Last Updated on July 27th, 2016

Being the family bread earner, as part of your financial planning process, you take all possible steps to ensure that your family doesn’t face any hardships, neither in your presence nor in your absence (death). Buying a term life insurance plan is an integral part of the financial planning process. So if you have not yet bought a term insurance plan, we suggest you buy it immediately.

Plan benefits
The eSmart Term Plan from Canara HSBC OBC Life Insurance comes with a whole host of benefits such as:

1. Affordable insurance cover: The plan comes at a low cost. A 30 year old healthy male (non-tobacco user) can get an insurance cover of Rs. 1 crore for a term of 20 years for an annual premium of just Rs. 6385 (exclusive of Government taxes).
2. Available online: The plan can be bought online. The simple 4 step buying process is quick and easy.
3. Family Assistance Promise: When a claim is filed, the company will assign a personal case manager, who will be a one-point contact, assisting through the claim process. The nominee can file the claim online through the company website and the company representative will get in touch within 2 working days for further assistance. Claims can also be filed through the company’s toll free number, email, letter or through branches.
4. Tax benefits: The annual premium paid is eligible for income tax benefits under Section 80 C and the death benefit amount is tax free under Section 10 (10 D) of the Income Tax Act.
5. Accidental death benefit rider: The life insured can opt for an additional amount (subject to limit of Rs. 1 crore) equal to the sum assured, in the event of death due to an accident.

Plan features
The eSmart Term Plan comes with the following features:

 

Applying for eSmart Term Plan
Now that you understand the features of the plan, the process of buying the plan involves four simple steps. Log on to https://www.onlinelifeinsurance.co.in and follow these steps:

1. Calculate premium by choosing the required sum assured and the policy term.
2. Fill up proposal form: Enter your personal details, answer few questions related to your health and lifestyle and submit application
3. Make payment using credit / debit card or internet banking
4. Submit your documents through email or courier or uploading them on the website

Conclusion
As we have mentioned above, a 30 year old healthy male (non-tobacco user) can get an insurance cover of Rs. 1 crore for a term of 20 years for an annual premium of just Rs. 6385 (exclusive of Government taxes). The daily cost comes to Rs. 17.50 per day. This is a small price that you will be paying for your family’s financial security in your absence. You may calculate how much insurance you need and apply online.