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Canara HSBC Oriental Bank of Commerce Life Insurance
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Canara HSBC OBC Insurance is one of the most sought life insurance companies in India. Canara HSBC OBC Insurance Company was established in the year 2008, is a joint venture between Canara Bank (51%), HSBC Insurance Holdings Limited (26%) and Punjab National Bank (23%). All the companies involved in the joint venture are known for a trustworthy relationship with their customers. The company together brings forward trust, strength, expertise and knowledge making it an unparalleled icon of trust.
Top Canara HSBC OBC Insurance Plans (2020)
Canara HSBC OBC Insurance Company offers a range of life insurance products that are designed to cover the insurance needs of customers like child education, family financial security, Savings, and retirement. All the plans are designed keeping in mind the affordability. So, following are the top life insurance plans offered by Canara HSBC OBC Insurance across different life insurance categories:
Canara HSBC OBC Term Insurance Plans
Term insurance plans are the most basic and pure form of life insurance cover. The biggest advantage of term insurance plans is that they offer higher insurance cover at a very low premium amount. A term plan is designed to offer insurance coverage to cover the risk of death. So, in the event of the death of the insured during the policy tenure, the sum assured amount is paid to the designated nominee. However, in the event of the survival of the insured, the term plan does not offer pay-out, but if you choose a term plan with return of premium plan then the insurance company pays back the paid premium amount.
Term Insurance Plans Offered by Canara HSBC OBC Insurance -
|Canara HSBC OBC iSelect Star Term Plan
This is an online term insurance plan i.e., customers who wish to buy this plan can only purchase it via online channel. The plan is designed to provide protection against death, disability, etc. The benefits of buying this plan are as under:
|Canara HSBC OBC POS Easy Bima Plan
|This plan is a pure term insurance plan with an advantage of ‘return of premium’. If the policyholder outlives the policy tenure then the insurance company shall pay back all the paid premiums to the insured. Thus, the plan is two-fold advantageous i.e., it offers insurance coverage during policy term while it offers a return of premium in event of survival through the policy term. Additionally, tax benefits can also be availed on the paid premium amount under section 80C and Section 10(10D) of the Income Tax Act.
Canara HSBC OBC Endowment/Savings Plan
Endowment or Savings plans are comprehensive insurance coverage tools that provide insurance coverage along with an opportunity to save a certain portion of your premium amount for building a corpus. This saved money is accumulated to create a pool of wealth that can be used to fulfil long-term financial goals.
Endowment/Savings Plans Offered by Canara HSBC OBC Insurance -
|Guaranteed Savings Plan
|As the name suggests, this plan ensures that your financial goals are taken care of. Some of the important milestones of life are child’s education, marriage, financial security to loved ones, etc. with this plan one can make necessary financial arrangements for these important milestones. The plan offers guaranteed benefits at the time of maturity, while in the event of death, the death benefit is paid to the nominee. Insured can also opt for a loan facility to overcome any financial contingency provided the policy is the in-force state.
|Guaranteed Income Plan
The plan is designed to offer financial protection along with insurance coverage. The plan comes in 4 options as under:
The plan is best suited for individuals who want guaranteed maturity benefit and guaranteed income so it makes it easier to align once financial goals.
|Easy Bachat Plan
A plan designed to secure the financial future of your loved ones at an affordable premium amount. The plan comes in two options as under:
|Jeevan Nivesh Plan
|This is an endowment plan offering a whole life cover option or Endowment Only Option. Under the whole life cover option, the insured will enjoy insurance cover for the entire life and in the event of death leave behind the legacy by means of the death benefit for loved ones. while, under the Endowment Only Option, in event of survival of the insured till the maturity date, the insured has an option to convert the maturity benefit into annual pay-outs. These pay-outs shall be then paid to the insured over the next 15 years. Additionally, the amount of the annual pay-outs shall increase by 5% in a compounding manner every year so that it becomes easy to cover for ever-increasing financial needs.
