The Canara HSBC Oriental Bank of Commerce Life Pure Term Plan is an individual plan. This plan protects the family of the policy holder from the financial adversities and thus helps to secure the future of the family and the dependants.
The eligibility criteria for Canara HSBC Oriental Bank of Commerce Life Pure Term Plan are as follows:
- The minimum entry age for the policy is 18 years as on the last birthday.
- The maximum entry age for the policy is 64 years as on the last birthday.
- The sum assured under this policy is minimum – Rs 10 Lakhs for both Single Premium and Regular Premium Payment Options.
- The maturity age of the policy is maximum 74 years.
- The premium paying term of the policy is single.
- The policy term is can be chosen from a term from 5 to 30 Years (Subject to maximum maturity age of 74 years).
- The policy term can also be chosen coverage till Age* 60 Years – (For entry ages less than or equal to 55 years).
- The premium payment frequencies are single, yearly, half yearly quarterly and monthly.
The benefits of Canara HSBC Oriental Bank of Commerce Life Pure Term Plan are as follows:
- In case of the sudden and unfortunate death of the life insured or the policy holder during the term of the policy the sum assured will be paid as the benefit to the nominee.
- There are no survival or maturity benefits available under this policy.
- Premiums paid under this policy are eligible for tax benefit under Section 80C of the income tax laws of 1962.
- Any benefit amount paid to the policy holder is eligible for tax benefits under Section 10(10D), according to the prevailing Income Tax laws.
- This policy gives the facility of saving tax while investing under section 80C and tax free benefits under section 10 (10 D) under the Income Tax Act, 1961.