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Canara HSBC Investment Plans: Overview
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 rural areas.
Canara HSBC Investment Plans are designed to offer life coverage along with maturity benefits to ensure wealth creation. Various investment plans are offered by Canara HSBC, and you can choose the one that best fits your requirements and risk appetite.
Key Offerings of Canara HSBC Investment Plans
Canara HSBC Investment Plans ensure to look after your investment needs by offering:
- Financial Security
- Wealth Creation
- Goal Planning
- Tax Benefits
Features of Canara HSBC Life Insurance
Canara HSBC Life Insurance offers several key features:
- Good Solvency Ratio: Canara HSBC Life Insurance has a Solvency Ratio of 2.7 as per the IRDAI annual report 2023-24.
- Highest Claim Support: As per the IRDAI annual report of 2023-24, the claim support of Canara HSBC Life Insurance is 99.01%.
- Annual Premiums: As per the annual report of IRDAI 2023-24, the annual premium of Canara HSBC Life Insurance is Rs. 7,197.38 Cr.
- PAN India Presence: Canara HSBC Life has a PAN India presence with over 100 branch offices across India.
Benefits of Canara HSBC Life Investment Plans
There are multiple benefits of Canara HSBC Life Investment Plans. Read below to understand the advantages provided by the insurer.
Wealth Creation
Canara HSBC Investment Plans help you accumulate a lump sum amount to fulfill your future financial goals.
Financial Coverage
Canara HSBC Investment Plans offer financial safety to your loved ones in case something unfortunate happens to you.
Future Planning
Canara HSBC Investment Plans help to accomplish your future goals such as child education, retirement planning, etc.
Additional Rider Options
Canara HSBC Investment Plans offer you the option to choose additional riders as per your requirements by paying an additional amount.
Tax Benefits
Tax benefits can be availed for premium payments of Canara HSBC Investment plans under the Income Tax Act 1961.
Riders You Can Avail With Canara HSBC Investment Plans
| Name of the Rider | Benefits |
|---|---|
| Canara HSBC Critical Illness Rider | In case you are diagnosed with a critical illness such as a heart attack, cancer, or kidney failure, a lump sum amount is offered. |
| Canara HSBC Accidental Death Rider | If the policyholder dies due to an accident, the nominee will receive the applicable rider benefits. |
| Canara HSBC Waiver of Premium Rider | Future premiums are waived off in case you suffer death or disability due to an accident. |
| Canara HSBC Accelerated Death Benefit Rider | Rider benefits are paid in case you are diagnosed with any of the critical illnesses mentioned in the brochure. |
Exclusions of Canara HSBC Investment Plans
- If a policyholder commits suicide during the first 12 months after obtaining the insurance, the nominee receives no death benefit. They receive just the premiums paid up to the date of the incident or the policy's surrender value, whichever is greater.
Documents Required
Here is the list of documents required to buy Canara HSBC Life Insurance:
Photo ID Proof
Any one of the following: Passport, Aadhaar card, PAN card, Driving license.
Age Proof
Any one of the following: Passport, Aadhaar card, PAN card, Driving license.
Address Proof
Any one of the following: Utility bill, Passport, Voter ID, Ration Card.
Medical Records
Medical records of the policyholder, if requested.
Income Proof
Any one of the following: Bank statement, last three months' salary slips (for salaried individuals).
How to Calculate Premiums
- Visit the official website of Canara HSBC Life Insurance Company.
- Click on 'Investment plans' on the navigation bar and select the plan you want to buy.
- Click on the 'buy now' button and fill in the required details.
- Tap on 'next' and select a plan as per your requirements.
- Select the cover option you want and make your payment. Once the payment is made, you will get a payment confirmation at your registered email address.
How to Port Your Policy
- Visit the official website of PolicyX.com.
- Click on the 'Investment' tab.
- A new page will appear on the screen.
- Fill out the form at the top of the page with the necessary details.
- Select your income and city. Click on 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click on 'Buy this plan'.
- Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.