|Money-Back Advantage Plan
|This is a non-market linked participating life insurance plan that offers savings opportunities. The plan offers guaranteed money back pay-out to the insured during the policy tenure plus guaranteed lump sum benefit on maturity and bonus. The plan is advantageous as it helps to plan for long-term and short-term financial goals like a child’s education, home loan repayment, Foreign vacation, etc. Apart from financial planning the plan is designed to offer insurance coverage and provide financial protection to the family in the event of an untimely death of the insured. The plan ensures guaranteed payback of 15% of the sum assured at the end of 5th, 9th, and 13th policy year. While in case of survival of the insured the plan guarantees lump sum pay-out equivalent to 55% of the sum assured.
|Guaranteed Income Advantage Plan
|This plan is a non-market linked, non-participating life insurance savings plan that offers the two-fold benefit of life coverage along with regular income. This plan offers a limited pay option where the coverage is offered for the entire term while the premium payment is limited to specific years. It offers guaranteed annual income at the end of every policy year commencing after completion of premium payment term till the date of maturity, this amount is paid on survival. Guaranteed Maturity Benefit at the end of policy tenure in the event of survival of the insured. Higher Premium Booster feature ensures offering extra benefit. Additionally, the tax benefit can be claimed for the premiums paid under section 80C and section 10(10D) of the income tax act.
Canara HSBC OBC Insurance Child Insurance Plan
Child insurance is a type of life insurance product designed to create a financial corpus for a child's future. Education costs are on a constant high making financial arrangements to cope up with this cost. Child Plans provide a lump-sum amount at important milestones of a child's future. Periodic payments during the policy tenure make it easier to secure the child’s future.
Child Insurance Plans Offered by Canara HSBC OBC Insurance -
|Canara HSBC OBC Smart Junior Plan
|This plan offers guaranteed pay-outs during the last 5 years of the policy year. The plan will also cover against any unfortunate event like death or disability. Enhanced triple protection to cover your loved ones in the event of an unfortunate event additionally, no need to pay the remaining premium amount plus guaranteed annual pay-out will be paid as planned.
|Smart Future Plan
|Smart Future Plan is a unit-linked life insurance product that offers an opportunity for long term investment. This plan offers the dual benefit of investment opportunity and insurance coverage both designed to provide financial security to your family, in any unfortunate event.
Canara HSBC OBC Retirement Insurance Plans
Retirement plans offered by Canara HSBC OBC Life Insurance company are designed to help you plan your post-retirement phase. Investing in a retirement plan is advantageous as it helps to build retirement corpus so that you don’t have to depend on anyone financially during post-retirement. Canara HSBC OBC Insurance offers unique retirement plans with guaranteed loyalty benefits.
Retirement Plans Offered by Canara HSBC OBC Insurance -
|Secure Bhavisha Plan
A unit-linked retirement plan that offers an opportunity to build wealth and retirement corpus along with insurance protection at every step of the way. The plan offers Guaranteed Maturity Benefit of 101% of the premiums paid. Loyalty additions to boost the policy fund value starting from the 10th policy year. Vesting options are available as under:
|Pension 4 life
This is a pure retirement cum protection plan designed to offer insurance cover and regular income so that money is not a concern for you in your post-retirement years. The plan offers the following annuity options:
|Smart Monthly Income Plan
|This plan is designed to receive regular income of money during the golden years of your life. The plan provides you with an opportunity to create a corpus that will help you sail through independently post-retirement. The plan offers tax-free guaranteed monthly income for 15 years. The death benefit is paid to the nominee in the event of the death of the insured. Maturity benefit is paid on survival till maturity while Income Benefit is paid on monthly basis during the last 15 years of the plan up to the end of the policy term.
|Smart Future Income Plan
|This plan is designed to help create a corpus needed in the post-retirement phase. The golden years of life need financial independence and it can be achieved if you start early. With Smart Future Income Plan you can create a pool of money for future needs plus enjoy a life cover for 25 years. The plan offers survival benefit if the insured survives through the policy tenure. This survival benefit is paid as income benefit where monthly income is paid during the last 15 years of the plan and if the policyholder survives the entire tenure then Maturity Benefit shall be paid.
