Paisawiki is a Part of Logo

Canara HSBC OBC Life Insurance

Claim Settlement Ratio - 94.04%*
*Data according to IRDA Annual Report (2018-19)
*Please note that the quotes shown will be from our partners

Life insurance is intrinsic to any financial planning, which draws the contours of future financial goals by ensuring security, support to fulfil dreams and aspirations of the family, and build a handsome corpus for a comfortable retired life. All these and much more are possible with the robust portfolio of Canara HSBC OBC Life Insurance, who delivers an eclectic range of insurance products, focused on different components of healthy financial planning. Basing their experiences on the strong legacy nurtured by the individual constituents, Canara HSBC OBC Life Insurance offers a wide range of Life Insurance Plans in genres like the term, savings, investment, child, and retirement, spread to cover all eventualities. Probably holding the healthiest bouquet of life insurance products, Canara HSBC OBC Life Insurance has garnered a niche position among key players in the insurance sector in India.

What is Canara HSBC OBC Life Insurance Plan?

Any life insurance policy is a simple arrangement between the insurer and the insured to pay a pre-determined amount to registered beneficiaries in the event of the death of the insured. The arrangement becomes functional for a specified period instead of premiums paid on agreed-upon terms. In line with the stated ethos, Canara HSBC OBC Life Insurance secures the financial future of the policyholder’s dependents in his absence due to unfortunate and untimely demise, by paying the promised amount through a seamless process.  

The key stages in a life insurance policy are purchase, premium payment, and claiming the benefits.  Within the broad ambit of the life cycle of every insurance policy, there is a wide functional divergence.  Thus, there is simple protection philosophy in Term Plans, while ULIP banks on several variables to ensure handsome returns on investment. Plain Endowment plans are more sedate savings oriented, steadily growing the money over the long term, while Child Plans provide the right kind of financial support to children to pursue their dreams. Retirement plans are the culmination, delivering different avenues of sustained comfortable life after the active working period is over.

Canara HSBC OBC Life Insurance has all the discussed plans in its portfolio to satisfy every individual preference and need.

Why Should One Choose Canara HSBC OBC Life Insurance Plans?

Life insurance products from Canara HSBC OBC Life Insurance value for money plans covering Family Protection, Long Term Savings, Child Education, and Retirement. The key takeaways for choosing Canara HSBC OBC Life Insurance Plans are:

  • Credibility
  • Life insurance policies backed by three financial sector giants

  • User-friendly portal

  • Claim Settlement Ratio of 95.22% as on 31st March 2019

Types Canara HSBC OBC Life Insurance Plans

The diverse ranges of life insurance plans offered by Canara HSBC OBC Life Insurance are tabulated for easy comprehension at a glance; they are classified broadly in the genres which focus on their functional attributes.

Insurance Plan Entry Age
Term Plans 1: iSelect Plus Term Plan (Online)

2: POS Easy Bima Plan
Savings Plans 1: Invest 4G Plan (Online)

2: Titanium Plus Plan

3: Smart Future Plan (Child Plan)

4: Smart Lifelong Plan Smart Future Income Plan

5: Insure Smart Plan Future Smart Plan (Child Plan)

6: Grow Smart Plan

7: Guaranteed Income Plan

8: Easy Bachat Plan

9: Guaranteed Savings Plan

10: Jeevan Nivesh Plan (Child Plan)

11: Money-Back Advantage Plan (Child Plan) Smart Monthly Income Plan
Child Plans Smart Junior Plan
Retirement Plans 1: Invest 4G Plan

2: Smart Lifelong Plan Secure

3: Bhavishya Plan
Group Plans 1: Group Advantage Term Plan

2: Group Term Edge Plan

3: Sampoorna Kavach Plan

4: Group Credit Secure Plan

5: Group Secure Plan

6: Corporate Group Term Plan

7: PMJJBY

Features and Benefits of Canara HSBC OBC Life Insurance Plans

The wide range of life insurance plans makes it convenient to segregate the key highlights of the plans in the broad genre they are classified into. However, tax benefits apply to all policies irrespective of their classification.  

Tax Benefits: Under the Income-tax Act, 1961, all insurance products are eligible for tax exemptions subject to compliance of underlying rules in each section. Accordingly, the premium is exempted up to a maximum of Rs.1.5 Lakhs in a financial year under Section 80C. The critical Illness premium component is exempt under Section 80D. All benefit receipts are exempt under Section 10(10D).

  • Canara HSBC OBC Term Plan

    It is a pure risk protection policy designed to ensure the future financial stability of the family in the absence of the policyholder. Additionally, it safeguards the assets and enables the family to sustain the existing lifestyle and fulfil dreams and aspirations.  

