Canara HSBC OBC Life Insurance

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.

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-

Plans offered by Canara HSBC OBC Life Insurance

1. Canara HSBC Term Plans

   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)

2. Canara HSBC Child Plans

   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

3. 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.

   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

4. 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:

   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

5. 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:

   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

How to File a Claim for Canara HSBC OBC Life Insurance?

Canara HSBC OBC Life Insurance involves the following steps:

Claim Intimation

• 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-

How to Contact Canara HSBC OBC Life Insurance?

For Customers in India

For Customers Abroad