Canara HSBC Life Insurance
  • Maturity Benefit
  • Cover till 99 Years
  • 98.57% CSR
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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.

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 2020-21, the company's annual premium was 5,116.03 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 2020-21, the claim settlement ratio of Canara HSBC OBC stands at 97.10, 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 3.19, as of FY 2020-21.
Canara HSBC OBC Life Insurance Key Features

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

Life Insurance Companies

Compare and buy the most suitable Life Insurance Plan from the below-mentioned IRDAI-approved Life Insurance companies.

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-

  • 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

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

Life Insurance Articles

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.

What Our Customers Have to Say

Customer Review Image

Prerna Kumari

Mumbai

July 11, 2022

Good company. Presents nice term insurance plans and flexible plans also. My husband has brought one for the family.

Customer Review Image

Priya Sangwan

Mumbai

July 11, 2022

IndiaFirst Term Insurance company ensures that your family s needs are looked after. One of the best companies offers a term plan per your needs.

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Priyanshi Deewan

Hyderabad

July 6, 2022

I recently received the claim amount of the policy that my husband had brought for us. I am glad that the company understands the needs of its customers and their families. Well done Canara HSB...

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Rishabh Kumar

Delhi

July 6, 2022

I bought a term plan with Canara HSBC for the protection of my family and have been satisfied with the benefits received. It is simple and easy to buy their plans.

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Samarth Gaur

Chennai

July 6, 2022

I am very happy with the term plans offered by the Canara HSBC Life Insurance company. The plans offer comprehensive coverage and I am sure will support my family after my demise.

Customer Review Image

Vipul Bhardwaj

Coimbatore

June 9, 2022

Bharti AXA is a good life insurance company, and I am sure if something ha[opens to me, the company will look after my family s needs.

Customer Review Image

Karan Veer

Mumbai

June 6, 2022

Kotak Mahindra company has fast customer service and sells good life insurance policies. I suggest all my friends and family also buy a life cover policy from Kotak Mahindra company.

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Urvashi R

Delhi

May 31, 2022

Hey everyone, just wanted to say that Kotak Mahindra Life Insurance is one of the best life insurance companies. You can even you should go for this company if you want to secure your family s ...