Canara HSBC OBC Life Insurance Company was established in the year 2008 as a joint venture between Canara Bank, HSBC Insurance Holdings Limited and Punjab National Bank. Canara Bank holds a majority stake of 51% in the company followed by HSBC Insurance Holdings at 26% and Punjab National Bank at 23% and has over 20,000 partner bank branches. The company, therefore, has the backing of some of the leading names in the financial sector. The company’s headquarters are located in Gurugram and it is spread all over India with 40 branches in the major cities.
Why choose Canara HSBC life insurance?
Canara HSBC OBC Life Insurance Company has various factors which work in its favour and make it a good choice for life insurance. Some of the key achievements of Canara HSBC Life Insurance Company are as follows –
- The company has started using Straight Through Processing (STP) underwriting rules wherein policy issuance is done digitally within a short period of time
- Within five years of being operational, the company registered its first profit of INR 23.5 crores in the financial year 2012-13
- The company has won the Life Insurance Company of the Year Award 2020 at the India Insurance Summit and Awards 2020
- In the year 2019, the company also won Asia’s Most Trusted Company Award from the Indian region
- As of 31st March 2021, the company’s Assets under Management stood at INR 21,900 crores showing a strong financial foothold
- Canara HSBC OBC Life Insurance was awarded “Best Video Content in an Influencer Marketing Campaign” in 2021
Benefits of Canara HSBC OBC life insurance plans
Here are some distinct advantages of investing in Canara HSBC OBC life insurance plans –
- The company recorded an individual death claim settlement ratio of 97.1% in the financial year 2020-21 showing that the company is trustworthy when it comes to claiming settlements
- The company has a range of insurance plans for meeting individual as well as group insurance needs. As of 31st March 2020, the company’s product portfolio had a total of 32 insurance products
- The company offers various tools and calculators so that you can find out the optimal level of coverage that you need for your financial goals
- The plans of the company have exhaustive coverage benefits and affordable premiums thereby allowing you the best of coverage at the best of rates
Life insurance policies offered by Canara HSBC OBC Life Insurance Company
As mentioned earlier, Canara HSBC offers a range of life insurance plans. Let’s, therefore, delve into the categories of plans offered by the company and have a brief look at each plan –
Term insurance plans
Term insurance plans are pure protection policies which help in creating a financial net for the family if the breadwinner dies prematurely. These policies allow high coverage levels at very low premium rates allowing you to avail optimal coverage against the risk of premature death. The salient features of term insurance plans are as follows –
- The plans come with a long tenure so that you can avail coverage for the maximum possible time
- Usually, term plans pay only a death benefit if the insured dies during the term of the policy. On maturity, no benefit is payable
- Term plans have no surrender value or paid-up value. If the premiums are discontinued, the policy lapses
- Optional riders are offered under most term insurance plans which allow you to customize and enhance the coverage of your life insurance policy
- Term plans have the lowest premiums among all other life insurance policies making them easily affordable
List of Canara HSBC OBC term insurance plans
Here’s a list of term plans offered by Canara HSBC –
|Name of the plan||Description|
|Saral Jeevan Bima Plan||Saral Jeevan Bima Plan is a non-linked and non-participating individual pure risk life insurance plan. Not only it offers multiple premium paying terms but also gives you tax benefits. You get INR 5,00,000 to INR 25,00,000 sum assured and your family gets an absolute amount assured in case of your unfortunate death. The flexibility in sum assured and policy term is what makes this plan a smart choice.|
|iSelect + Term Plan||This is a term plan which offers you the option of whole life coverage as well. You are also allowed to enhance the sum assured at important life stages and opt for the refund of your premiums if you survive till the maturity of the policy|
|POS Easy Bima Plan||This is a simple term plan which has an inbuilt accidental death benefit rider. The rider pays a double sum assured in case of accidental death during the policy tenure. The premium is also refunded back if you survive till the maturity of the policy if you want|
Traditional savings insurance plans
Traditional savings insurance plans are savings oriented insurance plans which provide insurance coverage and also allow you to create a guaranteed corpus for your future financial goals. These plans are suitable for those of you who don’t like to take market-linked risks and want steady and guaranteed returns on your investments along with the promise of insurance cover. Some of the common features of traditional savings insurance plans are as follows –
- These plans can be offered as endowment plans or money back plans. While endowment plans pay a lump sum on death or maturity, money back plans pay a portion of the sum assured at regular intervals over the policy tenure, thereby allowing liquidity.
