iSelect Guaranteed Future Canara HSBC OBC Life Insurance

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Most likely, you have insured your car, your phones, and planned your vacations, but have you ever planned for life's unpredictability? One day, everything’s good; the next day, it might be a health concern, a sudden accident, or an unexpected accident. Such a change not only leaves your family with your absence and emotional turmoil but also financial instability. Here comes life insurance to your rescue. You might consider it a simple policy. However, it ensures your protection and provides for your family the way you always promised them.

Canara HSBC iSelect Guaranteed Future Life Insurance Plan ensures you have life coverage for the security and financial safety of your family. Additionally, it provides an alternative source of savings, allowing you to have a planned, stress-free tomorrow. With guaranteed benefits and plan options based on your income, the plan helps you make a personalised choice tailored to your financial needs and requirements.

Highlights of iSelect Guaranteed Future by Canara HSBC OBC Life

Different plan options to suit various income needs.

Guaranteed savings to fulfil your dreams and goals.

Guaranteed benefits add an extra advantage.

Additional benefits include a loan facility, high premium additions, and more.

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Canara HSBC OBC iSelect Guaranteed Future Life Insurance Plan: Highlights

Here are some of the highlights of the Canara HSBC OBC iSelect Guaranteed Future Health Insurance Plan:

Particulars	Details
Policy Name	Canara HSBC Life Insurance iSelect Guaranteed Future
Insurance Company	Canara HSBC Life Insurance Company Limited
Policy Type	A non-linked, non-participating individual savings life insurance plan
Plan Options	iAchieve Flexi iAchieve iAssure Flexi iAssure Easy iAchieve
Benefits	Death benefit Maturity benefit Survival benefit High premium addition Loan facility Easy policy revival
Waiting Period	Accidental benefit rider Critical illness rider
Benefits	Monthly QuarterlyHalf-yearly Yearly
Benefits	15 days for the monthly mode of premium payment 30 days for quarterly, yearly, and half-yearly premium payments.
Claim Settlement Ratio	99.31% (FY 2023-24)

Wish to Enhance Your Coverage? Take a look at the Riders Available with Canara HSBC OBC iSelect Guaranteed Future Life Insurance Plan

Imagine having life insurance. But let's say you want it more customised or want to make it stronger. This is where add-ons come in. These are not simply extras, but rather smart additions to your policy, making it more comprehensive and balanced. Here are some add-on options available with the Canara HSBC OBC iSelect Guaranteed Future Life Insurance Plan.

Add-on Covers	Details
Accidental Benefit Rider	With this rider, you ensure to protect your family's financial stability in case of the accidental death of the life assured. This rider is available with two options: Accidental death Accidental total & permanent disability
Critical Illness Rider	With this add-on, you get protection against 40 critical illnesses. Additionally, you can choose between a limited or regular pay option, as per your base policy. Here are some diseases covered under the critical illness rider benefits. Blindness Major head trauma Alzheimer's disease Major organ/ bone marrow transplant Cardiomyopathy Benign brain tumour Aplastic anaemia Cancer of specified severity, etc.

Add-on Covers

Details

Accidental Benefit Rider

With this rider, you ensure to protect your family's financial stability in case of the accidental death of the life assured. This rider is available with two options:

Accidental death

Accidental total & permanent disability

Critical Illness Rider

With this add-on, you get protection against 40 critical illnesses. Additionally, you can choose between a limited or regular pay option, as per your base policy. Here are some diseases covered under the critical illness rider benefits.

Blindness

Major head trauma

Alzheimer's disease

Major organ/ bone marrow transplant

Cardiomyopathy

Benign brain tumour

Aplastic anaemia

Cancer of specified severity, etc.

Features and Benefits of the Canara HSBC OBC iSelect Guaranteed Future Life Insurance Plan

With life's unpredictability comes stress and anxiety. However, you reduce some part of it by availing life insurance and securing the needs of your family. Whether it's protection or having your savings prepared for an unexpected life event, Canara HSBC OBC iSelect Guaranteed Future comes with a variety of features and benefits.

Here are some features to consider.