Canara HSBC OBC Unit-linked Plans
A unit-linked plan is an investment cum protection plan that provides the dual benefit of insurance coverage and wealth creation. With a unit-linked plan, you get an opportunity to maximize your returns based on your risk appetite along with providing financial security to your loved ones to cope up with unexpected adversities.
The Following are the Various Unit-linked Plans Offered by Canara HSBC OBC Insurance Company
|Invest 4G Plan
|This is a unit-linked plan designed to provide insurance protection and savings options both bundled in one. The insured is given an option to choose the premium payment tenure. Three cover options are offered to suit the different life stages. Option to choose funds from the available 8 fund options.
|Titanium Plus Plan
|This plan is a unit-linked plan that offers insurance protection and an opportunity to generate wealth. The plan provides flexibility to avail full control of your investment wherein you could change the course of your investments as per market movement. The plan offers 4 portfolio management options to build your wealth as per your financial goals plus 7 unit-linked funds as per your risk appetite. Similar to other life insurance plans, this plan too pays the death benefit to the nominee in the event of the death of the insured during the policy tenure. While in the event of survival of the insured maturity benefit is paid.
|Smart Goals Plan
|This is a unit-linked plan designed to help you achieve financial goals for yourself and your loved ones. Apart from offering an opportunity for goal-based investment the plan also offers insurance coverage to protect loved ones in unwanted events. The plan offers an opportunity to generate wealth through long term capital appreciation by way of investing in mid-cap equity stocks. The insured can choose the premium payment term depending on the financial goals. In the event of the death of insured during the policy tenure, the nominee receives the death benefit while in the event of survival maturity benefit equivalent to the prevailing fund value is paid to the insured. Additionally, features like increase/decrease in sum assured from 6th policy year, partial withdrawal after 5 years, switching/premium redirection facility is also offered under the plan.
|Smart Lifelong Plan
|This plan is designed to provide whole life insurance coverage to 99 years of age. This is a unit-linked whole life insurance plan designed to provide insurance cover along with making financial arrangements for various milestones. In the event of the death of the insured during the policy tenure, the death benefit is paid to the nominee. While in the event of survival of the insured till the end of policy term maturity benefit will be paid based on the prevailing fund value.
|Insure Smart Plan
|This is a unit-linked plan designed to plan to overcome the short-term needs of the insured along with insurance protection to loved ones. The plan has a fixed policy tenure of 10 years. In the event of survival of the insured, the insurance company will pay maturity benefit based on the prevailing fund value + loyalty additions. In the event of the death of the insured during the policy tenure, the death benefit shall be paid to the nominee provided the policy is in force.
|Future Smart Plan
|This is a market link child plan that offers insurance protection and long-term investment opportunity to create a financial corpus for building a child's bright future. In the event of survival of the insured maturity benefit shall be paid equivalent to the fund value. While, in the event of the death or disability to the insured, death benefit shall be paid to the nominee thereby securing the child's future.
|Grow Smart Plan
|This is a market-linked insurance plan that offers whole life protection. The insurance coverage is available at an affordable premium for a limited duration. In the event of the death of the insured, the death benefit shall be paid to the nominee. The plan also provides for Loyalty Additions of 1% of the individual’s fund value at the end of 15th policy year. The plan offers 5 investment fund options giving insured the flexibility to opt the exposure depending upon once risk appetite and convenience. Tax Benefits of the paid premium amount is also available.
Canara HSBC OBC Health Insurance Plan
Medical Emergency knocks at your door unannounced. Anyone can need medical assistance without prior intimation. Ever rising cost of medical expenses can put a dent on your savings. So, buying a health insurance plan is advantageous. Buying a Canara HSBC OBC Health Insurance Plan you can be prepared to face medical contingencies and ensure financial security. Canara HSBC OBC offers the following health insurance plan
|Health First Plan
|This is a health insurance plan designed to cover medical expenses in times of medical contingencies. The plan is designed to cover yourself against major critical illnesses. Offers an option to increase cover so that your increasing medical needs are taken care of. You will receive lump-sum pay-out in the event of diagnosis of illness. The plan also offers a return of premium option. Thus, you can buy this very useful plan at an affordable premium.
