An Individual Non-Linked Non-Par Savings cum Protection Life Insurance Term Plan with Return of Premium
Canara HSBC Oriental Bank of Commerce Life Insurance
POS - Easy Bima Plan
An Individual Non-Linked Non-Par Savings cum Protection Life Insurance Term Plan with Return of Premium
Canara HSBC Oriental Bank of Commerce Life Insurance POS – Easy Bima Plan is a pure term insurance
plan with return of premium on date of maturity. It is specially designed to provide an affordable and
hassle free protection, to take care of the needs of your loved ones.
WHAT ARE THE KEY BENEFITS OF THE PLAN?
Hassle free purchase process with minimum requirements and no medical tests.
Double life cover in case of accidental death.
Return of the Total Premiums Paid upon survival till maturity.
Choiceofexiblepremiumpaymentandpolicytermtosuityourrequirements.
TaxbenetsonpremiumpaidandbenetreceivedunderSection80CandSection10(10D),asper
theIncomeTaxAct,1961,asamendedfromtimetotime.
WHAT ARE THE KEY BENEFITS OF THE PLAN ?
Step 1: Choose your Sum
Assured
ChooseyourDeathBenetSumAssuredadequatelybasisyourlife
coverneedstoensurethatyournancialneedsaremet(Chosen
SumAssuredhastobeinmultiplesofRs.50,000).
Step 2: Choose your premium
payment term and Policy Term
Thisplanoffersexiblepremiumpaymenttermandpolicyterm
options to suit your requirements.
Note: The premium amount will be calculated basis your age at entry, sum assured, policy term,
premium payment term, premium payment frequency and gender.
Death Benet Payable (other
than accidental death)
Duringthewaitingperiod,thatis90daysfromthedate
ofcommencement: Return of the Total Premiums Paid.
Afterexpiryofwaitingperiodof90daysfromthedateof
commencement:100%ofDeathBenetSumAssured.
OnpaymentofaboveDeathBenet,thepolicyshallterminateand
nofurtherbenetshallbepayable.
Death Benet Payable
(accidental death)
AccidentalDeathBenetSumAssuredinadditiontotheDeath
BenetSumAssured.
Waitingperiodof90daysfromthedateofriskcommencementis
not applicable in case of accidental death.
OnpaymentofaboveDeathBenet,thepolicyshallterminateand
nofurtherbenetshallbepayable.
Note:AccidentalDeathBenetSumAssuredisequaltoDeath
BenetSumAssured.
For details on Accidental Death Benet, please refer to the
terms and conditions 11 and 12
Return of Premium on date
of Maturity
On survival till Maturity, return of the Total Premiums Paid shall
be payable, provided the policy is in force.
HOW DOES THE PLAN WORK?
WHAT ARE THE KEY BOUNDARY CONDITIONS OF THE PLAN?
Parameters Minimum Maximum
Entry Age
1
18years 55 years
Maturity Age
28years 65years
Sum Assured Rs.50,000 Rs.15,00,000
Premium Payment and Policy
Term
5Pay-10yearpolicyterm|10Pay-15yearpolicyterm|10pay
-20yearpolicyterm
Annual Premium PolicyTerm10year–Rs.2,219
PolicyTerm15year–Rs.1,076
PolicyTerm20year–Rs.989
Depends upon chosen Sum
Assured
Premium Payment Mode and
Modal Factors
Annual & Monthly mode
Annualpremiumneedstobemultipliedwithafactorof0.10to
arrive at the monthly installment premium payable.
*AnnualPremiummentionedaboveexcludesGoodsandServicesTax&applicablecess(es)/levy,ifany.
*MonthlyPremiummentionedaboveincludesmodalloadingbutexcludesGoodsandServicesTax&applicablecess(es)/levy,
if any.
