Insurance Companies 1930 views July 23, 2019

Canara HSBC OBC Life Insurance Company

About Company

This life insurance company is actually a conglomerate of two of the country’s biggest public sector banks with a private insurance company. This insurance company was found in 2008 as Canara Bank, the Oriental Bank of Commerce and HSBC Insurance Company bought 51 percent, 23 percent, and 26 percent shares respectively. With a huge customer base exceeding 60 million people, this insurance company has managed to make its presence felt in over 8000 branches of the individual entities.

Term Insurance

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Benefits of Buying Life Insurance Policies & Plan from Canara HSBC OBC Life Insurance Company

What separates a Canara HSBC OBC life insurance policy from any other? The answer lies in the unique benefits of its plans that include:-

Cover Enhancement

Buying just a life insurance policy may not suffice considering that the needs of each policyholder may be different. However, you can enhance the cover on the policies sold by this insurer with optional riders that come with add-on benefits;

Variety of Plans

Varied plans including traditional, endowment plans, group insurance plans, Unit Linked Insurance Plans (ULIPs) and other insurance products;

The Large Sum Assured

A greater amount of sum assured does not translate to hefty premium rates. Policyholders are assured of a huge range of policy cover amount that may range from Rs 25 lakhs to Rs 10 crores;

Tax Benefits

Deductions on premiums under Section 80C coupled with zero tax liability on the sum assured amount under Section 10(10D) of the Income Tax Act is available.

Different Types of Insurance Plans Offered By Canara HSBC OBC Life Insurance Company

Being a public sector enterprise, this company has ensured constant innovation and variety in its existing plans to benefit its customers. This explains the numerous insurance plans introduced by the company in the past decade. Some of the plans are:-

Term Insurance Plans

  1. iSelect Term Plan
  2. Smart Suraksha

Unit Linked Insurance Plans

  1. Platinum Plus Plan
  2. Growth Smart Plan
  3. Dream Smart Plan
  4. Future Smart Plan
  5. Subh Labh
  6. Insure Smart Plan
  7. Smart One Pay
  8. Smart Goals Plan
  9. Smart lifelong Plan
  10. Smart Future Plan
  11. Secure Bhavishya Plan
  12. iNVESTSHIELD Plan

Group Insurance Plan

  1. Group Traditional Benefit Plan
  2. Group Superannuation Plan
  3. Sampoorna Kavach Plan
  4. Group Secure
  5. Corporate Group Term Plan
  6. Pradhan Mantri Jeevan Jyoti Bima Yojna

Traditional Plans

  1. Smart Stage Money Back Plan
  2. Smart Immediate Income Plan
  3. Samridh Bhavishya
  4. Smart Monthly Income Plan
  5. Smart Future Income Plan
  6. Assured Nivesh Plan
  7. Smart Junior Plan
  8. Jeevan Nivesh Plan
  9. Money Back Advantage Plan

Eligibility Criteria Of Various Canara HSBC OBC Life Insurance Plans

While Canara HSBC OBC Life Insurance sells numerous plans, the eligibility criteria of some

Canara HSBC Oriental Bank of Commerce Life Insurance Plans Nature of Insurance
Min Entry Age
(in yrs)
Maturity Age
(in yrs)
Minimum Sum Assured
(in Rs.)
Min Policy Term
(in yrs)
Max Policy Term
(in yrs)
iSelect Term PlanTerm Insurance
18 – 70 yrs
80 yrs
25,00,000
5 yrs
40 yrs
iNVESTSHIELD PlanTerm Insurance
18 yrs
65 yrs
10* Annual Premium
-10 yrs
Max Life Online Term Plan Life Cover + Increasing Monthly Income
ULIP
18 yrs
85 yrs
25,00,000
10 yrs
50 yrs
Jeeven Nivesh Plan
ULIP
18 yrs
80 yrs
3,00,000
10 yrs
20 yrs
Money Back Advantage Plan
ULIP
18 yrs
71 yrs
1,00,000
-16 yrs
Smart Junior Plan
ULIP
18 yrs
70 yrs
3,00,000
12 yrs
25 yrs
POS – Easy Bima Plan
ULIP
18 yrs
65 yrs
5,00,000
10 yrs
20 yrs
Smart Suraksha Plan
ULIP
18 yrs
75 yrs
3,00,0,000 Under Accident Plus

