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 miscellaneous range of life insurance products which include 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.
Claim Settlement Ratio | 98.12% |
No. of Branches in India | 20,000+ |
Assets Under Management | Rs 14,854 Crores |
**Last Updated on 04-12-2020
Canara HSBC Life Insurance offers comprehensive life insurance plans to secure the future of your family in case of an unforeseen event. Below-mentioned are the various plan offered by Canara HSBC Life Insurance:
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.
Following are the term insurance plans by Canara HSBC OBC Life Insurance:
Canara HSBC OBC iSelect+ Term Plan ensures financial security for you and your family in case of unforeseen circumstances. The plan provides flexibility to choose from different coverage, benefit payout and premium payment options. It also offers discounts on premium for choosing a higher sum assured option and for female lives.
Eligibility Criteria:
Age at Entry | Minimum: 18 years Maximum: 65 years
|
Maturity Age | Minimum: 28 years Maximum: 80 years |
Minimum Sum Assured | Rs. 25 lakhs |
Premium Payment Term (years) | 10/15/20/25/up to Age 60 years |
**Last Updated on 04-12-2020
The values may vary as per the chosen plan option
Canara HSBC OBC POS - Easy Bima Plan is an affordable pure term insurance plan that provides financial protection to your loved ones. The plan offers a return of premiums on the date of maturity of the policy. In case of accidental death, double life coverage will be provided to support the family.
Eligibility Criteria:
Age at Entry | Minimum: 18 years Maximum: 55 years |
Maturity Age | Minimum: 28 years Maximum: 65 years |
Maximum Sum Assured | Rs. 15 lakhs |
Premium Payment Term | 5 Pay and 10 pay |
Policy Term (years) | 10/15/20 |
**Last Updated on 04-12-2020
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:
Canara HSBC OBC Life Smart Junior Plan is a non-linked savings cum protection life insurance plan developed to fulfil your child's education needs in the future. On maturity of the policy, the plan also provides Annual bonuses and Final bonus (if any).
Eligibility Criteria:
Age at Entry | Minimum: 18 years Maximum: 50 years |
Maturity Age | 70 years |
Minimum Sum Assured | Annual Mode : Rs 3,00,000 Monthly Mode: Rs 5,00,000 |
Premium Payment Mode | Annual and Monthly Mode |
**Last Updated on 04-12-2020
Canara HSBC OBC Life Smart Future Plan is comprehensive and unit-linked insurance, which offers long-term investment options to meet the various requirements like securing the child's future and building assets. Under this plan, one can modify the allocation of future premiums once in a policy year.
Eligibility Criteria:
Age at Entry | Minimum: 18 years Maximum: 51 years |
Maturity Age | Minimum: 28 years Maximum: 70 years |
Premium Payment Modes | Annual and monthly |
Policy Term (years) | 10/15/20/25 |
**Last Updated on 04-12-2020
The values may vary as per the chosen plan option
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:
Canara HSBC OBC Health First Plan offers higher health coverage at affordable premiums. It provides an increasing cover option for ever-increasing medical requirements. The plan waives off all future premiums on the first diagnosis of minor conditions of cancer and heart ailments.
Eligibility Criteria:
Age at Entry | Minimum: 18 years Maximum: 65 years |
Maturity Age | Minimum: 23 years Maximum: 80 years |
Maximum Sum Assured | Major Critical Illness - 50 lacs Heart Cover - 40 lacs (For Increasing Cover option, the maximum Sum Assured allowed is 25 lacs) Cancer Cover - 50 lacs |
Policy Term (years) | 5 to 40 |
**Last Updated on 04-12-2020
Canara HSBC OBC Life Savings Plans encourage regular savings along with the benefit of guaranteed income and bonus. They also provide loan facilities to cope up with the uncertainties of life.
Let us read about the various savings plans offered by Canara HSBC OBC Life Insurance:
Canara HSBC OBC Life Guaranteed Income Plan is a savings plan that offers guaranteed income for the entire policy tenure by paying a limited or one-time premium for the policy. The plan pays guaranteed maturity benefit and offers flexibility to choose the premium payment term as per your needs.