- If the policy is issued as a participating plan, it earns bonuses as and when they are declared by the insurance company
- Guaranteed additions and loyalty additions are added to the sum assured under many plans which help in creating a good corpus
- The maturity and the death benefit are guaranteed under these plans
- Loans are available under these plans which help you in meeting the financial needs which you might face during the policy tenure
List of Canara HSBC OBC traditional savings plans
Here are the different types of endowment and money back plans which Canara HSBC OBC offers for its customers –
|Name of the plan||Description|
|Guaranteed Savings Plan||This is an endowment plan which offers you two coverage options to choose from. Under one option you get an inbuilt premium waiver rider which waives the premiums in case of premature death but the policy continues. Premiums are payable for a limited period and you get the benefit of guaranteed yearly additions and loyalty additions|
|Smart Future Income Plan||This is a participating money back policy which pays monthly incomes in the last 15 years of the policy. On maturity, you get the vested bonus while in case of death, 100 times the monthly income with bonuses is paid as a death benefit|
|Guaranteed Income Plan||This is a non-participating money back plan which attracts guaranteed yearly additions and loyalty additions. Money-back benefits are paid in the last four policy years|
|Easy Bachat Plan||This savings plan gives you the option of choosing the endowment benefit or money back benefit. Guaranteed yearly additions are added during the premium payment term so that you end up with a substantial corpus|
|Jeevan Nivesh||This is a participating endowment plan which provides coverage lifelong. The maturity benefit can be converted to annual pay-outs over the next 15 years with an additional 5% interest earning|
|Money-Back Advantage Plan||Participating money back plan, the plan pays the money back benefits at the end of the 5th, 9th and 13th policy year to meet your financial needs|
|Guaranteed Income Advantage Plan||This is a non-participating money back plan with a limited premium paying tenure. Money-back benefits are paid annually after the completion of the premium paying tenure and till maturity|
Unit linked insurance plans
Unit Linked Insurance Plans (ULIPs) are market-linked policies which provide investment returns. These plans work on the principle of mutual funds wherein investments of different investors are pooled together in a fund and then the fund is invested in different securities as per its investment objective. Besides offering investment returns, ULIPs also provide life insurance coverage thereby providing dual benefits of wealth maximization and risk protection. Some of the salient features of ULIPs are as follows –
- The premium paid towards the plan is allocated to a fund which is chosen by the policyholder
- Different types of charges are deducted from the premium before it is allocated to a chosen fund
- There are different types of investment funds so that you can invest as per your risk appetite
- You can switch between the chosen funds during the policy tenure without attracting taxation
- You can withdraw partially from your fund value during the policy tenure after the completion of the first five policy years
- Premium redirection facility is allowed under many plans through which future premiums can be redirected to another fund if you want
- The invested premiums are credited to your fund account wherein they grow as per the performance of the market
- In case of death, you get higher of the fund value or the promised sum assured while on maturity the fund value is paid.
