Canara HSBC Oriental Bank of Commerce Term Insurance

term insurance
Protect your loved ones against death, disability and Illness
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Canara HSBC Oriental Bank of Commerce: Brief Overview

Life is uncertain and you cannot predict what the future holds. To make sure that your family and your loved ones are financially secure even in your absence, you can opt for a term insurance policy. Term insurance plans are the most basic and cost-effective life insurance policies that protect the financial future of your family at a very low and nominal cost. The premiums that you pay for term insurance are minimal as compared to any other insurance. 

Most popular Canara HSBC Oriental Bank of Commerce Term Insurance Plans

Term insurance is a life insurance product that provides protective life coverage to the policyholder. The insurance coverage offered under term insurance is valid only for a specific tenure. A specified death benefit is paid to the nominee in the event of unfortunate death of the life assured. 

  1. iSelect Star Term Plan

iSelect Star Term is a pure risk policy that acts as a shield against all the uncertainties of life for you and your family. It is a highly flexible term insurance policy that can be aligned with your life stages and insurance needs through different options. The plan options provided under iSelect Star Term Policy are as follows: 

  • Plan option life- 
    The sum assured on death is payable in the event of death or diagnosis of any terminal illness suffered by the life assured. Both the life assured and the spouse can be covered under this option.
     
  • Plan option life with return of premium- 
    This option provides the return of the total premiums on maturity. Sum assured on death is paid on death or diagnosis of terminal illness suffered by the life assured during the term of the policy. 

     
  • Plan option life plus- 
    This option provides coverage till 99 years of age. Sum assured on death is paid in the event of death or diagnosis of a terminal illness. However, if the life assured outlives the term of the policy, the total premiums paid will be refunded and you can continue the coverage of the policy until 99 years of age.

Highlighting Features of the plan

  • The spouse can be covered under the same plan
  • The policy has multiple premium paying options for convenient premium payments 
  • The plan offers a return of premium option if the life assured outlives the policy tenure. 
  • This plan provides options to enhance the coverage with benefits like child support benefit, accidental death benefit and accidental total and permanent disability benefit.

Eligibility Conditions

Entry age

Minimum- 18 years

Maximum- 45 to 65 years (Depending on the premium paying term and plan option)

Maturity age

Minimum- 28 years

Maximum- 75 to 99 years (Depending on plan option)

Sum assured

Minimum- 25 Lakhs

Maximum- 3 crore

Policy term

Minimum- 5/10 years (Depending on the plan option)

Maximum- 62 years for Life Plus plan option life and 30 years for other plan options


 

  1. POS Easy Bima Plan

POS Easy Bima plan is a pure term life insurance policy with the benefit of the return of premiums on maturity. This insurance plan is designed specifically to provide hassle-free and affordable protection.

Highlighting Features of the plan

  • This plan provides an additional death benefit in case of accidental death
  • The plan provides the choice of flexible policy and premium paying terms
  • Upon survival till maturity, all the premiums paid are returned to the policyholder. 
  • This plan provides life cover for the entire policy tenure while you have to pay the premiums only for a limited period. 

Eligibility Conditions

Entry age

Minimum- 18 years

Maximum- 55 years

Maturity age

Minimum- 28 years

Maximum- 65 years

Policy and premium paying term
  • 5 years premium paying term with 10 years policy term
  • 10 years premium paying term with 15 years policy term
  • 10 years premium paying term for 20 years policy term
Sum assured

Minimum- 50000

Maximum- 15 lakh

  

Apart from the above, Canada HSBC Oriental Bank of Commerce also provides the following term insurance policies: 

  • Group Advantage Term plan
  • Pradhan Mantri Jeevan Jyoti Bima Yojana
  • Group Term Edge plan
  • Group Credit Secure plan
  • Group Secure plan

Benefits of buying Canara HSBC Oriental Bank of Commerce Term Insurance

Canara HSBC Oriental Bank of Commerce term insurance plans come with lots of benefits. These benefits include the following -

  1. Align your plan as per your needs- 
    Canara HSBC Oriental Bank of Commerce term insurance provides various options of coverage, pay-out benefit and the premium payment options to align the plan as per your needs.

     
  2. Affordable price
    Term insurance plans are the most affordable insurance policies which can be bought at nominal premiums. In addition, Canara HSBC Oriental Bank of Commerce offers discounts for female lives and at higher sum assured.