Eligibility Criteria:
Guaranteed Cash Back Option | Guaranteed Cashback with Premium Protection Option | Guaranteed Income Advantage Option | Guaranteed Single Pay Advantage Option | |
Age at Entry | Minimum: 0 years Maximum: 60 years | Minimum:18 years Maximum: 55 years | Minimum: 0 years Maximum: 60 years | Minimum: 8 years Maximum: 65 years |
Maturity Age | Minimum: 18 years Maximum: 75 years | Minimum: 28 years Maximum: 75 years | Minimum: 18 years Maximum: 75 years | Minimum: 18 years Maximum: 75 years |
Premium Payment Modes | Single pay, Annual, Half-Yearly, Quarterly & Monthly |
**Last Updated on 04-12-2020
The values may vary as per the chosen plan option
Canara HSBC OBC Life Easy Bachat Plan is a life insurance plan that helps in accumulating savings and provides protection to the family at affordable premiums. The plan offers guaranteed maturity benefit on payment of the due premiums of the policy.
Eligibility Criteria:
Age at Entry | Minimum: 18 years Maximum: 55 years |
Maturity Age | Minimum: 28 years Maximum: 65 years |
Maximum Sum Assured | Rs. 10 lakhs |
Premium Payment Modes | Annual, half-yearly, quarterly and monthly |
Premium Payment Term (years) | 5 pay/7 pay/10 pay |
Policy Term (years) | 10/15/20 |
**Last Updated on 04-12-2020
Canara HSBC OBC Life Guaranteed Savings Plan provides financial security to you and your family by building a corpus to achieve life goals like education of your child, buying a home, planning child's marriage, etc. The plan also ensures guaranteed additions every policy year and maturity benefit at the time of maturity.
Eligibility Criteria:
Age at Entry | Minimum: 0 years Maximum: 60 years |
Maturity Age | Minimum: 18 years Maximum: 75 years |
Premium Payment Modes | Annual, half-yearly, quarterly and monthly |
Premium Payment Term (years) | 5/7/10 |
Policy Term (years) | 10/12/15/20 |
**Last Updated on 04-12-2020
Canara HSBC OBC Life Money Back Advantage Plan ensures benefit money back payouts at key milestones during the policy term, along with a guaranteed lump sum amount at maturity. The plan provides financial support to the family (up to 16 years) after the death of the life assured.
Eligibility Criteria:
Age at Entry | Minimum: 8 years Maximum: 55 years |
Maturity Age | 71 years |
Minimum Sum Assured | Annual Mode ₹ 1,00,000 (for entry age from 8 to 50 years) ₹ 2,00,000 (for entry age from 51 to 55 years) Monthly Mode ₹ 3,00,000 (for entry age from 8 to 45 years) |
**Last Updated on 04-12-2020
Canara HSBC OBC Life Jeevan Nivesh Plan gives you a whole life insurance coverage and allows legacy planning through wealth creation. This is a one-time investment plan that offers regular returns for a lifetime.
Eligibility Criteria:
Age at Entry (Annual Mode) | Minimum: 18 years Maximum: 55 years |
Maturity Age (Annual Mode) | 80 years |
Minimum Sum Assured | Annual Mode ₹ 3,00,000 Monthly Mode ₹ 5,00,000 |
Policy Term (years) | 10/15/20/25/30 |
**Last Updated on 04-12-2020
The values may vary as per the chosen plan option
Canara HSBC OBC Life ULIP Plan is an insurance plus investment plan that offers you the dual benefit of creating wealth along with life cover. Let us look at the following Canara HSBC OBC Life ULIP plans:
Canara HSBC OBC Life Future Smart Plan is a unit-linked child plan that secures the financial future of your child even in your absence. Under this plan, you can increase or decrease the sum assured from the 6th policy year by paying all the due premiums.