Helps Build a Financial Net for Your Family

You work hard enough to fulfil the dreams of your loved ones. However, these dreams need not be put on hold when you're no longer around. Whether it's your child's graduation, unsettled debts, or home loans, you wouldn't want your family to struggle with a financial crunch. Here comes Canara HSBC OBC iSelect Guaranteed Future. With all its plan options, you get life cover for the entire policy term. This means your family has a financial shield to cover expenses, repay loans, and do much more.

Guaranteed Savings

Canara HSBC OBC iSelect Guaranteed Future does not simply come with protection benefits. Instead, it is much more than that. You also get assured savings or returns at maturity. This means you're not caught off guard when something big happens. Instead, you're prepared for the big goals of your life.

Guaranteed Benefits

Another amazing benefit of the plan is its guaranteed benefits. This means you get whatever you're assured. Whether it's monthly income, guaranteed savings, or anything else, you receive whatever is specified in your policy document. No surprises, no disappointments.

Access to Different Plan Options

Are you curious to learn more about different life insurance plans, but have a budget constraint? Well, Canara HSBC OBC iSelect Guaranteed Future Life Insurance has got you covered. Regardless of your profession, whether you are a salaried employee, freelancer, or self-employed individual, there are plan options available to suit your needs.

With access to various plans tailored to different income needs, you can easily choose a plan that suits your needs and budget without overspending. Furthermore, with various premium payment modes available, you can select one that helps you stay compliant and avoid missing the due date.

Access to Other Riders, Loan Facility, and More

With Canara HSBC OBC iSelect Guaranteed Future Life Insurance, you also gain access to add-ons such as the Accidental Benefit Rider and Critical Illness Rider, which can make your policy more customised and well-rounded. Furthermore, the loan facility can be particularly useful in times of financial distress.

Canara HSBC OBC iSelect Guaranteed Future Life Insurance Plan: Eligibility Criteria

Say you got life insurance. Now, imagine the heartbreak of getting your claims rejected simply because some eligibility requirements were not fulfilled. Don't want this happening to you? Well, the easiest way to ensure this is to check the eligibility criteria. Here are the eligibility requirements for the Canara HSBC OBC iSelect Guaranteed Future Life Insurance Plan, which you may want to consider.

The minimum entry age is 0 years.
The maximum entry age for all plan options, except Easy iAchieve (1.25 times the single premium), is 65 years.
The maximum entry age for Easy iAchieve (10 times the single premium) is 45 years.
The minimum maturity age is 18 years.
The maximum maturity age for all plan options, except Easy iAchieve (1.25 times the single premium), is 80 years.
The maximum maturity age for all plan options, except Easy iAchieve (10 times the single premium), is 65 years.

Canara HSBC OBC iSelect Guaranteed Future Life Insurance Plan: What is Covered?

Here is a list of policies included under Canara HSBC OBC iSelect Guaranteed Future.

Death Benefit

This benefit is available under all the policy options, including iAchieve, Flexi iAchieve, iAssure, Flexi iAssure, and Easy iAchieve. With this, the benefits paid include the sum assured on death, accrued guaranteed additions, and a high premium addition.

Maturity Benefit

The maturity benefit covers the guaranteed sum assured on maturity, accrued guaranteed additions, and high premium additions. This is also available under all the policy options, including iAchieve, Flexi iAchieve, iAssure, Flexi iAssure, and Easy iAchieve.

Survival Benefit

A survival benefit is available with iAssure and Flexi iAssure. With this benefit, you receive a guaranteed income at the end of each policy year, following the completion of the premium payment term.

Canara HSBC OBC iSelect Guaranteed Future Life Insurance Plan: What is Not Covered?

Here is a list of policy exclusions under Canara HSBC OBC iSelect Guaranteed Future.

Death is caused due to driving under the influence of alcohol.
Death caused by participation in any illegal activity is not covered.
Death caused by natural disasters might not be covered, etc.

Note: This list is provided for illustrative purposes only. To have a complete list of policy exclusions, consider referring to the policy brochure.