    Key Benefits:  

    • High Sum assured against low premium
    • Easy Offline and online purchase facility
    • Long term financial security extending up to 80 years of age
    • Family financial security with flexible payout options covering events like death and disability
    • Accidental Death Coverage
    • Critical Illness Coverage
    • Increased cover with age reviewed every five years with 25% enhancement 
    • Joint cover with a spouse
    • Multiple premium pay options of limited, regular and pay up to retirement at 60 years of age
    • Offers multiple payout options of a lump-sum, monthly, and a combination of two. The monthly payout option can further be broken into level or increasing
    • Return of Premium option

    Plan Name Sum Assured Rs PPT Years Premium Rs
      Min Max Min Max  
    ISelect+Term Plan 25 Lakh 3 Crore

    Life: 5 to 25 up to 60 Years
    Life  with ROP: Same
    Life Plus: Same

    Single, Limited & Regular

    POS Easy Bima Plan 50,000 15 Lakh 10 20

    10 Years: 2219
    15 Year: 1076
    5 Years: 989

  • Canara HSBC OBC Savings Insurance Plan

    It is an umbrella term to describe a wide range of insurance plans that have a savings component along with life risk cover. The focus is primarily on the policyholder's savings and can be classified into three broad categories based on the risk appetite of individuals.

    • Insurance cover only
    • Insurance cover with investment
    • Investment only

    Key Benefits: 

    • An instrument for systematic savings
    • Returns are guaranteed
    • Bonus payments help in accumulation over the long term
    • Mainly three types of plans:
      • Endowment
      • Money-back
      • ULIP
    • Life cover extending up to whole life
    • The flexibility of Premium Payment mode of single, limited and regular 
    • Loyalty additions

    Plan Name Sum Assured Rs PPT Years Premium Rs
      Min Max Min Max  
    Invest 4G Plan 5 Lakh- 10 30

    Min 50,000 p.a.

    Titanium Plus Plan 7 X AP / 10  X AP  5 15

    Min 2 Lakh p.a.

    Smart Future Plan  (Child Plan) 7 X AP / 10  X AP  10 25

    Min 25,000 p.a.

    Max 50,000 p.a.

    Smart Lifelong Plan 7 X AP / 10  X AP  10 99

    Min 25,000 p.a.

    Smart Future  Income Plan 100 X Monthly Income  Fixed 10  

    Min on MI

    Max No Lim

    Insure Smart Plan 7/10 X AP 35 X AP Fixed 5 

    Min 50,000 p.a.

    Future Smart Plan  (Child Plan) 7/10 X AP No Lim 10 25

    Min 25,000/50,000 p.a.

    Max No Lim

    Grow Smart Plan 7/10 X AP No Lim 10 99

    Min 25,000 p.a.

    Max No Lim

    Guaranteed Income Plan 49600 No Lim 5 10

    Min 20,000/50,000 p.a.

    Max No Lim

    Easy Bachat Plan 20148 10 L 5 10

    Min 5,000 p.a.

    Max 90,000 p.a.

    Guaranteed Savings Plan 76500 No Lim 5 10

    Min 20,000 p.a.

    No Lim

    Jeevan Nivesh Plan (Child Plan) 3 Lakh No Lim 5

    10

    Regular

    Variable

    Money-Back Advantage Plan (Child Plan) 1 Lakh 3 Lakh Fixed 10 

    Variable

    Smart Monthly Income Plan 100 X Monthly Income  Fixed 15 

    Variable

  • Canara HSBC OBC Child Plan

    The primary focus of these plans is the future financial security of the child with an emphasis on education. The plans are a blend of insurance and investment catering to the child's education needs in lump sum payments, as well as periodic payments to meet specific milestone needs. 

    Key Benefits:

    • Child insurance plans are available in three types:
      • Endowment
      • Money-back policy
      • ULIP
    • The premium payment as a single instalment or regular
    • The sum assured payable at the demise of the policyholder is inclusive of the maturity benefits
    • Segmented payout options enable periodic payment of maturity amounts in harmony with the child’s milestone events
    • Waiver of premium in the event of the demise of the policyholder 
    • A host of riders are available to enhance sum assured
    • Partial withdrawal facility in case of financial emergency

    Plan Name Sum Assured Rs PPT Years Premium Rs
      Min Max Min Max  
    Smart Junior Plan 3 /5 Lakh No Lim

    PT less 8 - 5 to 10

    Variable

  • Canara HSBC OBC Retirement Plan

    These plans are designed for individuals to save over the long term systematically. It helps create a corpus with benefits of compounding for payment of pension to the policyholder after retirement. There are three stages in a retirement plan:

    Accumulation: Usually, the first stage, gradually taking shape with systematic savings.
    Distribution: It kicks in when the regular earning phase of life stops at retirement. It is the time to enjoy the fruits of lifelong savings in a pension plan to support post-retirement financial expenses.
    Preservation: It takes off 10 to 15 years before retirement, needing a review of investment options.

