amount of premium you have to pay based on your age, habits, education, and monthly income
2. The total number of benefits covered in the Term Plan. Do they include benefits that you care about the most?
3. How to save money on tax if you pay for the Term Plan?
4. Do they offer regular income options?
5. Can you change the coverage and premium in the future?
6. Does the claim consider valid if death occurs outside India?
7. Which kind of death is not covered by insurance?
8. Can NRIs take term insurance? If yes, what are the conditions?