Canara HSBC OBC Life Insurance

Founded in the year 2008, Canara HSBC is a joint entity of two leading private sector banks in India-Oriental Bank of Commerce with 23% stake and Canara Bank with 51% stake. The remaining 26% stake is owned by HSBC Insurance (Asia Pacific) Holdings Limited. With 150 million customer base and a pan-India network of more than 10,000 branches of bank partners, the company is one of the leading insurance providers. It is the perfect blend of trust, expertise, and strength who believes insurance solution is all about providing the optimum services to the customers.

The company has come up with a range of life insurance products to serve the different needs of an individual. These plans are designed by keeping the needs of every group in mind. Here is why one should consider Canara HSBC life plans in his/her insurance portfolio.

Why Choose Canara HSBC OBC Life Insurance

The reasons to buy Canara HSBC life insurance are:

  • The insured can avail tax benefits under Section 80C and 10(10 D) for premiums paid towards these plans
  • The insurer offers riders, by opting which one can enhance the basic policy cover
  • The life insurance solutions are designed to cater to the needs of every age group
  • Minimum sum assured of Rs. 25 lakhs to Rs. 10 crore
  • It has been awarded ISO 9001:2015 certification for excellent customer service, design, development, and functioning of the LI policies.
  • Claim-settlement ratio of 94.95% for the year 2016-2017

Eligibility Criteria to Buy Canara HSBC OBC Life Insurance

The minimum eligibility to buy Canara HSBC OBC life insurance plan is 18 years old. However, each plan may come with different entry age, so it is recommended to check the minimum and maximum entry age at the time of purchasing a plan.

Types of Plans Offered by Canara HSBC OBC Life Insurance

Canara HSBC life insurance offers a range of investment cum life insurance policies that are worth the insured’s money. These plans protect the financial interests of the insured even after his/her death. These plans include:

Canara HSBC OBC Life Insurance Plans

The online life insurance plans offered by Canara HSBC life insurance are helpful in providing the best financial protection to the insured and his/her family. These plans are designed to suit the various needs of the insured with death benefit and maturity benefits. Online plans of Canara HSBC life insurance include:

Plan Name Entry Age Policy Tenure Sum Assured (INR) Tax Benefit
Invest 4G Minimum:18 years

Maximum: 50 years

5/10/30 years Below 45v year age 10x Annual Premium or

0.5x Tx Annualised Premium

Available as per the provisions of Section 80C of Income Tax Act
45 years and above 10 x Annual Premium or

0.25x Tx Annualised Premium

iSelect Term Plan Minimum:18 years

Maximum: 70 years

5-40 years Rs. 25,00,000 and above Available as per the provisions of Section 80C of Income Tax Act
iInvestshield Plan Minimum:18 years

Maximum: 50 years

10 years (single premium)

10-15 years (limited & regular premium)

Single Premium Limited & Regular premium Available as per the provisions of Section 80C of Income Tax Act

Canara HSBC OBC Traditional Life Insurance Plans

The traditional plans of Canara HSBC life insurance come with dual benefits. It not only assures a secured financial future of the family but offers steady earnings. These plans include:

Plan Name Entry Age Policy Tenure Sum Assured (INR) Tax Benefit
Jeevan Nivesh Plan Minimum:18 years

Maximum: 55 years

10/15/20/25/30 years 3,00,000/5,00,000

Maximum: no limit

Available as per the provisions of Section 80C of Income Tax Act
Money Back Advantage Plan Minimum:8 years

Maximum: 55 years

16 years 1,00,000/3,00,000/

2,00,000(based on the entry age)

Available as per the provisions of Section 80C of Income Tax Act
Smart Junior Plan Minimum:18 years

Maximum: 50 years

12-25 years 3,00,000/5,00,000

Maximum: no limit

Available as per the provisions of Section 80C of Income Tax Act
POS-Easy Bima Plan Minimum:18 years

Maximum: 55 years

10/15/20 years 50,000 to 15,00,000 Available as per the provisions of Section 80C of Income Tax Act
Smart Suraksha Plan Minimum:18 years

