Canara HSBC OBC Life Insurance
Established in 2008, and headquartered in Gurugram, Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited is a joint venture among Canara Bank, HSBC Insurance (Asia Pacific) Holdings Limited, and Punjab National Bank. The trust and market knowledge of these two banks coupled with the global expertise of HSBC has made this company a trustworthy and strong life insurance company. The company has a well-established and well-connected distributor that works with new-age tech servicing avenues. The company is responsible enough to stay committed to its outcome and to keep pace with the varied demands of the consumers, it always tries to come up with new and unique life plans.
Canara HSBC OBC Life Insurance has come up with a sack full of different life insurance products ranging from life, health, online plans, terms plan to ULIP plans, and many more along with various variants to cater to the varied needs of its customers. The company’s primary focus is to make the life of its consumers hassle-free and protected. That’s why the insurer provides enough flexibility to the customers to choose and build the plan so that it can serve their purposes.
Key Facts About CANARA HSBC OBC
know more about the company, specifically the key particulars, have a look at the below table.
| Parameters | Key highlights |
| Incurred claim ratio (in the financial year of 2020-2021) | 97.1% |
| Investment (AUM) as of March 31, 2020 | Rs. 5233.66 crores |
| Premium underwritten (in the financial year of 2019-2020) | Rs. 3942.82 crores |
| Solvency Ratio (March 2020, for life insurance) | 3.65 |
| Online plans | Available |
| Equity Share Capital (as of March 31, 2020) | Rs. 950 crores |
| Awards and Recognitions |
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Canara HSBC OBC Life Insurance Plans
Canara HSBC OBC Life Insurance company has come up with a bundle of life insurance products with various variants to cater to the varied needs of different individuals. It offers ULIP plans, retirement plans, term plans, online plans, and many more so that you can find a suitable one according to your convenience. Let us have a look at the below table to know more about different life insurance plans offered by Canara HSBC OBC.
| Plan type | Plan name |
| Term insurance plans | iSelect Star Term Plan |
| POS – Easy Bima Plan | |
| Saral Jeevan Bima | |
| Savings plans | Guaranteed Savings Plan |
| Guaranteed Income4Life Plan | |
| ULIP plans | Invest 4G Plan |
| Titanium Plus Plan | |
| Smart Goals Plan | |
| Child insurance plans | Smart Junior Plan |
| Jeevan Nivesh Plan | |
| Retirement plans | Pension4Life Plan |
| Secure Bhavishya Plan | |
| Health insurance plan | Health First Plan |
| Group insurance plans | Group Advantage Term Plus |
| Group Advantage Term Plan | |
| Group Traditional Plan | |
| Sampoorna Kavach Plan |
1. Canara HSBC Term Insurance Plans
i. iSelect Star Term Plan
This is an individual non-linked, non-par pure risk premium life insurance term plan that is available online and has come up with three variants, namely Life, Life with Return of Premium, and Life Plus options. This plan offers coverage for almost every life uncertainty and one can also cover his/her spouse under the same plan.
Key Highlights of The Plan:
- This is a life insurance cover at an affordable premium rate. Under this policy, one can extend the benefits through additional in-built covers such as accidental death benefit, child support benefit, accidental total, and permanent disability benefit.
- This plan offers multiple options to choose from to receive benefits such as lump sum, monthly income, or part lump sum part monthly income with the option to choose both levels or increase income.
Eligibility:
| Entry age | Minimum – 18 years Maximum – 65 years For PPT Up to Age 60 years (Under Plan Option Life) – 55 years For PPT Up to Age 60 years (Under other Plan Options) – 50 years For Single Premium Option – 45 years For Non-Working Spouse – 50 years |
| Maturity age | Minimum – 28 years Maximum – 80 years For whole life coverage under Plan Option Life – 99 years For ADB/ATPD – 75 years |
| Policy term | 5, 10, 30 years |
| Premium paying term | Single premium, regular pay, and limited pay |
| Minimum sum assured | Plan Option Life – Rs. 25 lakhs Other plans – Rs. 15 lakhs |
ii. POS – Easy Bima Plan
This term life insurance plan is specially designed to provide protection to you and your family against different uncertainties of life, even in your absence, which has come up with the return of premium on the date of maturity. This plan also offers tax benefits under Section 80C and Section 10 (D) as per the Income Tax Act 1961.