Premium
Payment
Term/
Policy
Term
Sum
Assured
(Rs)
Death
Benet
(non
Accidental)
(Rs)
Death
Benet
(Accidental)
(Rs)
Annual
Premium*
(Rs)
Return of
Premium
on date of
Maturity
in case of
Annual
mode (Rs)
Monthly
Premium*
(Rs)
Return of
Premium
on date of
Maturity
in case of
Monthly
Mode (Rs)
5 Pay 10
Term
3,00,000 3,00,000 6,00,000 9,423 47,115 942
56,538
10 Pay 15
Term
3,00,000 3,00,000 6,00,000 6,186 61,860 619 74,232
10 Pay 20
Term
3,00,000 3,00,000 6,00,000 6,294 62,940 629 75,528
SAMPLE ILLUSTRATION - For male age 40 years
WHAT ARE THE PAID-UP BENEFITS IN THIS PLAN?
Your policy will acquire a Paid-upstatusattheexpiryofthegraceperiodof30daysfromtheduedate
ofrstunpaidpremium(15daysformonthlymode)providedthatrsttwoconsecutivepolicyyears’full
premiums have been paid. Once the policy is in Paid-up status and provided the policy is not surrendered
orrevived,thebenetspayableareasfollows:
Paid-up Death Benefit is equal to:
Death Benefit Sum Assured* (Number of premiums paid / Total number of premiums payable
during the Policy Term)
In case of death due to accident an additional amount which is equivalent to Paid-up Accidental Death
BenefitSumAssured,willbepayablewhichisequalto:
Accidental Death Benefit Sum Assured* (Number of premiums paid/Total number of premiums
payable during the Policy Term)
On payment of this benet,thePolicyshallterminateandnofurtherbenetshallbepayable.For
de
nitionofaccidentaldeathandexclusionsapplicablepleaserefertotermsandconditions.
Paid-up Benefit on date of Maturity is equal to:
Total Premium due till date of Maturity*(Number of premiums paid / Total number of
premiums payable during the Policy Term)
Onpaymentofthisbenet,thePolicyshallterminateandnofurtherbenetshallbepayable.
WHAT HAPPENS IF YOU STOP PAYING THE PREMIUMS?
If you do notpayyourduepremiumwithinthegraceperiodintherst2consecutivepolicyyearsthen
yourpolicywilllapseattheexpiryofthegraceperiodandtheinsurancecoverwillceaseimmediately.
If the death of the Life Assured occurs during the grace period and the claim is admitted, we will deduct
dueunpaidPremium,ifany,alongwithGoodsandServicesTax&applicablecess(es)/levy,ifany,before
payingtheabovedenedDeathBenet.OnpaymentofDeathBenetthepolicyshallterminate.
Nobenetshallbepayableupondeathoruponyourrequestforterminationofthepolicyorontheexpiry
of the revival period.
CAN THE POLICY BE REVIVED?
You can make a request for revival of your policy anytime during the revival period of 5 years from the
duedateofrstunpaidpremium.TherevivalofthepolicywillbeaspertheBoardApprovedUnderwriting
PolicyoftheCompany.Postrevivalofthepolicy,theproductbenets,wouldbereinstatedtothefull
level. To revive the policy, all past due premiums need to be paid by you along with applicable interest
rateasdenedbytheCompanyfromtimetotime(fromrespectivepremiumduedatestilltherevival
date).
WHAT ARE THE OTHER KEY TERMS AND CONDITIONS?
1. ThedenitionofAgeusedis‘Ageasonlastbirthday’.
2. CollectionofadvancePremiumshallbeallowedwithinthesamenancialyearforthePremiumduein
thatnancialyear.However,wherethePremiumdueinonenancialyearisbeingcollectedinadvance
inearliernancialyear,theCompanymaycollectthesameforamaximumperiodofthreemonthsin
advance of the due date of the premium. The premium so collected in advance shall only be adjusted
on the due date of the premium. Such advance premium, if any, paid by the Policyholder shall not
carry any interest.
3. Loans: No loans available under this product.
4. Tax Benets under the Policy will be as per the prevailing Income Tax laws and are subject to
amendmentsfromtimetotime.Fortaxrelatedqueries,contactyourindependenttaxadvisor.
5. The risk under this policy will commence on the date the Company underwrites the risk, subject to
realization of full premium.
6.
Goods and Services Tax & applicable cess(es)/levy, if any will be charged over and above the
premium as per applicable laws, subject to amendment from time to time.