Maximum: 65 years

5/10/15/20/25/30 years 20,00,000-no limit Available as per the provisions of Section 80C of Income Tax Act
Smart Future Income Plan Minimum:18 years

Maximum: 55 years

25 years 100 times the selected monthly income Available as per the provisions of Section 80C of Income Tax Act
Smart Monthly Income Plan Minimum:18 years

Maximum: 55 years

25 years 100 times the selected monthly income Available as per the provisions of Section 80C of Income Tax Act
Samridh Bhavishya Minimum:30 years

Maximum: no limit

Purchase price: 2,00,000- no limit Available as per the provisions of Section 80C of Income Tax Act
Smart immediate Income Plan Minimum:30 years

Maximum: no limit

Purchase price: 2,00,000- no limit Available as per the provisions of Section 80C of Income Tax Act

Canara HSBC OBC Life Insurance ULIP Plans

ULIP plans are one of the great offerings under the umbrella of Canara HSBC life insurance plan. These plans help the insured ensure a financially secured future for the family and fulfils the various life goals by growing the wealth. These plans include:

Plan Name Entry Age Policy Tenure Sum Assured (INR) Tax Benefit
Titanium Plus Plan 0-70 years(Limited/regular pay)

13-70 years (single pay)

10-30 years (limited & regular pay)

5 years(single pay)

10x annual premium- multiple of maximum sum assured Available as per the provisions of Section 80C of Income Tax Act
Platinum Plus Plan Minimum: 0 years

Maximum: 70 years

10-30 years 10x annual premium(age below 45 years)

 

7xAP (age 45 and above)

Available as per the provisions of Section 80C of Income Tax Act
Smart Future Plan Minimum: 18 years

Maximum: 51 years

10/15/20/25 years 10x annual premium(age below 45 years)

 

7xAP (age 45 and above)

Available as per the provisions of Section 80C of Income Tax Act
Smart Goals Plan Minimum: 8 years

Maximum: 64 years

10 years (fixed)

15/20/25 (optional)

10x annual premium(age below 45 years)

 

 

7xAP (age 45 and above)

Available as per the provisions of Section 80C of Income Tax Act
Smart Lifelong Plan Minimum: 7 years

Maximum: 65 years

Till age 99 years 0.5 X T X AP

T=70-age at entry

Available as per the provisions of Section 80C of Income Tax Act
Secure Bhavishya Plan Minimum: 25 years

Maximum: 70 years

80 years 101% of premium paid Available as per the provisions of Section 80C of Income Tax Act
Smart One Pay Minimum: 7 years

Maximum: 70 years

5/25 years 1.25 x Single Premium Available as per the provisions of Section 80C of Income Tax Act
Insure Smart Plan Minimum: 8 years

Maximum: 70 years

10 years 10x AP (below 45 years)

 

 

7x AP (for and above 45 years)

Available as per the provisions of Section 80C of Income Tax Act
Shubh Labh Minimum: 7 years

Maximum: 70 years

5/40 years 125% x single premium (age below 45 years)

 

110% x single premium (age for and above 45 years)

Available as per the provisions of Section 80C of Income Tax Act
Future Smart Plan Minimum: 18 years

Maximum: 60 years

10/15/20/25 years Age ≤ 45 years Age=45 years Available as per the provisions of Section 80C of Income Tax Act
10xAP (10,15,20 years plan)

 

12.5xAP (25 years plan)

7x AP
Grow Smart Plan Minimum: 7 years

Maximum: 65 years

Lifetime Below 45 years: 0.5x T x

 

For 45 years and above:

7xAP

Available as per the provisions of Section 80C of Income Tax Act

Canara HSBC OBC Life Insurance Claim Process

Canara HSBC Life Insurance Company ensures a quick and hassle-free claim settlement process. It makes sure that the nominee or the insured receives the claimed amount on time without much effort. This is the first company who launched ‘Immediate payout on death registration’. To ensure a quick settlement, the policyholder needs to follow 2 claim steps with Canara HSBC Life Insurance which are given below:

Step 1: Claim Intimation

The first step is to intimate the insurer. To do so one can call on the toll-free number of Canara HSBC OBC Life Insurance or write to them on the official e-mail id. A customer care executive will guide the applicant through the process and register a claim.