Key highlights of the policy:
- In case of unfortunate demise of the insured person incurred due to any incident other than an accident, during the policy period, the return of the total premiums is paid. After the expiry of a waiting period of 90 days, 100% of the death benefit sum assured is paid.
- In case of accidental unfortunate death of the insured person, accidental death benefit sum assured in addition to the death benefit sum assured is paid to the beneficiary.
Eligibility:
| Entry age | Minimum- 18 years Maximum – 55 years |
| Maturity age | Minimum – 20 years Maximum – 65 years |
| Policy term | 10, 15, and 20 years |
| Pre-policy medical tests | Not required |
| Premium payment mode | Annual and monthly |
| Sum assured | Minimum – Rs. 50,000 Maximum – Rs. 15 lakhs |
| Annual premium | Minimum – Rs. 2219 (for policy term 10 years) Rs. 1076 (for policy term 15 years) Rs. 989 (for policy term 20 years) Maximum – No upper limit |
iii. Saral Jeevan Bima
This is an affordable term insurance plan that has come up with lots of flexibilities for choosing base sum assured, policy term, policy payment terms, and policy payment frequency according to your needs to safeguard you and your beloved ones, even when you are not around.
Key Highlights of The Policy:
- In case of accidental death of the insured person during the policy period, the sum assured is paid by the company as a lump sum benefit. In case of unfortunate demise of the policyholder other than accidents, 100% of total premiums paid to the policy is paid by the insurer to the beneficiary.
- If the insured person dies (including accidental death) after the waiting period and the policy is still in force, the sum assured as a lump sum benefit is paid by the company.
Eligibility:
| Entry age | Minimum – 18 years Maximum – 65 years |
| Maturity age | Minimum – 23 years Maximum – 70 years |
| Policy term | 50 years to 40 years (subject to maximum maturity age) |
| Policy payment term | Single premium Limited payment – 5 or 10 years Regular payment – Equal to the policy term |
| Premium payment mode | Annual, half-yearly, and monthly |
| Premium amount | Minimum – Rs. 1998 per annum Maximum – Rs. 4,99,875 under single premium |
| Sum assure | Minimum -Rs. 5 lakhs Maximum – Rs. 25 lakhs |
2. Canara HSBC Savings Plans
i. Guaranteed Savings Plan
This savings plan offers fully guaranteed benefits along with the flexibility to choose your savings horizon and it has come up with three variants, namely, Guaranteed Savings Option, Guaranteed Savings with Double Protection Option, and Guaranteed Savings with Premium Protection Option.
Key Highlights of the Policy:
- Under this plan, you can secure enhanced protection for your family. In case of unfortunate demise of the insured person, life insurance protection through payment of lump sum benefit is paid to the beneficiary. All remaining premiums are withdrawn and guaranteed benefits are paid to the family on behalf of the company.
- This plan offers you a high premium booster to ensure that the insured person gets an extra benefit for making a higher premium commitment. Guaranteed maturity benefits and death benefits are also available with this policy.
Eligibility:
| Entry age | Minimum – 0 years (Guaranteed Savings Option) 18 years (for both Guaranteed Savings with Double and Premiums Protection Options) Maximum – 60 years (Guaranteed Savings Option) 55 years (for both Guaranteed Savings with Double and Premiums Protection Options) |
| Maturity age | Minimum – 18 years (Guaranteed Savings Option) 28 years (for both Guaranteed Savings with Double and Premiums Protection Options) Maximum – 75 years |
| Policy term | 10, 12, 15, and 20 years |
| Premium payment term | 5, 7, and 10 years |
| Minimum installment premium | Annual – Rs. 20,000 Half-yearly – Rs. 10,200 Quarterly – Rs. 5,200 Monthly – Rs. 1800 |
ii. Guaranteed Income4Life Plan
It is a non-linked, non-participating individual life insurance savings as well as protection plan that offers guaranteed benefits coupled with regular income to take care of both long-term and short-term financial goals. The plan can be customized according to the needs of the policy-seeker.
Key highlights of the plan:
- The plan has come up with three variants to choose from, namely Guaranteed Income, Guaranteed Long Term Income, Guaranteed LifeTime Income. Each variant has been presented with varied and multiple benefits.