Eligibility Criteria:
Age at Entry | Minimum: 18 years Maximum: 60 years |
Premium Payment Term (years) | Minimum: 10 Maximum: 25 |
Policy Term (years) | 10/15/20/25 |
**Last Updated on 04-12-2020
Canara HSBC OBC Life Grow Smart Plan is a whole life unit-linked plan that provides coverage throughout the lifetime. The policyholder needs to pay premiums for a limited period and get long-term life coverage. In case of death of the life assured, the policy is liable to pay death benefit to the nominee, which will be higher of:
Eligibility Criteria:
Age at Entry | Minimum: 7 years Maximum: 65 years |
Minimum Annual Premium | Rs. 25,000 |
Premium Payment Term | 10 years- No Limit |
Policy Term (years) | Whole life |
**Last Updated on 04-12-2020
Canara HSBC OBC Life Titanium Plus is unit-linked protection plus investment plan. The plan gives you the flexibility to manage & control the investment as per your needs and requirements. Also, loyalty bonuses and wealth boosters are rewarded throughout the policy term to enhance your savings.
Eligibility Criteria:
Age at Entry | Minimum: 0 years Maximum: 70 years |
Maturity Age | Minimum: 18 years Maximum: 80 years |
Premium Payment Modes | Annual, monthly and single |
Premium Payment Term (years) |
|
**Last Updated on 04-12-2020
The values may vary as per the chosen plan option
Canara HSBC OBC Life Smart Life Long Plan is a unit-linked life insurance policy, which assists you to build a corpus along with the provision of whole life insurance cover up to the age of 99 years. It offers the flexibility to select the premium paying term, along with the facility of switching and redirection among different fund options.
Eligibility Criteria:
Age at Entry | Minimum: 7 years Maximum: 65 years |
Minimum Premium |
|
Premium Payment Term (years) | Minimum: 10 years Maximum: 99 - (Age at entry) |
**Last Updated on 04-12-2020
Canara HSBC OBC Life Insure Smart Plan is a unit-linked insurance plan that helps you to accumulate wealth with the flexibility of paying premiums for 5 years. It also provides life coverage of 10 years and allows switching between various fund options. One can make partial withdrawals in the policy from the 6th policy year.
Eligibility Criteria:
Age at Entry | Minimum: 8 years Maximum: 70 years |
Sum Assured | Minimum:
Maximum: 35 x Annualized Premium subject to underwriting |
Policy Term (years) | 10 (fixed) |
**Last Updated on 04-12-2020
The Canara HSBC OBC Life Smart Goals Plan is a unit-linked insurance plan with two options for life cover. With this plan, policyholders can plan and prepare for future goals to offer complete financial protection to their families.
Eligibility Criteria:
Option 1 | Option 2 | |
Age at Entry | Minimum: 8 years Maximum: 64 years | |
Maturity Age | Minimum: 18 years Maximum: 74 years | Minimum: 23 years Maximum: 79 years |
Policy Term | 10 years (Fixed) | 15/ 20 / 25 years |
**Last Updated on 04-12-2020
Canara HSBC OBC Retirement Plans secure your post-retirement life so that you don’t have to worry about the financial burdens and live a decent life. Let us look at the following Canara HSBC OBC Life retirement plans:
Canara HSBC OBC Life Secure Bhavishya Plan is a life insurance retirement product, which offers the advantage of equity participation that increases your retirement corpus. It offers guaranteed vesting benefit of 101% of premiums paid (inclusive of top-up premiums). It also provides flexibility to choose premium payment modes, vesting age and premium payment term (as per your needs).
Eligibility Criteria:
Age at Entry | Minimum: 25 years Maximum: 70 years |
Maturity Age | Minimum: 40 years Maximum: 80 years |
Premium Payment Modes | Annual and monthly |
Premium Payment Term | Single pay, limited pay and regular pay |
**Last Updated on 04-12-2020
Canara HSBC OBC Life Invest 4G Plan offers wealth boosters, loyalty additions along with the return of mortality charges (during the maturity of the policy) that results in optimizing your savings.
Eligibility Criteria:
Age at Entry |
**Last Updated on 04-12-2020 | ||||||||||
Maximum Maturity Age |
|
**Last Updated on 04-12-2020
Canara HSBC OBC Life Smart Monthly Income Plan offers guaranteed monthly income for 15 years to financially secure your loved ones, along with a life cover of 25 years. It also offers a loan facility to meet your liquidity needs.
