Online Premium Payment 173 views June 29, 2021

Canara HSBC OBC Life Insurance Premium Payment

Canara HSBC OBC Life Insurance offers seamless online/offline services besides an exciting range of life insurance products. These services could help you pay the premium on time, check your policy status, etc. In case you are worried about your premium payments, you can take a cue from this post where we’ll tell you about the Canara HSBC OBC Life Insurance Premium Payment options. We’ll also brief you on the consequences of non-payment. So, read on!

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Canara HSBC OBC Life Insurance Premium Payment Online Services

You can pay online by following the steps shown below:

  1. Visit the official website of Canara HSBC OBC Life Insurance 
  2. Log in to your account using a Client ID, Policy Number or COI No and Date of Birth
  3. Choose the policy/policies for which you want to make payment.
  4. Select your payment option – Credit/Debit Card (Visa/ Master) or Net Banking (available with the tie-up banks only)
  5. Fill in the necessary details of your credit/debit card
  6. Click on the ‘Submit’ button
  7. Save or print the premium deposit acknowledgment for future reference

Canara HSBC OBC Life Insurance Premium Payment Offline Services

Visit any of the Canara HSBC OBC Life Insurance branch offices and pay the premiums through Cheque, Demand Draft, Credit Card or Debit Card. In case you pay a premium through demand draft, send your bank statement reflecting your premium amount along with the demand draft to the below-mentioned address:

Canara HSBC Oriental Bank Of Commerce Life Insurance Company Limited (IRDAI Regn. 136) 139 P, Sector – 44, Gurugram – 122003, Haryana, India.

What Happens if You Do Not Pay Your Premium On Time?

If you forget to pay your premium on the due date, you can do the same even during a grace period ranging from 15 to 30 days based on your policy guidelines. The payment during the grace period will help you revive your insurance plan without any late payment charges. However, if the premium is not paid during this grace period, the policy will lapse.

A period of two consecutive years is provided to you during which you can revive your policy as per the conditions mentioned below:

  1. The policy can be revived anytime before the maturity date but within the revival period
  2. You need to pay all due premiums along with the applicable interest rate
  3. Revival subject to underwriting as per the company’s board-approved underwriting guidelines.
  4. Revival shall be effective after the company’s approval
  5. Post revival of the policy, product benefits would be reinstated to full level

What are the Advantages of Premium Payment?

If you pay your premium regularly without any due, you’ll get uninterrupted policy benefits and tax deductions on your paid premiums as per the prevailing tax laws.

Canara HSBC OBC Life Insurance Premium Payment Modal Factor

Canara HSBC OBC Life Insurance modal factor for premium payment is as follows:

  1. Yearly – 1
  2. Half Yearly – 0.51
  3. Quarterly – 0.26
  4. Monthly – 0.09)

You can change the mode of premium payment anytime during the policy term.

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