- Under all the variants assured loyalty additions are available up to 900% or 1080% of an annualized premium. Under this plan, you can cover your spouse and can ensure your child’s educational needs.
Eligibility:
| Parameters | Plan type | ||
| Guaranteed Income | Guaranteed Long-Term Income | Guaranteed Life-Term Income | |
| Entry age | Minimum – 3 years and 18 years Maximum – 60 years and 55 years | Minimum – 1 year and 18 years Maximum – 55 years and 60 years | Minimum – 45years Maximum – 65 years |
| Maturity age | Minimum – 18 years and 24 years Maximum – 75 years | Minimum – 18 years and 24 years Maximum – 75 years | Minimum – 50 years Maximum – 80 years |
| Policy payment term | 5, 7, and 10 years | 5, 7, 10, and 12 years | Single pay, 5, 7, 10, and 12 years |
| Income frequency | Monthly, quarterly, half-yearly and annual | ||
3. Canara HSBC ULIP Plans
i. Invest 4G Plan
This is a Unit Linked, Non-Participating Individual Life Insurance Savings plan that allows you to customize your plan according to your needs and provides different Portfolio Management Options, promising you your control over your savings and insurance needs.
Key highlights of the plan:
- Under this plan, the mortality charges that are deducted during the policy term for Regular and Limited premium paying policies, that will be added to the fund value at the time of maturity. The policy also offers systematic withdrawals to create a flow of additional income during the policy term.
- To boost and strengthen your investments, loyalty additions and wealth boosters are provided by the policy as additional allocation of units.
Eligibility:
| Parameters | Plan type | ||
| Life Option | Care Option | Century Option | |
| Entry age | Minimum – 0 years Maximum – 65 years | Minimum – 18 years Maximum – 50 years | Minimum – 18 years Maximum – 65 years |
| Maturity age | Minimum – 18 years Maximum – 80 years | Minimum – 28 years Maximum – 80 years | Till the age of 100 years |
| Premium payment option | Limited pay and Regular pay | ||
| Policy term | 10 – 30 years | 10 – 30 years | 100 minus the age at entry |
ii. Titanium Plus Plan
It is a unit-linked plan that comes with both protection and savings benefits and offers you multiple options to manage your portfolio at your convenience to have better surveillance of your plan. This plan is open to market risks and that will be borne by the policyholder.
Key highlights of the plan:
- Under this policy, one can get four portfolio options to choose from and they are – Systematic Transfer Option (STO), Return Protector Option (RPO), Auto Funds Rebalancing (AFR), and Safety Switch Option (SSO).
- You can invest your money in any of the funds of your choice such as Emerging Leaders Equity Fund, India Multi-Cap Equity Fund, Equity II Fund, Growth Plus Fund, Balanced Plus Fund, Large Cap Advantage Fund, Debt Fund, and Liquid Fund.
Eligibility:
| Entry age | Minimum – 0 years (for limited pay and regular pay) 13 years (for single pay) Maximum – 70 years |
| Maturity age | Minimum – 18 years Maximum – 80 years (for limited and regular pay) 75 years (for single pay) |
| Policy term | Limited and regular pay – 10 years to 30 years Single pay – 5 years |
| Premium payment term | Limited and regular pay – 5, 7, 10, and 15 years Single pay – Equal to the policy term |
| Premium payment mode | Annual, monthly and single |
iii. Smart Goals Plan
This plan is open to market risks and offers you to choose life cover on the basis of your protection goals so that you can safeguard yourself and your family financially and achieve your goals without any hindrances. With this plan, you can generate long-term capital appreciation through investments predominantly in mid-cap stocks.
Key highlights of the plan:
- This plan is flexible enough to provide you the facility to switch and redirect between the fund options to avail of the advantage of the market movements or to bring a change in risk preference.
- Under this plan, you can also increase or decrease your sum assured on the basis of your changing needs from the 6th policy year that is subject to minimum and maximum sum assured limits available for that particular plan.