Eligibility Criteria:
Age at Entry | Minimum: 18 years Maximum: 55 years |
Maturity Age | Minimum: 43 years Maximum: 80 years |
Sum Assured | 100 times the chosen monthly income |
Premium Payment Modes | Annual and monthly |
**Last Updated on 04-12-2020
Canara HSBC OBC Life Smart Future Income Plan secures you and your family's future financially. The plan offers life coverage for 25 years, along with regular guaranteed income (up to 15 years) for post-retirement life.
Eligibility Criteria:
Age at Entry | Minimum: 18 years Maximum: 55 years |
Maturity Age | Minimum: 43 years Maximum: 80 years |
Sum Assured | 100 times the chosen monthly income |
Premium Payment Term (years) | 10 |
Policy Term (years) | 25 |
**Last Updated on 04-12-2020
Canara HSBC OBC Pension4Life Plan provides a regular guaranteed income stream to meet your needs post-retirement. The plan also offers a wide range of annuity options to choose from.
Eligibility Criteria:
Age at Entry | Minimum: 45 years Maximum: 80 years |
Minimum Annuity Installment | Rs 1,000 per month |
**Last Updated on 04-12-2020
Canara HSBC OBC Group life insurance plans are solutions provided to an employer or an entity so that they can cover the members of the group or organisation. These plans offer financial security to the employees and their families during the uncertainties of life. One can enjoy tax advantages under these policies as per the prevailing income tax laws.
Here's a list of Canara HSBC OBC Group Life insurance plans:
Canara HSBC OBC Life Group Advantage Term Plan, a group term assurance plan that can be renewed yearly and provides life coverage and financial protection at low costs. Not only this, but the plan also offers the flexibility to choose one or both of the below-mentioned coverage options:
Eligibility:
Criteria | Coverage Option - Death Only | Coverage Option - Death & ADB |
Age at Entry (last birthday) | Minimum: 18 years Maximum: 79 years | Minimum: 18 years Maximum: 69 years |
Maximum Cover Ceasing Age | 80 years | 70 years |
Minimum Sum Assured | Rs. 5,000 | Rs. 2 lakhs |
Premium Payment Modes | Single, semi-annual, quarterly and monthly | |
Minimum Group Size | 50 members |
**Last Updated on 04-12-2020
Canara HSBC OBC Life Group Term Edge Plan is a pure risk group term plan that provides coverage to the group members against critical illnesses and terminal illnesses. The plan offers rebates in case the group's total premium exceeds an amount equal to Rs. 2 crores in a year. As per the provisions of the Employees Provident Fund and Miscellaneous Provisions Act, 1952, risk cover is provided in lieu of EDLI Scheme.
Eligibility Criteria:
Age at Entry (last birthday) | Minimum: 18 years Maximum: 80 years |
Maximum Cover Ceasing Age | 81 years |
Minimum Sum Assured | Death Benefit: Rs. 5000 per member Terminal Illness Benefit: Rs. 5000 per member Critical Illness Benefit: Rs. 1000 per member |
Premium Payment Modes | Yearly, Half-Yearly, Quarterly & Monthly |
Policy Term | 1 year |
Minimum Group Size | 10 members |
**Last Updated on 04-12-2020
The values may vary as per the chosen plan option
Canara HSBC OBC Pradhan Mantri Jeevan Jyoti Bima Yojna is a non-linked and non-participating group term insurance plan that secures the future of your family at an affordable premium without any medical tests.
Eligibility Criteria:
Age at Entry | Minimum: 18 years (last birthday) Maximum: 50 years (nearest birthday) |
Maximum Cover Ceasing Age | 55 years (nearest birthday) |
Sum Assured | Rs. 2 lakhs |
Policy Term | 1 year renewable |
**Last Updated on 04-12-2020
Canara HSBC OBC Life Sampoorna Kavach Plan is a traditional, and non-participating plan that safeguards the family of your employee at the time of his/her unfortunate demise. The enrolment process of the plan is simple and hassle-free. Also, no medical check-ups are required to get coverage under the policy.
Eligibility Criteria:
Age at Entry | Minimum: 18 years (last birthday) Maximum: 60 years (nearest birthday) |
Minimum Sum Assured | Rs. 5000 per member |
Maximum Sum Assured | Rs. 50,000 per member |
Policy Term | 1 year renewable |
**Last Updated on 04-12-2020
Canara HSBC OBC Life Group Credit Secure Plan has been launched specifically for financial entities such as banks and lending institutions. It provides loans like home loan, vehicle loan, education loan, personal loan, etc. Under the policy, the life assured can choose between 12 risk cover options.