1,00,00,000 Under Disability Plus
5 yrs
30 yrs
Smart Future Income Plan
ULIP
18 yrs
80 yrs
100 * Monthly Income
-25 yrs
Smart Monthly Income PlanULIP18 yrs80 yrs100 * Monthly Income-25 yrs
Samridh Bhavishya
ULIP30 yrs
-2,00,000
--
Smart Immediate Income Plan
ULIP
30 yrs-2,00,000--
Future Smart Plan
Child Plan
18-60 yrs
70-85 yrs
10 * Annual Premium
10 yrs
25 yrs
Platinum Plus Plan
Traditional Plan
0-70 yrs
Limited Pay: 80 yrs

Single Pay: 75 yrs
10 * Annual Premium10 yrs
30 yrs
Smart Goals Plan
Traditional Plan
8-64 yrs
74 yrs
10 * Annual Premium
10 yrs
25 yrs

Canara HSBC OBC Life Insurance Life Insurance Reviews

  1. Designed to suit customers’ needs, this company redefines the concept of insurance and lends a new meaning to customers’ satisfaction. Not only did the sales team help in my insurance buying process, but it also ensured that the entire documentation process was smooth and hassle-free.
  2. Never had I realized the importance of insurance until I got a call from the company’s sales team that explained how buying insurance could help me increase my earnings while securing my life against any untoward calamity. Now I that have bought not one but two different policies to secure my children’s future as well.
  3. I had always thought that buying insurance is a cumbersome process. But with timely guidance from the company’s customer care center, choosing the right insurance policy and paying for it is nothing short of a cakewalk.

Awards Won by Canara HSBC OBC Life Insurance Company

In an industry that boasts of numerous players, getting recognized for one’s efforts is not easy. This is especially true of the insurance sector where both private and public players are now offering myriad insurance plans to strengthen their position and increase their market share. Till date, Canara HSBC OBC Life Insurance Company has been recognized with the following awards and prizes. These include:-

  1. ET Promising Brands – 2015
  2.  Best Training Initiative for Insurance Sector
  3. Life Insurance Company of the Year – 2013
  4. Best Sales Development Programme

Canara HSBC OBC Life Insurance Company Contact Details

How to get in touch with Canara HSBC OBC Life Insurance Company?

Toll-free Customer Service Number: 1800-103-0003 /1800-180-0003

Max Life Insurance Company Limited CIN: U66010DL2007PLC248825

Registered Office

Canara HSBC OBC Life Insurance Company Ltd,

2nd Floor, Orchid Business Park, Sector – 48, Sohna Road, Gurugram – 122018, Haryana, India

Tel No: +91-124-4315200

Email: customerservice@canarahsbclife.in; customercare.NRI@Canarahsbclife.in

Toll-Free Number To Buy: 1800-258-5899

FAQs About Canara HSBC OBC Life Insurance Company

How much life cover should I opt for while buying life insurance?

Choosing the right amount of life cover is important and can be difficult too, especially, when one buys an insurance plan without realizing its significance and long-term implications. The ideal way to determine the amount of life cover or sum assured is to weigh the liquidity of the assets with the extent of liabilities and decide accordingly. However, those new to the concept may evaluate the cover required with the help of the following thumb rule:

Minimum Sum Assured: Annual Income * 10 + Loans or Liabilities

Can I seek a modification of the life cover after the policy has already been issued to me?

Once the life insurance policy has been issued to me, the duration of the policy cover cannot be changed.

Can I seek a premium reduction during the policy tenure?

The answer is “No”. Once the policy is issued, the premium amounts to be paid to continue to be the same throughout the policy tenure. However, premium rates are subject to change depending on the tax regulations declared by the incumbent government.