Eligibility:
| Entry age | Minimum – 8 years Maximum – 64 years |
| Maturity age | Minimum – 18 years and 23 years Maximum – 74 years and 79 years |
| Policy term | Option 1 – 10 years (fixed) Option 2 – 15, 20, and 25 years |
| Premium paying term | Option 1 – 5 years (fixed) Option 2 – 10 years to 25 years |
| Premium paying modes | Monthly and annual |
4. Canara HSBC Child Insurance Plans
i. Smart Junior Plan
It is an individual non-linked par life insurance plan that comes with both protection and savings benefits. This plan is specially designed to take care of your child’s future educational needs, even if you are not around.
Key highlights of the plan:
- In case of the unfortunate demise of the insured person, a lump sum amount will be paid as a death benefit. The remaining premiums will be paid and guaranteed annual payouts will be provided by the company as per the plan opted to meet the child’s educational needs.
- The policy has come up with the addition of regular annual bonuses along with the final bonus at the time of maturity and the plan also contains tax benefits under Section 80C and 10 (10D) as per the Income Tax Act, 1961.
Eligibility:
| Entry age | Minimum – 18 years Maximum – 50 years |
| Maximum maturity age | 70 years |
| Policy term | 12 years to 25 years |
| Premium payment term | Policy term minus 8 years, and 5, 10 years |
| Minimum sum assured | Annual mode – Rs. 3 lakhs Monthly mode – Rs. 5 lakhs |
ii. Jeevan Nivesh Plan
This plan offers life insurance cover coupled with savings benefits under a single policy to fulfill your life goals such as child’s education, marriage, buying a house, and many more. To avail of this plan, you just need to do one time investment for a lifetime of regular returns.
Key highlights of the plan:
- This plan promises to pay a lump sum amount at the time of maturity and offers life insurance cover throughout the policy term and beyond (under the option Endowment with Whole Life Cover).
- This plan is flexible enough to offer you the facility to convert your Guaranteed Sum Assured on Maturity as annual payouts payable over the next 15 years, with a 5% compounded increase every year to take care of your growing needs (under the Endowment option).
Eligibility:
| Entry age | Minimum – 18 years Maximum – 55 years (annual mode) and 45 years (monthly mode) |
| Maximum maturity age | Annual – 80 years Monthly – 75 years |
| Policy term | 10, 15, 20, 25, and 30 years (depends on the chosen premium payment term) |
| Premium payment term | Limited pay – 5, 7, and 10 years Regular pay. |
| Minimum sum assured | Annual mode – Rs. 3 lakhs Monthly mode – Rs. 5 years |
5. Canara HSBC Retirement Plans
i. Pension4Life Plan
This is an annuity plan that offers you a defined level of annuity installments in exchange for a Purchase Price. This plan is specially designed keeping in mind the needs of your retired days and to offer you an anxiety-free, independent retired life with your beloved ones.
Key highlights of the plan:
- Under this plan, you can choose any one of the following annuity options where the annuity is payable at a constant rate in arrears as per the chosen payment frequency.
- Immediate Life Annuity (Single Life)
- Immediate Life Annuity with Return of Purchase Price (Single Life)
- Immediate Life Annuity with Return of Balance Purchase Price (Single Life)
- Immediate Life Annuity with Return of Purchase Price on Critical Illness (CI) or Accidental Total and Permanent Disability (ATPD) or Death (Single Life)
- Immediate Joint Life Annuity with Return of Purchase Price.
- Deferred Life Annuity with Return of Purchase Price (Single Life)
- Family Income (option available only for National Pension System (NPS) subscribers)
- This plan has come up with a death benefit and loan facility but does not provide any maturity benefit.
Eligibility:
| Entry age | Minimum – 45 years Maximum – 80 years |
| Maximum maturity age | Not applicable |
| Purchase price | Minimum – Rs. 2 lakhs Maximum – No upper limit |
| Annuity installments | Yearly – Rs. 12,000 Half-yearly – Rs. 6000 Quarterly – Rs. 3000 Monthly – Rs. 1000 |
| Annuity frequency | Yearly, half-yearly, quarterly, and monthly |
ii. Secure Bhavishya Plan
This is a unit linked pension plan that is open to market risks and this plan is designed to offer you a tension-free retirement life. It provides the benefit of equity participation to potentially enhance your retirement corpus and also offers ‘capital protection’ to the same.