     
  3. Financial protection
    A term insurance policy provides financial protection to your family in the event of your sudden demise. The benefit paid by the policy can be used by the family to meet their financial goals in your absence

     
  4. Protection against critical illnesses
    Term insurance policies offer additional pay-outs in the event of diagnosis of critical illness such as heart attack, kidney failure, cancer etc. if you opt for the critical illness rider

     
  5. Extremely easy to buy- 
    Buying a term insurance plan is a fairly easy process. Everything from buying a policy, renewing it and claiming can be done online. You can also calculate the term insurance premium through the term insurance calculator which is available online. 

     
  6. Tax benefits
    Term insurance plans provide dual tax benefits. You can avail of tax benefit under section 80C and 80D of the Income Tax Act for the premiums paid by you as well as for the benefit received under the plan. 

What is covered in Canara HSBC Oriental Bank of Commerce Term Insurance?

Let's have a look at the coverage benefits of Canara HSBC Oriental Bank of Commerce term insurance plans: 

  • Natural death- 
    Term insurance policy covers natural death during the term of the plan. If the life assured dies due to natural causes, a death benefit will be paid to the nominee. 

     
  • Health-related issues- 
    Term insurance plans cover death due to common health issues which include diabetes, kidney-related diseases, heart conditions, lung diseases, cancer, etc. 

     
  • Accidents
    Term insurance plans provide coverage against accidental death. However, certain accidental deaths are not covered and are permanently excluded.
  • Maturity benefit
    Survival benefit refers to benefit received if the life assured survives the term of the policy. You can get survival benefits under the iSelect Star Term plan and Easy Bima plan. 

     
  • Critical illness benefit
    Canara HSBC Oriental Bank of Commerce pays a lump sum benefit if the life assured is diagnosed with any of the covered critical illness if the critical illness rider is selected
     
  • Your liabilities- 
    In case of an unfortunate demise of life assured, burden of the liabilities falls onto the family. In such a case, the benefit paid by term insurance plans can be used to pay off any liabilities.

What is not covered in Canara HSBC Oriental Bank of Commerce Term Insurance?

Under normal circumstances, a term insurance policy covers all types of death. However, there are certain conditions which are not covered in Canada HSBC Oriental Bank of Commerce term insurance plans. The sum insured would not be paid if the life assured suffers death due to the following reasons: 

  • Driving the vehicle under the influence of any kind of narcotic drugs or alcohol
  • Flying in an unlicensed or a non-passenger aircraft
  • Accidental death arising due to adventure sports activities which include skiing, skydiving rally racing, mountaineering, etc. 
  • Taking part in a riot, strike or arson
  • Exposure to any biological nuclear or chemical radiation
  • Taking part in legal or criminal activity.
  • Accidental death due to terrorist attack, war or any other form of foreign attacks
  • Condition such as self injected injuries, HIV and AIDS, homicide and natural disasters

In case the life insurance commits suicide within 12 months of the date of purchase or revival, the insurance company will return 80% of the premiums received under the plan up to the date of death. 

For a detailed list, you are advised to go through the terms and conditions of the term insurance plan on the official website of the insurance company. 

How to apply for Canara HSBC Oriental Bank of Commerce Term Plan?

With Canara HSBC Oriental Bank of Commerce, buying a term insurance policy is very simple, easy and hassle-free. However, before you buy a term insurance policy, you need to compare different term insurance policies offered by the company and select a policy that best suits your requirements. Once you finalise the various aspects of the term plan that you want to buy, you can go ahead with your purchase. The step-by-step guide to buying term insurance online is as follows: 

  1. Step 1- Log on to the website

Log on to the official website of the insurance company ( www.canarahsbclife.com)

  1. Step 2- Select a plan

After clicking on the above-mentioned link, click on ‘Life Insurance plan’ and select a term insurance policy that you want to buy. Once all the given parameters are selected a premium amount will be shown.

  1. Step 3- Fill the details

Fill in the few details such as your gender, name, date of birth, mobile number, email address, etc. to initiate the process of buying term insurance

  1. Step 4- Choose the policy term, the sum assured and premium paying mode

Choose the policy tenure for which you want to buy the insurance policy and the amount of sum assured that you wish to avail. After that, select your premium paying option such as quarterly, monthly or annually as per your convenience. 