Canara HSBC OBC Insurance Riders
Life Insurance is an important tool to safeguard one’s life. Similarly, adding riders to the base life insurance plan widens the scope of insurance thereby making it more robust. A life insurance rider is an optional add-on cover that offers top-up cover on your basic life insurance plan. By adding a rider, you can enjoy comprehensive and enhance coverage. Riders can be added to the base plan by paying a nominal additional premium. Canara HSBC OBC Insurance offers the following insurance riders to enhance the insurance coverage of the insurance plan as per your need.
Riders Offered by Canara HSBC OBC Insurance -
|Canara HSBC OBC Accidental Death Insurance Rider
|In the event of death due to an accident, this rider will take care of the financial needs of your family. Sudden demise may cause both emotional and psychological distress making it hard for overcoming the pain. However, with this rider, the financial distress of the family shall be taken care of as the nominee shall receive money over and above the death benefit paid under the base plan.
|Canara HSBC OBC Premium Waiver Rider
|In the event where the insured is not in a financial position to bear the cost of premium due to financial emergency, this rider will provide relief. Under this rider, the insured’s future premiums are waived off if he/she is not able to bear them due to permanent or temporary disability caused due to accident or critical illness.
|Canara HSBC OBC Critical Illness Rider
|Critical Illness is very expensive to treat. So, in the event of diagnosis of critical illness, this rider will take care of the treatment expenses and day-to-day expenses. Under this rider, the insurance company will provide immediate disbursement of a predetermined amount so that the medical expenses are taken care.
|Canara HSBC OBC Accidental Permanent and Partial Disability Rider
|In the event of a permanent or partial disability caused due to an accident, this rider will help you to cover the expenses incurred towards the treatment and help you bounce back to everyday life. Your family will receive ample financial aid to cope with financial contingencies and help them overcome it.
Benefits of Buying Canara HSBC OBC Insurance Plans
Canara HSBC OBC Insurance offers a range of insurance benefits to its customers when they buy the company’s life insurance policies. However, these benefits depend on the type of life insurance plan that you have brought. Following are some of the benefits of buying Canara HSBC OBC Insurance plans:
- Stress-free Life-
Life insurance is a tool to safeguard the future financial needs of your family. It also helps in financial planning for the future with help of endowment plans and retirement plans. By investing in child plans you can plan financial security for your child and save for their important milestones. The risk cover offered by life insurance policy helps you and your family in your absence to stay financially protected.
- Creation of Corpus-
An endowment plan, money back plan, child plan, and unit-linked plans ensure the accumulation of wealth by way of regular investments. These plans are used to plan financially for important milestones of life whether short-term or long-term. The accumulated corpus can be utilized to fulfil the dreams or goals like child education, child marriage, family foreign vacation, etc.
- Loan Facility-
Life insurance plans are important investment tools because in times of financial contingency they can provide financial support. Life Insurance Endowment Plans and Money-Back plans offer loan facility features that can be availed by the insured after completion of a specific period. Additionally, Canara HSBC OBC Life Insurance plans can also be used as collateral security for securing and availing new loans.
With a life insurance policy insured can ensure liquidity for oneself and for the loved ones. Life Insurance Policy is an instrument with which one can systematically plan for the future. With Life Insurance plans like retirement plans, Money- back policies, child plans, etc. insured can receive regular money corpus at important events of life. Investing in these plans will help in satisfying your short-term as well as long-term financial needs. Additionally, in the event of your untimely death a life insurance policy will safeguard the financial future of your loved ones in your absence.
- Tax Benefits-
Life Insurance Premium Payment can provide you with tax relaxation. You can avail tax benefits on the premium paid amount and on the benefit received under the plan. The premium paid amount is eligible for tax deduction under section 80C of the Income Tax Act. While the death benefit is tax exempted in the hands of the nominee under section 10 (10D) of the Income Tax Act, 1961.
