Paisawiki is a Part of
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.
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.
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:
Life insurance policies backed by three financial sector giants
User-friendly portal
Claim Settlement Ratio of 95.22% as on 31st March 2019
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 |
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).
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:
| 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 |
Single, Limited & Regular |
|
| POS Easy Bima Plan | 50,000 | 15 Lakh | 10 | 20 |
10 Years: 2219 |
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.
Key Benefits:
| 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 |
||
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.
| 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 |
|
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.
Options to choose from three individual investment plans which support life protection along with multiplication of savings
| 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. |
|
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.
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
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.
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:
The diverse portfolio of plans in each genre requires an analysis of eligibility criteria individually.
| 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 |
| 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 | - |
| 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 |
| 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 |
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.
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.
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.
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.
Death certificate from the appropriate authority
KYC document of the claimant
Bank account details of the claimant for NEFT
There are several renewal premium payment options available for Canara HSBC OBC Life Insurance Plans, both in the offline and online modes.
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.
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.
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:
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:
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
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