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
Digital Marketing Award at 2nd Digimarcon Leadership Summit in 2021
CSR Leadership Award for Project Unnati in 2021
Life Insurance Company of the year 2020 - CMO Asia
The Economic Times Best Brands 2020
Life Insurance Company of the Year Award 2020
Best Use of Data Analytics in Predictive Modeling Award 2020
Best Risk Technology Implementation of the Year Award 2020
Key Features of Canara HSBC OBC Life Insurance
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-
Annual Premium It determines the business volume, business reputation, and growth of the insurance company. In the financial year of 2021-22, the company's annual premium was 5,889.92 Crores.
Claim Settlement Ratio It is the number of claims settled by the insurer that helps potential buyers determine a company's claim settlement ability. As per IRDAI Annual Report 2021-22, the claim settlement ratio of Canara HSBC OBC stands at 98.44, indicating the timely settlement of claims.
Solvency Ratio The Solvency ratio is a crucial factor that should be considered when selecting an insurance company. It measures the ability of a company to pay its long-term liabilities such as debt and interest on the debt. IRDAI has made it mandatory for all insurers to have a healthy solvency ratio of at least 1.5. The Solvency Ratio of Canara HSBC OBC Life Insurance is 2.8, as of FY 2021-22.
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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.
Maximum Maturity Age
iSelect Star Term Plan
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
POS- Easy Bima Plan
Saral Jeevan Bima
Rs. 5,00,000 to Rs. 25,00,000 (Sum Assured can opt-in multiples of Rs. 50,000)
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:
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
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 Savings Plans
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.
Max. Maturity Age
Money Back Advantage Plan
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
Easy Bachat Plan
Rs 10 Lakhs
Invest 4G Plan
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 Retirement Plan
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:
Minimum Entry Age
Maximum Entry Age
Secure Bhavishya Plan
Pension 4 Life Plan
Saral Pension Plan
Canara HSBC Health Plan
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:
Maximum Maturity Age
Health First Plan
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
How to File a Claim for Canara HSBC OBC Life Insurance?
Canara HSBC OBC Life Insurance involves the following steps:
The nominee/claimant has to intimate about the claim to the company by filing a claim form.
Submit the claim form to the head office or the nearest branch of the Canara HSBC OBC office along with the required documents such as photo ID and address proof.
The claim form can be collected from any respective bank branch or office.
On receiving the completed form, the company will register the claim.
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.
Documents Required for Claim Process
The insured is required to submit the following documents during the claim process. Here is the list for the same-
The death certificate
Original policy documents
ID and address proof of the beneficiary
Age proof of insured
Discharge from (from the hospital)
Medical certificate (as proof of the cause of death)
Police FIR (in case of unnatural death)
Bank account details of the beneficiary
How to Contact Canara HSBC OBC Life Insurance?
For Customers in India
Canara HSBC OBC Life Insurance Company Ltd,2nd Floor, Orchid Business Park, Sector - 48, Sohna Road, Gurugram - 122018, Haryana,India
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
Monday to Sunday - 8:00 AM to 8:00 PM IST 0124-4315200
Canara HSBC OBC Life Insurance Plans: FAQs
1. What is the lock-in period for my Canara HSBC OBC Invest 4G Life Insurance policy?
The lock-in period for Canara HSBC OBC Invest 4G Life Insurance policy is 5 consecutive policy years from the policy initiation date.
2. How many investment fund options are available under my Canara HSBC OBC Life Secure Bhavishya Plan?
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.
3. Are there any riders available under Canara HSBC OBC Life Term Insurance Plan?
Canara HSBC OBC Life Insurance offers the following term life insurance riders under its iSelect+ Term Plan:
Accidental Death Benefit (ADB)Accidental Total & Permanent Disability (ATPD) – Premium Protection
Accidental Total & Permanent Disability (ATPD) – Premium Protection
Accidental Total & Permanent Disability (ATPD) – Premium Protection Plus
Child Support Benefit (CSB)
4. Can I take a loan on the Canara HSBC OBC Child Education 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.
5. Are these Canara HSBC OBC Life Insurance policies available for NRIs?
Yes, Canara HSBC OBC Life Insurance policies are also available for NRIs.
6. How has Canara HSBC Life Insurance managed to reach across pan India?
Canara HSBC Insurance uses the huge branch network of Canara Bank and Punjab National Bank to reach out to their diverse customer base.
7. Can I save on income tax by investing in Canara Life Insurance?
Yes, under Section 10 and Section 80C of the Income Tax Act, you can avail of tax benefits on Canara Life Insurance premium payments.
8. Why should one use the Canara HSBC premium calculator?
The Canara HSBC premium calculator gives precise premium information that helps you to make an informed decision.
9. How I can apply for the online insurance plans offered by Canara Bank HSBC Life Insurance?
To apply online, customers need to visit the official website of Canara Bank HSBC Life Insurance and apply for online insurance.
10. How I can check the Canara HSBC Life Insurance Policy Details?
You can check Canara HSBC life insurance policy details by following the below-mentioned steps:
Visit the official website of Canara HSBC Life Insurance
Click on the Login porta
Enter the details such as register email id, mobile number, user id, etc.
You will receive an OTP on your registered mobile number
After successful login, enter the policy number and click on "Continue"
You can check the policy details displayed on the screen.
Life Insurance Companies
Compare and buy the most suitable Life Insurance Plan from the below-mentioned IRDAI-approved Life Insurance companies.