7. Suicide exclusion:IncaseofdeathoftheLifeAssuredduetosuicidewithin12months:
• From the date of commencement of risk under the Policy, the Nominee shall be entitled to at least
80%oftheTotalPremiumsPaid till the date of death or surrender value available as on the date
of death whichever is higher, provided the Policy is in-force or
WHAT HAPPENS IF THE POLICY IS SURRENDERED?
This is a traditional non-participating plan intended for long term savings and protection needs to meet
your nancial goals. We strongly advise that the policy should be continued throughout the dened Policy
Term to realize the full policy benets. Early surrender should not be opted for unless there is no other
alternative available, as it will impact the policy value and intended goals may not be realized.
Onsurrenderofthepolicy,theSurrenderValuepayablewillbehigherof{GuaranteedSurrenderValue
(GSV)orSpecialSurrenderValue(SSV)}.However,the policy acquiresaGuaranteedSurrenderValue
(GSV)aswellasSpecialSurrenderValue(SSV)onlyafterpaymentofatleast2consecutivepolicyyears’
premiums. SSV will be determined by the Company and may vary from time to time with prior approval
of the Authority.
The Guaranteed Surrender Value is based on defined percentages of Total Premiums Paid. For the
detailsonGuaranteedSurrenderValuepercentages(Factors),pleaserefertothesamplePolicyContract
ofthisproductavailableonCompany’swebsite.
• From the Revival date of the Policy, the Nominee shall be entitled to an amount which is higher of
80%oftheTotalPremiumsPaidtillthedateofdeathorthesurrendervalueasavailableonthedate
of death.
8. Free look period:ThePolicyholderhastherighttoreviewthepolicytermsandconditionswithin15
days(30daysifthisPolicyhasbeenacquiredthroughdistancemarketing)fromthedateofreceipt
of the policy document. If the Policyholder cancels the policy for non-agreement with any terms and
conditions of the policy during the free look period, the Company will cancel the policy and refund the
premiums received after deducting proportionate risk premium for the period of insurance cover and
applicable stamp duty charges.
9.
Waiting period: IfdeathoftheLifeAssuredoccursduringthefirst90daysfromtheriskcommencement
date, the company shall refund the Total Premiums Paid, if the claim is not on account of an accident.
10.Nomination and Assignment:NominationshouldbeinaccordancewithprovisionsofSection39
oftheInsuranceAct,1938,asamendedfromtimetotime.Assignmentshouldbeinaccordancewith
provisionsofSection38oftheInsuranceAct,1938,asamendedfromtimetotime.
11. Accidental Death Denition:
Accidental Death means death of the Insured which results directly and solely from an Accident and
independentlyofanyothercausesandwhichoccurswithin180daysofthedateoftheAccident.If
the Accident occurs before the end of Policy Term, but death caused by such Accident occurs after the
endofthePolicyTermandwithin180daysoftheAccident,AccidentalDeathBenetwillbepayable.
Accident means to a sudden, unforeseen and involuntary event caused by external, violent and
visible means which occurs after the risk commencement date of the policy and before the termination
of the policy.
12. Total Premiums Paid means total of all the premiums received, excluding any taxes and rider
13. Accidental Death Exclusions:
AccidentalDeathofLifeAssuredarisingdirectlyorindirectlyfromanyofthefollowingarespecically
excluded:
•
Anycondition,ailmentorinjuryorrelatedcondition(s)forwhichyouhadsignsorsymptoms,and/
orwerediagnosed,and/orreceivedmedicaladvice/treatmentwithin 48monthstopriortothis
PolicyissuedbyUsoratthetimeofreinstatementofthePolicy.
• Death directly or indirectly, wholly or partly due to an Acquired Immuno-Deciency Syndrome
(AIDS)orinfectionbyanyHumanImmunodeciencyVirus(HIV).
• TheLifeAssuredtakingpartinanyhazardoussportorpastimes(includinghunting,mountaineering,
racing,steeplechasing,bungeejumping,etc.),anyunderwaterorsubterraneanoperationoractivity
and racing of any kind other than on foot.
