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Canara HSBC OBC iSelect Term Plan


A pure term plan which can be bought online. Buying a term plan is an absolute necessity for anyone who has financial dependants. It helps you to financially protect your loved ones in your absence.

What does it do?

Like every other term insurance policy, it pays out the sum insured to the nominee in case of your death. The policy also covers terminal illness and accidental total and permanent disability on paying additional premium. It has need-based payout options to choose from—lumpsum and monthly income.


It provides both level and increasing cover options. Under increasing cover option, the sum assured increases by 25 per cent every 5th policy year, upto the 20th year. This could be helpful to automatically increase the cover viz a viz inflation and increasing responsibilities for someone who is buying it at a very young age.

The monthly income payout option can be beneficial where the nominee is not financially savvy to handle the whole sum assured as a lumpsum. Under the monthly payout option the sum assured is paid in equal monthly installments. You may also choose a combination of lumpsum and monthly payouts.

Provides an option where the spouse of the assured can also be insured for a maximum of Rs 25 lakh.


The maximum amount to be paid under accidental total and permanent disability is limited to Rs 1 crore.

Accidental Total and Permanent Disability cover is available for level cover option only.

Suited for

The policy can be taken by anyone who can access the internet and make online payments.

Our View

It is always recommended to buy a term insurance plan with adequate cover. This plan offers basic coverage along with cover for terminal illness and accidental total and permanent disability. So, based on your requirements, affordability & medical profile you can opt for any of these additional features.

Entry Age (years) 
Maximum Maturity Age (years)80
Policy Term (years) 
Sum Assured (Rs) 
Minimum25 lakh
MaximumNo limit
Premium Payment FrequencyYearly and Monthly
Premium Payment TermRegular (same as policy term)
Policy CoverLevel cover and Increasing Cover
Other Features 
Free Look CancellationIn case, you are not satisfied with policy, you may choose to cancel it within 30 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, after deducting proportionate risk premium and applicable stamp duty charges and medical expenses, if any
Grace PeriodYou are allowed to pay premiums within 30 days (15 days in case of monthly mode) from the due date. If a due premium is not received within the grace period of 30 days or 15 days as the case maybe, your policy will lapse and the life insurance cover, including the rider cover, if any, will be terminated
Lapsed Policy ReinstatementYou can make a request for revival of your policy anytime during the revival period of 2 years from the due date of first unpaid premium. The revival of the policy will be either on its original terms or on modified terms as per the Board Approved Underwriting Policy of the Company. Post revival of the policy, all benefits would be reinstated as per the terms & conditions of the policy.
Tax BenefitsTax benefits on premium paid and benefit received under Section 80C and Section 10 (10D), as per the Income Tax Act, 1961, as amended from time to time.
ExclusionsIn case of death by suicide within 12 months from the policy commencement date, no death benefit is payable. However, 80% of the premiums for the respective coverage will be refunded.
Surrender ValueThere is no surrender benefit in this plan
Customer Service 
AddressCanara HSBC Oriental Bank of Commerce Life Insurance Company Limited
2nd Floor, Orchid Business Park, Sector-48, Sohna Road, Gurugram-122018,
Haryana, India
Mail To[email protected]
Call On1800-103-0003/1800-180-0003 (BSNL/MTNL)
Additions to the Plan
Rider Options
Available RidersScope of Cover
Accidental Death Benefit (ADB)If this rider is opted, in the event of death occurring due to an accident, your beneficiary will receive an additional lump sum amount equal to accidental benefit sum assured along with the original sum assured.
Accidental Total and Permanent Disability (ATPD)If this rider is opted, in the unfortunate event of Accidental Total and Permanent Disability (ATPD), the sum assured will be paid as per the payout option chosen by you at inception. Upon payment of entire benefit amount the policy is terminated.
Annual Premium (excluding taxes)
Age (in years)
Policy term (in years)253035404550556065
*The above premiums have been calculated for a cover of Rs 1 crore, in case of healthy and non-smoking male.