Step 2: Claim Form and Documentation

To register a claim officially one has to fill the claim for and submit the same along with the relevant documents like policy documents, address proof, photo ID, photographs etc. On receiving the claim form and the documents, the insurer will lodge the claim.

Step 3: Disbursement of Fund Value

On receiving the relevant document and after verifying them, the company will release the claim amount. The approved will be transfer to the account of the beneficiary/applicant.

Forms to be Submitted

  • Death Claim Form (Form C): Filled by the applicant
  • Physician’s Statement (Form P): Filled by the treating physician who has attended the deceased/family doctor etc.
  • Hospital Certificate (Form H): Filled by the hospital authority where the deceased was admitted.
  • Employer Certificate (Form E) / School/ College Certificate (Form S): Filled by the employer of the deceased. In case of minor, the school authority has to fill it.

All the forms (depending on the types of claim) needs to be accompanied with the below documents:

  • Original copy of Canara HSBC life insurance plan
  • Death Certificate collected from the Municipal authorities
  • Hospital record
  • Photo ID and Address proof of the applicant/beneficiary
  • Cancel cheque
  • Post-mortem report (if required)
  • Statement of the treating doctor

In case of accidental death the required documents are:

  • Police FIR
  • Newspaper cutting (if any)(Detailing the incident)

 

Documents Required for Buying Canara HSBC OBC Life Insurance

To buy Canara HSBC Life Insurance plans, one will need the following documents:

  • Application form or proposal form
  • Photo ID Proof
  • Address proof
  • Proof of income
  • Age Proof

Canara HSBC OBC Life Insurance FAQ’s

Is it possible to convert renewal premium into EMIs (Equated Monthly Installments)? If yes then how?

Ans. Yes it is possible. The insurer provides the facility of paying annual premium by credit cards as well and converts into EMIs as per your convenient. Premium convert into EMI options is available only on the credit cards issued by ICICI Bank, American express Bank, HSBC Bank, Standard Chartered Bank, AXIS Bank, Citi Bank, SBI, RBL, Kotak Mahindra Bank etc.

What are the available options of choosing renewal payment dates?

Ans. With Canara HSBC Life Insurance you can select a comfortable date for your policy renewal. You can pick from 5th, 10th ,15th 20th or 25th to pay the premiums and renew the policy. In this regard you can avail assistance by calling on the 24×7 helpline number of the insurer.

How safe is my personal information with Canara HSBC OBC Life Insurance Company?

Ans. when fraudulent cases are growing, it should be a concern for many about how safe is their information provided to an insurance provider. However, Canara HSBC OBC Life Insurance ensures optimum safety of your personal information that you provide at the time of buying a policy. The employees of the company are trained about the safety policies and they believe in working diligently to protect the confidentiality of a customer’s information. Moreover, the company works with a 24×7 robust information security framework that ensures the best security of confidential information.

When is the perfect time to buy life insurance?

Ans. Ideally the best time to avail life insurance is at your young age. This is the phase when you remain healthy and financially independent. It also easy to get life insurance at a young stage, however procrastination may cost you extremely, later. The premiums are likely to be lesser when you are young as you are less expose to the risks. However, with the each passing year it gets higher. So, the perfect time to buy life insurance policy is when you are young.

Do I need to compare the plans offered by Canara HSBC Life Insurance Company?

Ans. In a highly competitive financial market, each insurer tries to introduce innovative and competitive plans to attract the consumers. Given that, the promotional, hoardings etc. may confuse you at the time of buying a plan. That’s why you need to compare the plans. Online comparison can be done thorough an aggregator website which helps you compare the plans basis on their claim settlement ratio, coverage offered, premium,  features etc. This way you can zero down on an informed plan. Online comparison also adds you in availing a right plan within a pocket friendly price.

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