Canara HSBC Oriental Bank of Commerce Life Insurance has launched a new term insurance plan. Named iSelect Smart360 Term Plan, it is a flexible term plan and claims to offer comprehensive protection with a host of features designed to provide convenience and financial protection to the policy buyers and/or insured.
The company said in a press release that the plan is suitable for all life stages and requirements of the buyer. It offers pliability to choose from three available plan options depending on the personal needs of the buyer. These include: Life Secure, Life Secure with Income, and Life Secure with Return of Premium options.
The Life Secure policy only offers life cover. The Life Secure with Income policy offers survival income benefit in addition to life cover, while the Life Secure with Return of Premium policy offers return of premium on the outliving policy term alongside life cover.
The company said that the newly-launched insurance plan offers optional inbuilt features, such as Block Premium Benefit, coverage against 40 critical illnesses, options to augment cover by opting accidental death/disability and terminal illness benefit, child care benefit, and early exit benefit .
“iSelect Smart360 Term plan provides a 360 degree protection for individuals and their loved ones,” the company said in a press release.
Anuj Mathur, managing director and CEO, Canara HSBC Oriental Bank of Commerce Life Insurance says: “Whenever we are designing a new product for the market, our first thought is always to figure out ways to preserve the financial well-being of the buyers. Our customers place a lot of trust in us, and we truly feel and acknowledge that expectation of the customers. The same can be seen in our latest offering ‘iSelect Smart360 Term Plan’.”
“It is a flexible, feature-rich product designed to provide convenience and financial protection to insurance seekers and help them evaluate their ongoing coverage requirements with the change of time and life milestones. Such benchmarking of product is very important in today’s time, when customers are in constant quest of convenient and simplistic insurance products,” he adds.
At present, the product is available online on the company’s website, and with the insurance company’s online brokers, web aggregators and corporate agents (Canara Bank and HSBC Bank).