Eligibility Criteria:
Minimum Age at Entry |
For 'coverage option 1': 12 years For 'coverage options 2 to 12': 18 years
|
Maximum Age at Entry |
|
Maximum Cover Ceasing Age |
|
Minimum Sum Assured | Rs. 5000 |
Minimum Group Size | 50 members |
**Last Updated on 04-12-2020
Canara HSBC OBC Life Group Secure Plan is an ideal solution to provide financial protection against the liabilities of the borrower’s family in case (s)he dies. The plan also offers the risk coverage option, and allows the policyholder to choose between a) Death cover only b) Death and TPD cover.
Eligibility Criteria:
Age at Entry (last birthday) | Minimum:
Disability (TPD) benefit Maximum: 64 years |
Maximum Cover Ceasing Age | 69 years |
Minimum Sum Assured | Rs. 10,000 per member |
Maximum Sum Assured | No limit, as per policy terms and conditions |
**Last Updated on 04-12-2020
Canara HSBC OBC Life Group Traditional Plan is a Non-Linked Non-Par Life/Pension Group Savings Insurance Plan, which caters to needs of employers, trustees or group administrator who are willing to fund their group member’s retirement and other welfare benefit schemes such as gratuity, leave encashment, post-retirement medical benefits, etc.
Eligibility:
Criteria | Minimum | Maximum |
Age at entry (last birthday) | Higher of
| Lower of
|
Maturity Age (last birthday) | Not applicable | Lower of
|
Group Size | 10 members | No limit |
**Last Updated on 04-12-2020
Safety & Security
No matter how much we grow, fear of a sudden loss is always there and therefore, Canara HSBC life insurance products offer complete financial assistance to the family of the insured person even after his/her demise.
Financial Resources
Canara HSBC OBC life insurance helps in covering accumulated capital in investments and mitigating the loss. Choosing a suitable Canara HSBC investment plan (as per your needs) can assist in building a huge corpus for the future.
Encourages Savings
Canara HSBC OBC savings plans allow you to do systematic savings with the help of regular premium payments and return on investments. You will also get a lump sum amount at the time of maturity of the savings plan. Thus, these plans help to develop savings habits.
Income Tax Advantages
There is no doubt that the customer will enjoy guaranteed tax benefits with Canara HSBC OBC life insurance plans. You can avail tax advantages on the benefit received and paid premiums under Section 10(10D) and Section 80C of the Income Tax Act, 1961.
PolicyX.com is the Insurance Regulatory and Development Authority of India (IRDAI) certified web insurance aggregator company. Here's a list of primary features offered by PolicyX.com to fulfil all your insurance needs:
Claim Registration:
The nominee/claimant has to intimate about the claim to the company by filing a claim form and submitting it to the head office or the nearest branch of Canara HSBC OBC office. The claim form can be collected from any respective bank branches or offices. On receipt of the form, the company will register the claim.
Document Required For Claim Settlement:
You have to submit a few documents while filing a claim. Here is the list for the same-
Claim Processing & Settlement:
Once the company has received all the necessary documents, they 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.
For Customers in India
Contact Address:
Canara HSBC OBC Life Insurance Company Ltd,
2nd Floor, Orchid Business Park, Sector - 48, Sohna Road, Gurugram - 122018, Haryana,
India
Customer Support:
Phone: 1800-103-0003/1800-180-0003 (MTNL/BSNL)
Monday to Sunday - 8:00 AM to 8:00 PM IST
7 days a week - 9:00 AM to 6:00 PM IST
For Customers Abroad:
Contact Address:
Unit No.208, 2nd Floor, Kanchenjunga Building, 18 Barakhamba Road, New Delhi - 110001, India
Customer Support:
Phone: Monday to Sunday - 8:00 AM to 8:00 PM IST
0124-4315200
E-mail: customercare.NRI@Canarahsbclife.in
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*Terms and Conditions May Apply
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:
Last updated on 04-12-2020
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