Pros & Cons iSelect Guaranteed Future Canara HSBC OBC Life Insurance

The iSelect Guaranteed Future life insurance policy is a savings plus protection plan that allows the insured to select from the various plan options as per their income

The plans variants are namely; iAchieve and Flexi iAchieve, iAssure and Flexi iAssure, and Easy iAchieve

This guaranteed return plan is best for the financial security of your family as it allows assured savings for your family to fulfil their dreams and goals

The Policyholder under this plan can avail loan facility against the amount deposited

The iSelect Guaranteed Future plan also offers tax benefits under the Income Tax Act of 1961

The death benefit offered under the iSelect Guaranteed Future plan is subject to suicide exclusion.

Hence, if the death of the policyholder takes place due to suicide within the first 12 months of the policy purchase, the nominee will receive 80% of premiums paid till the time of death.

Also, the same will apply in case of policy revival date. So, if the insured commits suicide within one year of policy revival, the death benefit received by the nominee would be 80% of total premiums paid till death

However, if the respective surrender value till death is higher than the 80% of total premiums paid, the nominee of the policyholder would receive surrender value under the plan

Our Verdict on Canara HSBC OBC iSelect Guaranteed Future Life Insurance Plan

Canara HSBC Life Insurance is a popular choice among customers, having served them for over 15 years. The company has a straightforward vision: to be the most trusted partner in securing lives and providing straightforward insurance. This vision is clearly reflected in each of their solutions. The Canara HSBC OBC iSelect Guaranteed Future Life insurance plan helps you enjoy protection and savings simultaneously.

Additionally, with benefits such as guaranteed savings, returns, and life cover for the entire policy term, you receive multiple perks under one plan. Moreover, you also have the option to choose from a variety of plan options and payment modes. This means if you’re looking for flexibility, financial security for your family, and savings, you might consider this plan.

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Canara HSBC OBC Life
Insurance Company

Canara HSBC OBC Life Insurance Company is an amalgam of Canara Bank, Punjab National Bank, and HSBC Insurance (Asia-Pacific) Holdings Limited. Each of these three companies holds a stake of 51%, 23%, and 26% respectively. While Canara Bank and Punjab National Bank are both domestic financial institutions, HSBC Insurance provides its global touch and expertise making the company a strong contender in the life insurance segment.

Canara HSBC OBC Life Insurance Company was established in the year 2008 and ever since then the company has been offering different types of life insurance solutions to its customers. Whether you want to invest in a term plan or opt for ULIPs for market-linked returns, Canara HSBC OBC Life offers these and other plans for your coverage needs.

Founded in

2008

Number of Policies

6+ Lakh

Turnover (GWP)

Rs. 6,150 crore

JV Partners

Canara Bank, HSBC Insurance (Asia Pacific) Holdings Limited and Punjab National Bank (PNB)

Claims Experience

Claims Experience Rating 4.7

% of claims settled in less than 30 days
Reflects on the speed of settling valid claims

97.62%

Claim Settlement Ratio (No. of claims)
What % of the claims received were paid?

99.23%

Partner Bank Branches

10,000+

Benefits iSelect Guaranteed Future Canara HSBC OBC Life Insurance

Key Benefits
Tax benefit	Available as per prevailing tax laws.
Plan options Benefits:
Plan options	Life assured, tenures and premiums
Guaranteed maturity option	At the end of the policy term.
Life Benefit:
Life cover	Throughout the policy term
Payor premium protection cover	Premiums are waived off

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There are 3 plan options available with this product namely: ~ Life Protect Option ~ Life & CI Rebalance Option ~ Income Plus Option

There are 36 critical illnesses covered under this plan.

No, plan option that is chosen once while buying the policy cannot be changed throughout the term of the policy.

Single, annual, half-yearly, quarterly and monthly frequencies are available under this plan for paying premium.

Yes, you may have extra benefits to your Canara HSBC OBC iSelect Guaranteed Future Life Insurance Plan. You have access to popular riders, such as accidental benefit riders and critical illness riders. Further, with accidental benefit, you may have either of two options: accidental death or accidental total and permanent disability. With the critical illness rider, you get protection against 40 critical concerns.

Canara HSBC OBC iSelect Guaranteed Future Life Insurance Plan is a non-linked, non-participating individual savings life insurance plan. It provides protection against life's uncertainties while also helping you save to achieve your financial goals with minimal hassle.