List of Canara HSBC OBC ULIPs
Here are the different types of ULIPs offered by Canara HSBC OBC life insurance –
|Name of the plan||Description|
|Invest 4G Plan||A popular unit-linked plan, Invest 4G offers you four readymade investment strategies to choose from. Loyalty additions and wealth boosters are also added to the fund value thereby increasing it. There are different coverage options and one option also refunds the mortality charge on the maturity of the policy|
|Titanium Plus Plan||This plan offers different options of portfolio management so that you can get the best returns on your investments. Loyalty additions and wealth boosters enhance the fund value and a choice of seven fund options to choose from|
|Smart Lifelong Plan||As is evident from the name, this is a whole life ULIP which provides investment returns and insurance coverage till 99 years of age. While the coverage is lifelong, you can choose your own premium payment term as per your suitability. The plan also offers auto rebalancing feature ensuring that your asset allocation is not disturbed due to market movements|
|Insure Smart Plan||This is a simple unit-linked the plan with a term of 10 years wherein you are required to pay premiums for only five years. You can increase or reduce the sum assured at policy renewals depending on your coverage needs. The plan also offers the benefit of premium redirection, switching and partial withdrawals|
|Grow Smart Plan||This policy is also a whole life unit-linked plan which offers lifelong coverage. You can choose from different life cover options as per your coverage needs and pay premiums for a limited period of time. Thus, you can create wealth over a long term period under the plan and also enjoy whole life coverage|
|Smart Future Plan||This is a long term unit-linked plan which allows the feature of auto rebalancing of your funds based on your investment preference. You also get the benefit of a safety switch feature wherein you can move your fund value to debt funds in the last four policy years to protect your returns from market volatility|
Child insurance plans
Child insurance plans are life insurance plans which are specifically designed for financial security for your child. These plans aim to create a secured financial corpus for the child’s future irrespective of the parent being around to do so. The salient features of child insurance plans are as follows –
- Child insurance plans can be offered as traditional savings plans or unit-linked plans
- There is a premium waiver benefit inbuilt in the policy. This benefit waives off the premium if the parent dies. The policy, however, continues and the insurance company pays the premium on behalf of the parent. Thereafter, on the stipulated maturity date, the policy matures and the promised maturity benefit is paid
- The child or the parent can be the life insured under the plan but the policyholder is always the parent
- The plan is available only for those individuals who have a minor child
List of Canara HSBC OBC child insurance plans
The child insurance plans offered by Canara HSBC OBC are as follows –
|Name of the plan||Description|
|Future Smart Plan||This is a unit linked child plan which pays the sum assured as well as the fund value if the parent dies or becomes permanently disabled during the policy tenure. The plan offers auto rebalancing to maintain your asset allocation and the safety switch feature to protect your returns from market volatility towards the end of the policy tenure|
|Smart Junior Plan||This is a participating money back policy which pays money back benefits in the last five policy years so that you can meet the financial needs of your child. Bonus additions enhance the corpus and the plan allows you the choice of choosing the policy term as well as the premium payment term as per your suitability|
Pension plans are retirement oriented life insurance plans which help you plan a retirement corpus and also create a source of regular income post retirement. Life insurance pension plans come in two variants – deferred annuity plans and immediate annuity plans. Deferred annuity plans help in the creation of a retirement corpus while immediate annuity plans create a source of regular incomes lifelong. The features of life insurance pension plans are as follows –
- Deferred pension plans can be offered as traditional savings plans or ULIPs
- In case of maturity under deferred pension plans, you can withdraw 1/3rd of the accumulated corpus in a lump sum while the remaining 2/3rd of the corpus should be availed as an annuity
- There are different annuity pay-out options under immediate annuity plans
List of Canara HSBC OBC pension plans
The pension plans which are offered by Canara HSBC OBC are as follows –
|Name of the plan||Description|
|Saral Pension Plan||Saral Pension Plan is a simple premium, non-linked, and non-participating individual retirement plan. This immediate annuity plan offers you two annuity plans and also the option to terminate the plan if suffering from a critical disease. You can choose your preferred annuity option- monthly, quarterly, half-yearly, or yearly. You can also claim a loan against this insurance plan. With a higher purchase price, you get higher annuity rates.|
|Secure Bhavishya Plan||This is a unit linked deferred annuity plan which promises a minimum of 101% of the premium paid as maturity benefit if your fund value is not sufficient. The plan, therefore, helps in creating a market-linked retirement fund. You also get loyalty additions for a higher fund value and the facility of doing top-ups to increase your investment|
|Smart Monthly Income Plan||This is a traditional savings plan which pays guaranteed monthly incomes to help you fund your retired life. Bonuses enhance the corpus payable and the monthly incomes are paid during the last 15 years of the policy|
|Pension4Life Plan||This is an immediate annuity plan which pays lifelong incomes once you buy the policy. There are seven annuity pay-out options that you can choose from and you can even defer the annuity date to allow your corpus to grow|
Health insurance plans
Health insurance plans are those which help you in times of a medical crisis. These plans cover specific contingencies and pay you a lump sum benefit if you suffer from the covered contingency. The features of health insurance plans are as follows –
- These plans come with a long term coverage tenure
- The sum insured is paid in a lump sum in case of claims
- These health plans cover critical illnesses which cause a major financial strain for the policyholder.
List of Canara HSBC OBC health insurance plans
Canara HSBC OBC offers one health insurance policy called Health First Plan. The plan covers heart-related ailments, cancer and specified critical illnesses. You can choose the increasing sum insured option wherein the sum insured increases every year for higher protection as you age. You can also choose the return of premium option wherein the premiums paid are refunded if the plan matures and there has been no claim.