Key Highlights of The Plan:
- This plan offers you a guaranteed maturity (vesting) benefit of 101% of premiums paid including top up premiums. This plan is flexible enough to offer you the facility to choose the vesting age and premium payment term according to your convenience.
- Under this plan, one can avail of unlimited top ups that can be paid on the basis of his/her retirement requirements. One can also enjoy the loyalty additions in order to enhance and boost fund value after every 5 years, starting from the 10th policy year.
Eligibility:
| Entry age | Minimum – 25 years Maximum – 70 years |
| Vesting age | Minimum – 40 years Maximum – 80 years |
| Premium paying term | Single pay – one time premium only Regular pay – Minimum 10 years Maximum- Equal to the policy term Limited pay – Minimum – 5 years Maximum – 34 years |
| Minimum premium | Rs. 10000 to Rs. 3 lakhs (depends on the chosen plan) |
| Premium payment mode | Single pay Regular and limited pay – Annual and monthly |
6. Canara HSBC Health Insurance Plan
i. Health First Plan
This is an individual non-linked non-per pure risk premium health insurance plan that promises you to provide a lump sum amount in the event of heart, cancer-related conditions, and on 26 specified major critical illnesses at an affordable premium rate. You can customize the plan as per your needs.
Key Highlights of the plan:
- This plan offers you to increase the cover option to take care of the sky-rocketing medical needs.
- All the future premiums will be waived off in case of first diagnosis minor conditions covered under cancer cover and heart cover. Under this plan, one can also avail of additional monthly income in case of a major claim and critical illness cover.
Eligibility:
| Entry age | Minimum – 18 years Maximum – 65 years |
| Maturity age | Minimum -23 years Maximum – 80 years |
| Policy term | 5 years to 40 years |
| Premium payment modes | Annual and monthly |
| Sum assured | Minimum – Rs. 5 lakhs Maximum: Major critical illness – Rs. 50 lakhs Heart cover – Rs. 40 lakhs Cancer cover – Rs. 50 lakhs |
7. Canara HSBC Group Insurance Plans
i. Group Advantage Term Plus
This is a non-linked non-participating renewable group term insurance pure life insurance plan that offers life protection to the employee-employer group, non-employee-employer group, and affinity groups including their family members at an affordable premium rate.
Key Highlights of The Plan:
- The plan provides financial security against death, accidental death, accidental total, and permanent disability, critical illness, and terminal illness.
- Under this plan, one can avail of the option to change the coverage amount during the policy terms according to his/her convenience and this policy also has come up with the tax benefit as per the tax laws.
Eligibility:
| Entry age | Minimum – 18 years Maximum – 79 years (for death benefit) For others – 64 years |
| Maturity age | Minimum – 18 years Maximum – 80 years (for death benefit) For others – 65 years |
| Policy year | 1 year and less than 1 year |
| Group size | Minimum – 10 members Maximum – No upper limit |
| Minimum sum assured | Rs. 5000 per year |
ii. Group Advantage Term Plan
This is a yearly renewable group term assurance plan that is specially designed for only the non-employee-employer groups to offer them and their family members financial security against any eventuality.
Key highlights of the plan:
- This plan offers you two options to choose from for plan type. They are as follows.
- Level Option – the sum assured remains fixed for the policy term.
- Reducing Option – The sum assured reduces linearly over the term of the contract as per the Certificate of Insurance or in the Master Policy.
- You can increase the sum assured according to your needs and you can also avail of anyone or both the coverage options, namely Death Only and Death and Accidental Death Benefit (ADB).
Eligibility:
| Entry age | Minimum – 18 years Maximum – 69 years and 79 years |
| Maximum cover ceasing age | 80 years and 70 years |
| Policy term | 1 year |
| Sum assured | Minimum – Rs. 5000 and Rs. 2 lakhs (depends on the chosen option) Maximum – No upper limit |
| Premium payment mode | Single, semi-annual, quarterly, and monthly |
| Group size | Minimum – 50 members Maximum – No upper limit |
iii. Group Traditional Plan
It is a non-linked non-par life/pension group savings insurance plan that is specially designed to address the needs of employers, trustees, or group administrators who show interest to fund their group members; retirement and other welfare benefit schemes such as gratuity, leave encashment, superannuation and etc.
