Canara HSBC Oriental Bank of Commerce Life Insurance on Monday expanded its online product suit with the launch of iSelect term plan meant for family protection.
iSelect term plan provides enhanced protection cover for the family at an affordable premium, the company said in a release.
Canara HSBC OBC Life Insurance claims the product to be highly cost effective. It will cover insured person's spouse as well as family's future income with an option to automatically increase insurance coverage as per changing life stage needs, the company said.
"Our iSelect Term Plan is a pure protection online term plan that provides life insurance cover along with the option to cover against accidental death/ disability," said Anuj Mathur, Chief Executive Officer, Canara HSBC Oriental Bank of Commerce Life Insurance Company.
Key Features of 'iSelect term plan':
Enhanced protection - Covers Death & Terminal Illness
Optional in-built covers by paying additional premium - Accidental Death and Accidental Total and Permanent Disability
Need-based benefit payout options to choose from: Option to choose lump sum or monthly income for 10 years or up to the end of your planned coverage term
Multiple cover options: Life insurance for yourself with an option to cover your spouse's life or Optional in-built covers to protect yourself against Accidental Death & Disability
Special premium rates for non-tobacco users
Lower premium rates for women and for higher sum assured
Tax benefits on premium paid and benefit received