- Assurance -
Canara HSBC OBC is a name of the trust. The company has a competitive individual death claim settlement ratio of 98.12% in FY 2019-20.
- Huge Network -
The insurance company has a wide network of offices and bank branches operating in India. The company has a network of 40 branch offices and 20000+ bank branches.
Canara HSBC OBC Insurance Claim Settlement Process
Canara HSBC OBC Insurance Company has the fastest and hassle-free claim settlement process. The claim settlement process ensures that the claim is settled in a minimum time frame and helps the customers to overcome financial needs at the earliest. Whether death claim or maturity claim both of them are handled at priority as money is important at every stage. The claim process of Canara HSBC OBC Insurance is as follows:
Claim Intimation and Registration
- The first and foremost important step is to intimate the claim to the insurance company. The nominee or the claimant has to perform this task. The intimation of claim can be done by filing the death claim form and submitting it to the nearest branch office.
- Duly fill the claim form and attach attested photo ID copy and address proof of the claimant along with. Once the death claim form is received by the insurance company, they will register the claim.
- Note, you can either get the copy of claim form from the nearest branch office or can download it from the official website of Canara HSBC OBC Insurance Company.
- Once the claim form is submitted and the claim is registered the insurance company will ask for a list of required documents which the claimant is required to submit at the earliest for faster claim settlement.
- Upon receiving all the documents, the insurance company will review the documents and verify the claim.
- Once the verification process is completed the insurance company will administer and reimburse the claim amount in the claimant’s account. Usually, Canara HSBC OBC Life Insurance company shall settle the claim within 30 days from the date of the receipt of the claim request and submission of all required documents.
Documents Required for Death Claim
Following documents are required to be submitted to register a death claim:
- Original policy documents
- Death claim application form
- Physician’s Statement filled by medical practitioners who have attended deceased.
- Treating Hospital Certificate
- Employer Certificate
- Attested copy of death certificate issued by local Municipal authority
- Copy of Bank Pass Book or Cancel Cheque
- ID proof and address proof of the nominee
- For unnatural death or accidental deaths, additional documents such as FIR, panchnama, post-mortem report or any other additional documents are required to be submitted.
Documents Required for Maturity Claim
The following is the list of documents required to be submitted for processing maturity claim:
- Original policy document
- Duly filled ‘Form M’ of the Insurance Company
- Copy of ID proof of the claimant
- Bank details of the claimant where he/she wishes to receive the maturity claim. Alternatively, the claimant can also submit a cancelled cheque for the same.
Canara HSBC OBC Insurance Tax Benefit
Tax benefits are offered on both the investments made by you as well as the returns received from the plans. The tax benefits which can be availed from Canara HSBC OBC insurance policies are as follows:
|Income Tax Act Sections
|Tax Benefit Available
|Premiums paid for Canara HSBC OBC Insurance plans can be availed as tax benefit under section 80C subject to a maximum of INR 1.5 lakhs of the Income Tax Act, 1961.
|Section 10 (10D)
|The death benefit, Maturity Benefit and Survival Benefit to be received from the life insurance plan is completely tax-free under section 10 (10D) of the Income Tax Act, 1961 provided premiums for the plan do not exceed 10% of the sum insured. If the premium exceeds 10% of the sum assured the entire maturity benefit would be taxable in the hands of the claimant/nominee/policyholder.
Canara HSBC OBC Insurance Customer Care Details
Customers who wish to avail help from the insurance company then they can reach the customer care department in the following ways:
|1800 103 0003 / 1800 180 0003 (8 a.m. to 8 p.m. from Monday to Saturday)
|SMS Call-back Number
|NRI Help Desk
(8 a.m. to 8 p.m. Monday to Saturday)
|NRI Help Desk Email
Canara HSBC OBC Insurance Review
Some details about Canara HSBC OBC Insurance Company are as follows:
- The company introduced ‘Life Insurance Simulator’ a multilingual assessment online tool to impart awareness about effective financial planning.
- The company introduced ‘Straight Through Process’ an underwriting filtration process that reduced the manual underwriting process by 1.5 days to 2 days.