Key Highlights of the plan:
- In the event of death, resignation, and retirement the benefits are provided to the insured person or to the beneficiary (in case of death) as per the scheme rules.
- The company will pay assured benefit in case of DC schemes that will be applicable on each of such individual accounts wherein the absolute amount to be paid on maturity will result in a non-zero positive return.
Eligibility:
| Entry age | Minimum – 18 years Maximum – 79 years |
| Maximum maturity age | 80 years |
| Group size | Minimum – 10 members Maximum – No upper limit |
| Minimum initial contribution | Defined benefit schemes – Rs. 50,000 per scheme Defined contribution scheme – Rs. 1000 per employee per annum. |
| Pre-policy medical check-ups | Not required |
iv. Sampoorna Kavach Plan
This is a traditional non-participating, yearly renewable group term and life protection plan that promises to safeguard the members of your group and their families in case of any unfortunate eventualities at an affordable premium rate.
Key highlights of the plan:
- In case of the unfortunate demise of the insured person, the sum assured as a death benefit will be provided to the nominee and also the policyholder can enjoy the tax benefit as per the existing tax laws. But the plan comes with no maturity benefit.
- The policyholder has the flexibility to renew the policy every year but that is subject to the terms and conditions of the Master Policy and underwriting decision of the insurer.
Eligibility:
| Entry age | Minimum – 18 years Maximum – 60 years |
| Policy term | 1 year |
| Pre-policy medical checkups | Not required |
| Sum assured | Minimum – Rs. 5000 Maximum – Rs. 50,000 |
Why Canara HSBC OBC is an ideal choice for life insurance?
As the insurance market is full of various life insurance companies that have come up with different life plans with varied benefits and facilities, it becomes really confusing for the policy-seeker to find an ideal insurer that can address his/her needs. But if you keep in mind certain parameters while evaluating the companies, the job will be easier for you. For your convenience, after evaluating all the potential parameters, it has been found that Canara HSBC OBC Life Insurance Company is a reliable one. To find out the reasons, have a look at below.
Claim Settlement Ratio – Everyone buys a life insurance plan so that it can secure and protect him in his most needed time. For this, the claim settlement ratio is an important parameter as it indicates the company’s credibility. According to the IRDA Annual Report, the incurred claim settlement ratio of Canara HSBC OBC is 97.1% in the financial year of 2020-2021, which is way higher than many life insurance companies. The data itself highlights the fact that the company is good to go for.
Market Share – According to the IRDA Annual Report the premium underwritten in the financial year of 2019-2020 of Canara HSBC OBC is Rs. 3942.82 crores, which reflects that the company has enough capability to handle the financial crisis situation in near future. So, once you have bought a life plan from this company, you can stay relaxed.
Distribution Network – The company believes in building a warm relation with its customers. It is well connected with the consumers through a well-established distribution network in tier 1, 2, and 3 markets and numerous registered and licensed agents. The company has more than 20000 partner bank branches spread all over the country. So, whenever you need, you can contact the company instantly.
Number of Plans – If your chosen company has matched every parameter but does not have a wide range of life insurance plans, then it would be of no use as it cannot meet your requirements. Canara HSBC OBC has come up with a bundle of life plans with various variants and varied benefits that can cater to your needs perfectly.
Flexibility – Almost all the life insurance plans and their variants offered by Canara HSBC OBC are flexible enough to offer you different options to choose from. You can build your own policy as per your needs so that the plan perfectly suits you and you make worthy investments.
Solvency Ratio – A solvency ratio stands for the potential of the company to meet its long-term financial goal. It is generally assumed, if the solvency ratio is higher, the company has a better possibility to pay off the lump sum claim amounts of its customers. According to the IRDA Annual Report, the solvency ratio of Canara HSBC OBC is 3.65 as of March 2020, which indicates the company’s capability and strength to handle the financial situation and to stay clean to its customers.
Online Facilities – Keeping pace with the global demand for online facilities, Canara HSBC OBC Life Insurance Company has also come up with a number of online plans. Apart from that, their official website is built and maintained in such a way that you can know every detail regarding your policy online. You can renew, generate your policy pack, track your claim status, and many more online at your ease.
