Life Insurance 5017 views July 23, 2019

Canara HSBC OBC Life Insurance

About Canara HSBC OBC Life Insurance Company

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

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Benefits of Buying a Canara HSBC OBC Life Insurance Policy

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 Feature

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 sum assured does not translate to hefty premium rates. Policyholders are assured of high policy cover amount that may range from INR 25 lakh to INR 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 are available.

Different Types of Canara HSBC OBC Life Insurance Plans

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

Canara HSBC OBC Term Insurance Plans can protect your dear ones financially in case you die during the policy term. The company will pay the sum assured amount to the nominee, which you choose at policy inception, in such an unfortunate incident.

  1. Canara HSBC OBC iSelect Term Plan
  2. Smart Suraksha

Unit Linked Insurance Plans

These plans offer a combination of life cover as well as investment. So upon an unfortunate incident of your death, the nominee will get the sum assured amount. In addition, there will be maturity benefits too.

  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

The renowned life insurance company also offers a wide range of group plans to cover the future financial needs of employees working in different companies. Let’s check out its group plans.

  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

Investment Plans (Traditional Plans)

These plans come with guranteed income, guaranteed additions, money back, and even the sum assured for your dependents in case you die during the policy term. Below we have put the investment plans of Canara HSBC OBC Life Insurance.

  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

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

Canara HSBC Oriental Bank of Commerce Life Insurance Plans Nature of Insurance
Minimum 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
80 yrs
25,00,000
5 yrs
40 yrs
iNVESTSHIELD PlanTerm Insurance
18
65 yrs
10* Annual Premium
-10 yrs
Max Life Online Term Plan Life Cover + Increasing Monthly Income
ULIP
18
85 yrs
25,00,000
10 yrs
50 yrs
Jeeven Nivesh Plan
ULIP
18
80 yrs
3,00,000
10 yrs
20 yrs
Money Back Advantage Plan
ULIP
18
71 yrs
1,00,000
-16 yrs
Smart Junior Plan
ULIP
18
70 yrs
3,00,000
12 yrs
25 yrs
POS – Easy Bima Plan
ULIP
18
65 yrs
5,00,000
10 yrs
20 yrs
Smart Suraksha Plan
ULIP
18
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
80 yrs
100 * Monthly Income
-25 yrs
Smart Monthly Income PlanULIP18 80 yrs100 * Monthly Income-25 yrs
Samridh Bhavishya
ULIP30
-2,00,000
--
Smart Immediate Income Plan
ULIP
30 -2,00,000--
Future Smart Plan
Child Plan
18
70-85 yrs
10 * Annual Premium
10 yrs
25 yrs
Smart Goals Plan
Traditional Plan
8
74 yrs
10 * Annual Premium
10 yrs
25 yrs

Premium Payment of Canara HSBC OBC Life Insurance

The premium for Canara HSBC OBC Life Insurance Plans depends on the sum assured, policy term and your existing health status. And to enjoy uninterrupted services, it’s important to pay premiums without fail. You can thus pay the premium on time by visiting the official website of Canara HSBC OBC Life Insurance. Here are the steps you require to pay the premium online.

  • Go to www.canarahsbcobclife.com
  • Click on the ‘Pay Premium’ tab
  • Mention your Client ID and Date of Birth to login
  • Select the policy for which you want to make the payment
  • Select the payment option from Internet Banking, Debit Card, Credit Card, Prepaid Wallet/Cash Card, Unified Payment Interface (UPI)
  • Mention the details asked in the form to pay and submit
  • Save the Premium Deposit Acknowledgement for future reference

Canara HSBC OBC Life Insurance Claim Process

Canara HSBC OBC Life Insurance offers a convenient claim process by which your dependents can get the required amount upon your unfortunate death during the policy term. As a nominee or beneficiary, you will need to first intimate the insurance company about the policyholder’s death and do the following –

  • Enter the details correctly in the death application form and submit the same along with a policy document, cancelled cheque/bank passbook, address and photo ID proof of the claimant, death certificate of the life assured, etc.
  • For death due to medical reasons – additional documents such as the statement of the physician, certificate from the treating hospital, certificate from employer/school/college
  • For accidental death – attested PMR/FIR/Police Investigation Report needs to be submitted
  • Upon the submission of the claim form, your claim get registered with Canara HSBC OBC Life Insurance
  • The insurance company will verify the documents thoroughly and approve the claim accordingly

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 a myriad of 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

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 by taking cues from 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, you will need to pay the premium throughout the policy tenure. However, premium rates are subject to change depending on the tax regulations declared by the government.

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