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Life Insurance 6387 views July 23, 2019
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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.
What separates a Canara HSBC OBC life insurance policy from any other? The answer lies in the unique benefits of its plans that include:-
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
Varied plans including traditional, endowment plans, group insurance plans, Unit Linked Insurance Plans (ULIPs) and other insurance products;
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.
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.
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:-
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.
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.
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.
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.
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 |
|Maturity Age |
|Minimum Sum Assured |
|Min Policy Term|
|Max Policy Term
|iSelect Term Plan||Term Insurance||18 ||80 yrs||25,00,000||5 yrs||40 yrs
|iNVESTSHIELD Plan||Term 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 Plan||ULIP||18||80 yrs||100 * Monthly Income||-||25 yrs|
|Samridh Bhavishya||ULIP||30 ||-||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
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.
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 –
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:-
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
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: firstname.lastname@example.org; customercare.NRI@Canarahsbclife.in
Toll-Free Number To Buy: 1800-258-5899
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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