- The company is a pioneer in establishing an online persistency initiative wherein customers were able to reinstate their lapsed insurance policy by paying the premium online.
- The company demonstrated profits from the 5th year of its operations. The company reported a maiden profit of INR 23.5 Crore in FY 2012-13, making it one of the fastest private insurers to achieve.
- Asset Under Management of Canara HSBC OBC Insurance is INR 3804.91 crores for the financial year 2018-19
- The company has over 40 offices all over India at the end of the financial year 2019-20 and has over 20000+ bank branches.
- Claim Settlement Ratio of Canara HSBC OBC Insurance stands at 98.12% for the financial year 2019-20
These statistics about the insurance company shows that it is one of the leading life insurance providers in India with a wide range of insurance products and simple claim settlement process.
Canara HSBC Oriental Bank of Commerce Life Insurance FAQs
1. Can I take a policy loan on Canara HSBC OBC Insurance plan?
Yes, you can avail a loan on Canara HSBC OBC Life Insurance policy. If the policy has a cash surrender value then you can avail a loan of up to 80% of the surrender value. Kindly note, loan facility on policy can only be availed on active / in-force policies subject to certain predetermined terms and conditions.
2. How can I revive my policy which has been lapsed?
If you want to revive and reinstate your lapsed policy then you need to approach the insurance company and make an application for revival. For reviving a lapsed policy, you need to first pay all the unpaid premiums. Additionally, depending upon the number of years the policy has lapsed the insurance provider may ask for additional documents. Submitting the required documents along with unpaid premiums will revive your lapsed policy.
3. Which premium paying frequencies are allowed under Canara HSBC OBC Insurance Plans?
Canara HSBC OBC Insurance allows the following premium payment frequencies: Monthly, Quarterly, Half-Yearly, Yearly and Single Premium depending upon the type of policy chosen. Customers can choose the premium payment frequency as per their financial convenience.
4. Can I delete or add riders with Canara HSBC OBC Insurance plans?
Yes, you can add riders with your insurance plan by paying an additional rider premium amount. For adding a rider to your basic plan, you need to send a policy amendment request form and all the required documents to the insurance company. After receiving the request, the insurance company shall process the request accordingly. However, deletion of a rider is not allowed.
5. Can I cancel my insurance plan if I am not satisfied with the terms and conditions of the plan?
Yes, you have an option to cancel your insurance plan during the free look period. The free look period is given as a facility to customers to give them an opportunity to cancel the life insurance plan if not satisfied with the terms and conditions of the policy. For online policies, the insurance provider offers a free look period of 30 days while for offline policies 15 days free look period is given for the cancellation.
6. What are the payment modes for Canara HSBC OBC insurance policies?
Canara HSBC OBC Insurance Company offers a wide range of payment modes for the convenience of its customers. The company supports premium payment via debit card, credit card, net banking facility, cheque, auto-debit facility, NEFT or RTGS facility, etc.
7. How will I receive my claim amount from Canara HSBC OBC Insurance plan?
For faster and hassle-free claim settlement the company encourages its customers to receive the claim amount in their bank account through electronic medium i.e., via NEFT or RTGS. Alternatively, the company can also settle the claim by drawing a cheque in the name of the claim. However, the settlement of claim amount is done as per the directives provided by the claimant.
8. How can I check the policy status of Canara HSBC OBC Insurance Plan?
You can check the policy status of Canara HSBC OBC insurance policy by logging on to the official website of the insurance provider and registering yourself to the official website using registered user ID and password.
9. How can I track the performance of the policy funds in case of unit-linked insurance plans?
You can get the complete understanding and performance of unit-linked funds by visiting the official website of Canara HSBC OBC Insurance company at https://www.canarahsbclife.com/funds-navs.html. Alternatively, the insurance company also sends periodic policy reports to keep customers updated about the policy fund performance.
10. How many riders can I choose under Canara HSBC OBC Insurance plans?
You can add one or more riders on your Canara HSBC OBC Insurance plans subject to availability of such riders with the chosen plans.
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