Claim process of Canara HSBC OBC life insurance plans
There are two types of claims in HSBC Canara life insurance plans – maturity claims and death claims. The claim process for both these types of claims is as follows –
- Maturity claims
Maturity claims happen when the term of the policy comes to an end and the life insured is alive. In such a case, the insurance company sends a discharge voucher which you should fill up and submit along with a claim form. Thereafter, the insurance company pays the maturity claim directly to the bank account of the policyholder.
- Death claims
If the life insured dies during the policy tenure, it results in a death claim. In such cases, the nominee should inform the insurance company about the death of the insured. A death claim form should be filled and submitted to the company along with an identity proof of the nominee. Thereafter, all claim-related documents should be submitted to the company so that the claim can be processed. Once processed, the company would pay the claim amount to the nominee.
You can also make a claim through Turtlemint if you have bought your policy from Turtlemint’s website. Turtlemint has a dedicated claim settlement team which helps you get your claim settled at the earliest. You just have to inform Turtlemint of your claim at 1800 266 0101 or send an email to firstname.lastname@example.org to register your claim. Once registered, Turtlemint’s team would handle your claim and get it settled on your behalf.
Review of Canara HSBC insurance plans
Canara HSBC Oriental Bank of Commerce Life Insurance Company offers varied insurance policies in all categories of life insurance. You can find term plans, savings oriented plans, child plans, pension plans and health plans to take care of your insurance needs. The policies are comprehensively designed to offer the best benefits to policyholders and the premiums are also affordably priced. You can, therefore, choose the required policy as per your coverage needs and get the best benefits from the plan.
How to buy Canara HSBC OBC life insurance plans?
Canara HSBC OBC life insurance policies are available online on Turtlemint’s platform. You can visit https://www.turtlemint.com/life-insurance/ and choose the most suitable life insurance policy for your needs. Just choose the financial need that you have and proceed to provide your details. Based on your details you would be shown the quotes of different insurance companies. You can compare the available plans and choose one which has the best coverage features and the lowest premium rates. Once selected, you can also buy the plan online from Turtlemint’s website in a few simple steps.
Address and contact details of Canara HSBC OBC Life Insurance Company
The company’s head office is located in Gurugram and the address is Canara HSBC OBC Life Insurance Company Limited, 2nd floor, Orchid Business Park, Sector – 48, Sohna Road, Gurugram – 122018. For any queries you can also contact the company at 1800-103-0003/1800-180-0003 from Monday to Friday between 8 am and 8 pm. On Saturday the customer care is available from 9 am to 6 pm while on Sundays the customer care department is closed. You can also arrange a call back from the company by sending an SMS texting CALLBACK to 9779030003. You can also drop an email to the company at email@example.com and the company would respond to you at the earliest.
For a death claim, the nominee should submit a death claim form, his identity proof, bank account details, policy document and death certificate. In case of accidental deaths, a police FIR, coroner’s report, panchnama, police inquest report, etc. would also be required. Moreover, if the insurance company asks for other documents, such documents should be submitted so that the claim is processed.
You get a free-look period of 15 days after buying a life insurance policy. During this period you can cancel the plan if you are not satisfied with it. This is called free-look cancellation and when you do such cancellation the premium is refunded back after deducting the charges of policy issuance and the cost of risk cover provided during the period the policy was active.
Exiting from the policy during the tenure is called surrendering the plan. You can surrender the plan if you want. Many policies pay a surrender value when you surrender the policy while in some plans, like term plans, there is no surrender value. Moreover, surrender is allowed after a specified tenure which varies from policy to policy.
Yes, a grace period is allowed by the insurance company to pay the outstanding premium of your policy after the due date. If you pay the premium during the grace period, the policy would continue without any lapse. The grace period is one month if you pay premiums annually, half-yearly or quarterly. For monthly premiums, however, the grace period is 15 days.
You can renew your life insurance policy by paying the renewal premium within the due date. To renew online you can visit https://www.canarahsbclife.com/manage-policy/pay-premium.html and pay the premium online. Your policy would be renewed once the premium is credited with the company. Alternatively, if you have bought the policy from Turtlemint, you can log into your account and renew the policy by paying the premium.