• TheLifeAssuredyinginanykindofaircraft,otherthanasabonadepassenger(whetherfare-
payingornot)onanaircraftofalicensedairline.
• Self-inictedinjury,suicideorattemptedsuicide-whethersaneorinsane.
• Undertheinuenceorabuseofdrugs,alcohol,narcoticsorpsychotropicsubstancenotprescribed
by a registered Medical Practitioner.
• Service in any military, air force, naval or paramilitary organization.
• War,civilcommotion,invasion,terrorism,hostilities(whetherwarbedeclaredornot).
• The Life Assured taking part in any strike, industrial dispute and riot.
• The Life Assured taking part in any criminal or illegal activity with criminal intent or committing any
breachoflawincludinginvolvementinanyghtoraffray.
• Exposuretonuclearreaction,Biological,radiationornuclearorchemicalcontamination.
• Physicalhandicapormentalinrmity.
Section 41 of the Insurance Act, 1938 (as amended from time to time):
(1)Nopersonshallalloworoffertoallow,eitherdirectlyorindirectly,asaninducementtoanypersonto
take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in
India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on
thepolicy,norshallanypersontakingoutorrenewingorcontinuingapolicyacceptanyrebate,
exceptsuch rebate as may be allowed in accordance with the published prospectuses or tables of the
insurer.
Provided that acceptance by an insurance agent of commission in connection with a policy of life insurance
taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within
the meaning of this sub-section if at the time of such acceptance the insurance agent satises the
prescribedconditionsestablishingthatheisabonadeinsuranceagentemployedbytheinsurer.
premiums.
(2)Anypersonmakingdefaultincomplyingwiththeprovisionsofthissectionshallbeliableforapenalty
whichmayextendtotenlakhrupees.
Section 45 of the Insurance Act, 1938 as amended from time to time will be applicable. For full
text of the provisions of this Section, please contact the Insurance Company or refer to the
sample policy contract of this product on our website www.canarahsbclife.com
UIN: 136N049V02 BRONJPOSEBCHOSEP19 ENG
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IRDAI is not involved in activities like selling Insurance policies, announcing bonus or investment of premiums. Public receiving such
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About us:
Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited is a company formed jointly
bythreeleadingnancialorganizations-CanaraBankandOrientalBankofCommerce,whicharetwo
ofIndia’slargestnationalizedbanksintermsofaggregatebusiness,alongwithHSBCInsurance(Asia
Pacic)HoldingsLimited.TheshareholdingpatternoftheJointVentureis–CanaraBank:51%,HSBC
Insurance(AsiaPacic)HoldingsLimited:26%andOrientalBankofCommerce:23%.Ouraimisto
provideyouwithatransparentrangeoflifeinsuranceproductsbackedbyexcellentcustomerserviceand
thereby,makingyourlifesimpler.CanaraHSBCOrientalBankofCommerceLifeInsurancePOS–
EasyBima Plan is an Individual Non-Linked Non-Par Savings cum Protection Life Insurance Term
Plan with Return of Premium.
Trade Logo of Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited is used under
licensewithCanaraBank,HSBCGroupManagementServicesLimitedandOrientalBankofCommerce.
This product brochure gives only the salient features of the plan and it is indicative of terms and conditions.
ThisbrochureshouldbereadinconjunctionwiththebenetillustrationandtheTerms&Conditionsfor
this plan as provided in sample policy contract available on our website.
Canara HSBC Oriental Bank of Commerce
Life Insurance Company Limited (IRDAI Regn. No.136)
Registered Ofce:
UnitNo.208,2ndFloor,KanchenjungaBuilding,
18BarakhambaRoad,NewDelhi-110001
Corporate Ofce:
2ndFloor,OrchidBusinessPark,Sector-48,SohnaRoad,
Gurugram-122018,Haryana,India
Corporate Identity No.:U66010DL2007PLC248825
Website: www.canarahsbclife.com
Call:1800-103-0003/1800-180-0003(BSNL/MTNL),
Missed Call:0124-6156600,SMS:9779030003
Email: [email protected]