Customer Service – This company has a very good record of providing excellent customer service to its consumers. You can contact the company via mail or just by calling them. Their experts will always be there to help you out. So, whenever you need them, they are always beside you.
Premium Calculation of Canara HSBC OBC Life Insurance
You can easily check the premium amount for your chosen policy of Canara HSBC OBC Life Insurance online, by just visiting their official website. This premium depends on multiple factors such as gender, age, policy term, premium payment term, and many more. Here is an example for your better understanding.
Mr. Sharma is a 31-years-old businessman who is a non-smoker and whose monthly income is Rs. 5 lakhs. Now, he opts for the iSelect Start Term Plan. Let us find out, for the given criteria, how much premium he has to pay annually for different sum assured options.
| Age | Gender | Sum assured | Policy term | Plan option | Coverage option | Premium paying option | Premium paying frequency | Annual Premium amount (including GST) |
| 31 | Male | Rs. 50 lakhs | 10 years | Life | Level | Regular | Monthly | Rs. 404 |
| Rs. 75 lakhs | Rs. 607 | |||||||
| Rs. 1 crore | Rs. 670 |
Buying process of Canara HSBC OBC Life Insurance
Few life plans of Canara HSBC OBC can be bought online and other plans can be bought offline. Here are the detailed mentions of both processes.
Online Process
If you want to avail of the online buying seamlessly follow the below-mentioned steps.
- Go to the official website of the company and click on the desired plan that is available online.
- Then go to the ‘Check Premium’ option and click on that.
- Put the necessary details such as your name, date of birth, gender, annual income, etc. Then click on the ‘Submit and Continue’ tab.
- Again, put the required information regarding the policy and submit it.
- On the basis of your given details and criteria, the premium amount for the chosen policy will be reflected before you.
- Pay the premium. Upon successful payment, you will receive notification via mail or message and you can also download the relevant documents from the website of the company.
Offline Process
If you want to avail yourself of a hazardless offline buying process, you can go to one of the official branches of the company. Their experts will guide you through the process effortlessly. You can also call on their contact number to receive seamless guidance for the buying process. Apart from these, you can take help from any of the registered and licensed agents of the company, who are efficient enough to help you in the buying process.
Besides the aforementioned options, you can also take the help of Probus Insurance to buy a life plan for Canara HSBC OBC.
How To Claim For Canara HSBC OBC Life Insurance?
To avail of an easy and seamless claim process follow the below steps.
- As soon as the event happens, intimate the insurer about the claim by submitting the duly filled and signed claim form to the head office or nearest bank branch, or nearest branch of the company.
- Once the company receives the claim form, they will register your claim.
- Submit the required documents such as physicians’ statements, treating hospital certificates, employer certificates, and others.
- The company will verify your documents. If any further documentation is required, the company will inform you about it and submit the same.
- After assessing all the documents, if no discrepancy is found the company will accept your claim and pay the amount.
- If your claim is denied, you will also be notified about the same.
Frequently Asked Questions
Yes, they offer certain life plans for the NRIs.
The lock-in period for this plan is years.
You can track your claim status online by visiting the official website of the company. There, under the ‘Claims’ section, click on the ‘Claim Status’ option and put the necessary details such as your policy number/claim reference number, date of birth, and the date of the event, and submit.
An annual premium needs to be multiplied with a factor of 0.10 to arrive at the monthly installment premium payable.
To update your pan number follow the below steps.
- On the official website click on the ‘Manage Policy’ option under the ‘Customer Service’ tab.
- Then click on the ‘Update your PAN Number’ option and put the necessary details.
- And then submit.
The required documents are as follows.
- Original policy document
- Death Certificate issued by Municipal authorities
- Copy of Bank Pass Book/ Cancel Cheque
- Hospital / Other treatment records
- Photo Identification & address proof of the claimant
- Physician’s Statement.
For unnatural/accidental deaths, the following additional documents are required to be submitted:
- Police reports (FIR, Panchnama, Police investigation report, Viscera Report)
- Newspaper cutting (if any, Detailing the incident)
Titanium Plus Plan offers the additional allocation of units which will be added to the Unit Linked Fund(s) at specific Policy intervals provided all due Premiums till date have been paid. These Wealth Boosters will be a percentage of the average Fund Value of the last 60 monthly policy anniversaries.
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