  1. Step 5- Additional details and plan options

After that, you are required to fill in some additional details such as your state of residence, pin code, country, annual income, occupation type, educational qualification, etc. You will have to choose from the various plan options offered under the term insurance policy. You can choose your coverage options and opt for inbuilt optional cover such as accidental death benefit and permanent disability benefit, etc. 

  1. Step 6- Pay the premium

After submitting all the details the premium amount will be shown on the basis of your details. You can pay the amount of premium through any of the payment gateways offered by the insurance company.

  1. Step 7- Issuance of the policy

Once the transaction is successfully done, the insurance company will verify the details provided by you and send you a soft copy of the insurance policy on your registered email ID if the insurance policy request gets approved.

Canara HSBC Oriental Bank of Insurance Riders

Term insurance riders are attachments that can be added to term insurance at an additional and nominal amount of premium to enhance its coverage. Here are the riders offered by Canara HSBC OBC -  

  1. Accelerated Death Rider-
    Accidental Death Rider pays an additional sum assured in case of death in an accident.

     
  2. Critical Illness Rider
    A lump sum amount is paid under this rider on diagnosis of any covered critical illness such as cancer, heart attack, etc

     
  3. Accidental Disability Rider
    If the life assured is not able to pay the amount of the premiums of the policy due to an accidental permanent disability, then, the accidental disability rider pays the amount of premium on behalf of the policyholder for a specified duration or till the completion of the term insurance policy. 

     
  4. Premium Waiver Rider- 
    If you buy this rider, all the future premiums will be waived off if you are unable to pay the premiums due to disability or income loss. The term insurance policy remains active until the date of its expiry.

     
  5. Income Rider- 
    Income Rider pays regular income along with sum insured to the family in case of unfortunate death of the life assured. 

Canara HSBC Oriental Bank of Commerce Term Insurance Claim Process

The insurance company provides a simple, easy and convenient claim settlement process. The step-by-step process of claim settlement is discussed as follows: 

  • Claim Intimation
    The first thing that you need to do, after the death of life assured, is to notify the insurance company about the death. You can fill in the death application form and submit it along with other relevant documents to the head office or the nearest bank branch of the insurance company along with the duly attested address and ID proof of the claimant. 

     
  • Submission of documents-
    Once your claim gets registered, you will have to submit other relevant documents for processing of the claim. Please refer to the list of documents stated below for an evaluation of the claim by the insurance company: 

In the case of Natural Death

  • Original policy document
  • Death claim form duly filled and signed
  • Attested copy of the death certificate issued by the local authority
  • Attested bank passbook along with a cancelled cheque of the claimant
  • Identity proof of the claimant and the life assured
  • Physician statement and treating hospital certificate

In the case of Unnatural or Accidental Death

  • Original policy document
  • Death claim form duly filled and signed
  • Attested copy of the death certificate issued by the local authority
  • Attested bank passbook along with a cancelled cheque of the claimant
  • Identity proof of the claimant and of the life assured
  • A copy of panchnama or FIR
  • Copy of post-mortem report and a copy of charge sheet issued by the respective police
  • Claim processing and settlement- The insurance company will start processing your claim after receiving the form and the relevant documents. Upon verification of the documents, the insurance company will make a decision and communicate the same to you. For any queries about the claim settlement process, you can call the insurance company on 18001030003. 

Canara HSBC Oriental Bank of Commerce Insurance Customer Care Details

Official websitewww.canarahsbclife.com 
Email IDcustomerservice@canarahsbclife.in 
Toll free number18002585899 (9 a.m. to 6 p.m.) / 1800 103000 3/ 1800 18000 0 3 (8 a.m. to 8 p.m.
Corporate number01244234789
Company addressHead office, 2nd floor, Orchid Business Park, Sector 48, Sohna Road Gurugram-122081, Haryana, India
Call backSMS callback  to 097 790 30003

Canara HSBC Oriental Bank of Insurance Review

A reputed and trusted multinational insurance company, Canada HSBC Oriental Bank of Commerce insurance offers a vast portfolio of insurance solutions that are tailored as per the specific requirements of various customers. The insurance company offers various products across the group and individual space which consist of health, life, online term plans, credit life, retirement solutions and many more. With a well-established evolution network combined with new technology servicing revenues, the insurance company ensures to serve its customers as per their needs and preferences. The insurance company provides ‘InstaPromise’ service initiative in which it intends to provide approvals of the death claim of up to 1 crore within one day of the claim.

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