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Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited was founded in 2008 and is headquartered in Gurugram, Haryana. The company is a joint venture between Canara Bank (51%), HSBC Insurance (Asia Pacific) Holdings Limited (26%), and Punjab National Bank merged with OBC (23%). The company has a well-organized distribution network across the country in Tier 1, 2, and 3 markets (including the rural areas).
Canara HSBC Life Insurance offers a wide range of life insurance products which includes term insurance plans, child insurance plans, health insurance plans, savings plans, retirement plans, and group insurance plans that can be customized according to the requirements of its customers.
Awards and Recognition
To make your selection process convenient, we have come up with some of the crucial factors that you can use to base your judgment on. These factors include annual premium, claim settlement ratio, and solvency ratio. We have highlighted Canara HSBC OBC's performances in these aspects as per the latest IRDAI report.
Let's understand the features mentioned above in detail-
Canara HSBC OBC Term Insurance Plans are custom-made solutions designed to meet the specific requirements of its customers. These term insurance plans offer whole life cover, multiple payout options, the return of premiums, and increasing life coverage options.
Plans | Entry Age | Maximum Maturity Age | Sum Assured |
iSelect Star Term Plan | 18-65 years | 80 years For Whole Life Coverage Under Plan Option Life - 99 years For ADB / ATPD - 75 years | As per Board Approved Underwriting Policy (BAUP) For ADB: Rs 3Crores For ATPD PPP: Rs 1 Cr. For non-working Spouse: Rs. 25 Lakhs |
iSelect Smart 360 Term Plan | 18-65 years | 99 years | NA |
POS- Easy Bima Plan | 18-55 years | 65 years | Rs. 15,00,000 |
Saral Jeevan Bima | 18-65 years | 70 years | Rs. 5,00,000 to Rs. 25,00,000 (Sum Assured can opt-in multiples of Rs. 50,000) |
know More About Canara HSBC Term Plan
Canara HSBC OBC Child Insurance Plans are specially designed to allow policyholders to save money to secure their child's future goals. These plans offer financial protection to your child at the time of higher education, marriage, etc.
Let us look at the Canara HSBC OBC Life Child Insurance Plans as follows:
Plans | Entry Age | Max. Maturity Age | Sum Assured |
Smart Junior Plan | 18-50 years | 70 years | Annual Mode: Rs. 3,00,000 Monthly Mode: Rs. 5,00,000 |
Future Smart Plan | 18-60 years | NA | For ages below 45: 10,15,20 years term: 10 x Annualized Premium 25 years term: 12.5 x Annualized Premium For ages 45 & above: 7 x Annualized Premium |
Smart Future Plan | 18-60 years | 69 years | For ages below 45: Higher of (0.5 x policy term x Annualized Premium) OR 10 x Annualized Premium For ages 45 & above: 7 x Annualized Premium |
Canara HSBC OBC Life Savings Plans encourage regular savings along with the benefit of guaranteed income and bonuses. They also provide loan facilities to cope with the uncertainties of life.
Plans | Entry Age | Max. Maturity Age | Sum Assured |
Money Back Advantage Plan | 8-55 years | 71 years | Rs.1 Lakh (for entry age from 8 to 50 years) Rs. 2 Lakhs (for entry age from 51 to 55 years) Rs. 3 Lakhs (for entry age from 8 to 45 years) |
Titanium Plus Plan | 0-70 years | 80 years | NA |
Easy Bachat Plan | 18-55 years | 65 years | Rs 10 Lakhs |
Invest 4G Plan | 0-80 years | Up till age 100 years | For Single Premium- 1.25 or 10 times Single Premium basis Age at Entry For Regular/ Limited Premium- 10 times Annualized Premium |
Canara HSBC OBC Retirement Plans secure your post-retirement life so that you don't have to worry about financial burdens and live a decent life. Let us look at the following Canara HSBC OBC Life retirement plans:
Plans | Minimum Entry Age | Maximum Entry Age | Policy Tenure |
Secure Bhavishya Plan | 25 years | 70 years | 80 yeras |
Pension 4 Life Plan | 30years | 80 years | NA |
Saral Pension Plan | 40 years | 80 years | NA |
Canara HSBC OBC Health Insurance Plan protects you and your family from medical worries and ensures financial security. Below-mentioned is the health plan offered by Canara HSBC OBC Life Insurance:
Plans | Entry Age | Maximum Maturity Age | Sum Assured |
Health First Plan | 18-65 years | 80 years | Minimum Major Critical Illness - 5 lakhs Heart Cover - 5 lakhs Cancer Cover - 5 lakhs Maximum Major Critical Illness - 50 lakhs Heart Cover - 40 lakhs (For Increasing Cover option, the maximum Sum Assured allowed is 25 lakhs) Cancer Cover - 50 lakhs |
Canara HSBC OBC Life Insurance involves the following steps:
Claim Intimation
Claim Processing and Settlement
Once the company has received all the necessary documents, it will process the claim for further verification. Upon successful verification process of the claim, the insurer will disburse the claim amount into the nominee/claimant's bank account.
The insured is required to submit the following documents during the claim process. Here is the list for the same-
For Customers in India
Canara HSBC OBC Life Insurance Company Ltd,2nd Floor, Orchid Business Park, Sector - 48, Sohna Road, Gurugram - 122018, Haryana,India
customerservice@canarahsbclife.in
1800-103-0003/1800-180-0003 (MTNL/BSNL) Monday to Sunday - 8:00 AM to 8:00 PM IST
For Sales Service: 1800-258-5899 7 days a week - 9:00 AM to 6:00 PM IST
For Customers Abroad
Unit No.208, 2nd Floor, Kanchenjunga Building, 18 Barakhamba Road, New Delhi - 110001, India
customercare.NRI@Canarahsbclife.in
Monday to Sunday - 8:00 AM to 8:00 PM IST 0124-4315200
The lock-in period for Canara HSBC OBC Invest 4G Life Insurance policy is 5 consecutive policy years from the policy initiation date.
There are 3 investment fund options available under the Canara HSBC OBC Life Secure Bhavishya Plan, viz., Pension Growth Fund, Pension Balanced Fund and Pension Debt Fund.
Canara HSBC OBC Life Insurance offers the following term life insurance riders under its iSelect+ Term Plan:
You can avail a secured loan against a child education plan. The loan can be used to fund the higher education of the child.
Yes, Canara HSBC OBC Life Insurance policies are also available for NRIs.
Canara HSBC Insurance uses the huge branch network of Canara Bank and Punjab National Bank to reach out to their diverse customer base.
Yes, under Section 10 and Section 80C of the Income Tax Act, you can avail of tax benefits on Canara Life Insurance premium payments.
The Canara HSBC premium calculator gives precise premium information that helps you to make an informed decision.
To apply online, customers need to visit the official website of Canara Bank HSBC Life Insurance and apply for online insurance.
You can check Canara HSBC life insurance policy details by following the below-mentioned steps:
Compare and buy the most suitable Life Insurance Plan from the below-mentioned IRDAI-approved Life Insurance companies.
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