    Key Benefits:

    Options to choose from three individual investment plans which support life protection along with multiplication of savings

    • Offers Death Benefit, Maturity Benefit, and Loyalty additions
    • Multiple-choice of investment funds in sync with risk appetite
    • Wealth boosters based on premium payment term
    • Facility for partial withdrawal in financial emergencies to ensure liquidity

    Plan Name Sum Assured Rs PPT Years Premium Rs
      Min Max Min Max  
    Smart Lifelong Plan 7/10 X AP 10 99

    Min 25,000 p.a.

    Secure Bhavishya Plan -  5 34

    Single: 3 Lakh p.a.

    Min 25,000/50,000 p.a.

Documents required to apply for Canara HSBC OBC Life insurance Plans

Whatever be the mode of purchase of Canara HSBC OBC Life insurance Plans, the document required remains the same. The only difference is submission in hard copy and the digital format. The standard document criteria are listed below, subject to Canara HSBC OBC Life Insurance asking for additional documents specific to a particular plan.

  • Identity Proof: it is a standard KYC measure requiring a valid photo ID card
  • Age Proof: Any valid ID card with the date of birth mentioned in it is accepted. Additionally, school leaving, or birth certificate is also a valid proof

  • Address Proof: Any card with the full address mentioned in it is accepted. Current utility bills of Electricity and Telephone are the other acceptable documents

  • Income Proof: It varies depending on the category of the applicant. A salaried person will need to submit Salary Slips, Form 16, and ITR for specified periods as proof. While in the case of self-employed individuals, P&L Statement, Balance Sheet, ITR and Bank Statement for a specified period is mandatory

  • Insurance Proposal Form
  • Recent passport size photograph

Features and Benefits of Canara HSBC OBC Life Insurance Plans

  • Inclusions

    It is pertinent to point out here the need to check the policy document thoroughly about the correctness of the inclusions, comprising basic details and those related to options chosen while purchasing. For example, if a Critical Illness rider is chosen, whether it is incorporated in the document. This is to obviate disputes in claim settlement if required in the future.

  • Exclusions

    The policyholder must be aware of the different exclusions which will impact the claim settlement process and adversely affect the experience of the claimant. Accordingly, the exclusions applicable to Canara HSBC OBC Life insurance Plans are listed below. 

    Suicide: Death occurring due to suicide within 12 months of inception of risk will limit the death benefit to 80% of the total premium paid. If the death occurs after 12 months of inception of risk, the full sum assured is paid to the beneficiary. 

    Terminal illness: It is a component of rider and shall limit the acceptance of claim only after an initial waiting period of 48 months for any pre-existing disease.

    Accidental Death and Permanent Disability: 

    • Death due to self-inflicted injury
    • Death due to accident under the influence of alcohol, other intoxicants, drugs, etc. 
    • Death occurring due to indulgence in adventurous or extreme sports like racing, bungee jumping, paragliding, etc.,  to name a few
    • Death as the outcome of participation in illegal or criminal activities
    • Death due to war, conflicts, military operations or terrorism
    • Death due to nuclear peril, radioactive, biological or chemical contamination

Eligibility Criteria of Canara HSBC OBC Life Insurance Plans

The diverse portfolio of plans in each genre requires an analysis of eligibility criteria individually.

  • Canara HSBC OBC Term Plan

    Plan Name Entry Age Years Maturity Age Years Policy Term  Years
      Min Max Min Max Min Max
    ISelect+Tterm Plan 18 65 28 80

    5 /10

    62 /99 - 5/10

    POS Easy Bima Plan 18 55 28 65 10/15/20

    variable

  • Canara HSBC OBC Term Plan

    Plan Name Entry Age Years Maturity Age Years Policy Term  Years
      Min Max Min Max Min Max
    Invest 4G Plan 18 50 /65 23 /28 80

    5 /10

    30 / 99

    Titanium Plus Plan 0 70 18 80 10

    30

    Smart Future Plan  (Child Plan) 18 51 51 70 10

    25

    Smart Lifelong Plan 7 65 - 99 -

    99

    Smart Future  Income Plan 18 55 43 80 -

    25

    Insure Smart Plan 8 70 18 80 Fixed 10

    -

    Future Smart Plan  (Child Plan) 18 60 28 70 10

    25

    Grow Smart Plan 7 65 Whole Life - Whole  Life

    -

    Guaranteed Income Plan 0 60 18 75 10 20
    Easy Bachat Plan 18 55 28 65 10 20
    Guaranteed Savings Plan 0 /18 55 / 60 18 / 28 75 10 20
    Jeevan Nivesh Plan (Child Plan) 18 45 /55 - 75 / 80 10 30
    Money-Back Advantage Plan (Child Plan) 8 45 /50 /55 - - Fixed 16 -
    Smart Monthly Income Plan 18 55 - - Fixed 25 -
  • Canara HSBC OBC Child Plan

    Plan Name Entry Age Years Maturity Age Years Policy Term  Years
      Min Max Min Max Min Max
    Smart Junior Plan 18 40 /50 - 70

    13

     

    25
  • Canara HSBC OBC Retirement Plan

    Plan Name Entry Age Years Vesting Age Years Policy Term  Years
      Min Max Min Max Min Max
    Smart Lifelong Plan 7 65 - 99

    -

     

    99
    Secure Bhavishya Plan 25 70 40 80

    10

    30 /35 /80

Claim Process of Canara HSBC OBC Life insurance Plans

The claim settlement process at Canara HSBC OBC Life insurance aims to provide a seamless experience to the claimants to overcome the trauma of losing the breadwinner. There are well-defined steps to complete the entire process.

  • Claim Intimation and Registration

    It is best done at the nearest branch or Head Office along with the duly completed claim form along with attested copies ID and address proof of the claimant.

  • Documentation and Fund Value Disbursement

    The appropriate claim should be downloaded and submitted along with all the other requisite documents, duly attested. Fund Value of the policy is disbursed, subject to processing, and verification.

  • Processing, Approval, and Settlement

    The next step involves the verification of documents, and any deficiencies are communicated for compliance. On approval, the balance amount of the payout is remitted in the final settlement.

Documents required for Claim Settlement

  • Original policy document
  • Death certificate from the appropriate authority

  • KYC document of the claimant

  • Bank account details of the claimant for NEFT

  • Hospital treatment records
  • Statement of the treating physician
  • Post-mortem or Viscera Report if available
  • For unnatural or accidental death
    1: Police FIR, Panchnama, and Final Inquest Report
    2: Newspaper cutting describing the event, if any

Renewal Process of Canara HSBC OBC Life Insurance Plans

There are several renewal premium payment options available for Canara HSBC OBC Life Insurance Plans, both in the offline and online modes.

  • Renewal Payment using IVR

    Renewal premium is paid by calling Toll Free numbers 1800 103 0003 or 1800 180 0003 and following the instructions. For NRI customers, the number to call is +911244315200.

  • Renewal by Cheque/DD

    The Cheque or DD drew for premium payment can be sent to the corporate office or deposited with any HUB or branch. Additionally, at the HUB and Branch, one can also pay by swiping a card.

  • Online Payment

    By far the most convenient, the insurer portal has the Tab “Premium Payment” in the right panel of the home page. The steps to pay are:

    • Login with Client ID and date of birth
    • Choose the policy for renewal
    • Choose the payment option from the list
    • Input the requisite details for payment and Submit
    • Record the Receipt Number and save the acknowledgment for future use

How to Buy Canara HSBC OBC Life Insurance Plans?

The purchase mechanism at Canara HSBC OBC Life Insurance is hassle-free options of Offline and Online Purchase. The offline method is done through brick and mortar office or through the agent by submitting filled up the proposal form along with requisite documents. The online process, on the other hand, is convenient and user friendly at the insurer portal as well as at the aggregator. Of all the life insurance plans, only two are open for online purchases. The few steps required to complete the online purchase are:

  • Invoke the “Buy Now” Tab on the portal home page and compare plans and select
  • In the new page, enter personal details including Email and Cell along with gender and smoker or not

  • Select the sum assured, policy term, premium payment mode, spouse cover, optional riders and payout options to proceed

  • Receive the premium quote and pay the premium digitally

  • Complete the proposal form and submit documents
  • Receive Policy Document at the registered Email

About Canara HSBC OBC Life Insurance

Established in June 2008, the company operates through its Headquarters in Gurugram. It is a Joint Venture enterprise between three giants from the financial sector – Canara Bank, HSBC Insurance, and Punjab National Bank. They combine their expertise and resources spread over 40 pan India branch offices and   20000 + partner outlets ensuring penetration in Tier I, II, and III cities as well as the rural segment.  Boasting a portfolio of 32 life insurance products in the individual and group space, the company has a customer base of over 115 million.

FAQs

Written By: Paisawiki - Updated: 22 September 2020