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Canara HSBC Term Plans
  • Accidental Dealth Cover
  • Cover Your Spouse in Same Policy
  • Inbuilt Terminal Illnesses Feature
  • Rebate For Higher Sum Assured
  • Tax Benefit Under 80C & 10D

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Canara HSBC OBC Term Plan

Canara HSBC OBC is among the best life insurance company operating due to outstanding performance in insurance. Canara HSBC OBC keeps on flooding new term plans to assist the growing population in accomplishing protection goals and financial safety of the family.

Benefits of Canara HSBC OBC Term Plan

Simple claim procedure

Simple Claim Procedure

The claim process designed by Canara HSBC OBC life insurance is easy to follow without any involvement of efforts.

High coverage options

High Coverage Options

By choosing high coverage, the assured is indirectly preparing himself and his family from the future increase in the inflation rate and other financial risks related to economics.

Lifelong Protection to the family

Lifelong Protection to the Family

The four Canara HSBC OBC term plans discussed below offers long life protection up to a maximum of 80 years.

Tax benefits

Tax Benefits

All the term plans introduced by Canara HSBC OBC life insurance contains tax benefits with regard to Section 80C and 10 (10D) under the Income Tax Act. The premiums paid for a term plan will receive a tax deduction on the income tax submitted each year on the annual income.

Easy and quick claim settlement process

Easy and Quick Claim Settlement Process

The online process of claim intimation and processing has made the claim settlement more convenient and quick for the policyholders. By providing this facility, Canara HSBC OBC term plans have earned a good reputation among its customers.

Special rate of premium for non-smokers

Special Rate of Premium for Non-smokers

Not only females are given due importance but policyholders who maintain a healthy and influencing lifestyle by not consuming tobacco are also offered rebates on the premiums. There is a significant difference between premium rates for non-smoker and smokers.

Flexibility

Flexibility

Nobody wants to be in restrictions and want variant choices in life. Keeping this need in mind, Canara HSBC has included the feature of flexibility in selecting premium paying term, policy term, and sum assured options.

Value of Brand in the market

Value of Brand in the market

Canara HSBC OBC Life Insurance company has been formed by the joint planning of three banks Canara Bank, HSBC bank and Oriental Bank of Commerce. Canara and OBC bank are nationalized banks with millions of satisfied customers present all over the country whereas HSBC is an international bank operating in 71 countries with 45 millions of customers.

Lower premiums for female

Lower Premiums for Female

Canara HSBC life insurance company has settled for a lower rate of premium exclusively for women. The age taken to decide the amount premium for females would be Actual Age minus 4 years. For instance, if a female is taking term insurance cover at the age of 35 years, then she has to deposit premium according to the age of 31 years (35 years minus 4 years).

Canara HSBC OBC Term Plans

  • Canara HSBC iSelect Term Plan
  • Canara HSBC Smart Suraksha Plan
  • Canara HSBC POS- Easy Bima Plan
  • Canara HSBC eSmart Term Plan

Canara HSBC iSelect Term Plan

Canara HSBC iSelect Term Plan

This online term plan of Canara HSBC offers the benefit of increasing sum assured to fight inflation and simultaneously meeting all the protection needs of the family.

Benefits offered-

  • Include your spouse while buying this Canara HSBC OBC term plan.
  • Increase the coverage by 25% during the term of policy by choosing the increasing cover option.
  • Enjoy the optional in-built cover such as Accidental Total & Permanent Disability Benefit and Accidental Death Benefit.

    Accidental Death BenefitAccidental Total & Permanent Disability Benefit
    Minimum Sum Assured25,00,00025,00,000
    Maximum Sum Assured3,00,00,0001,00,00,000
  • Choose coverage option, premium paying frequency, and policy term according to your financial requirements.
  • Death benefit payout on happening of the death of life assured in any of the four methods chosen during the purchase of the policy.

    1. Lumpsum payment of the entire sum assured
    2. Lumpsum payment of 50% of the sum assured plus fixed monthly income for 120 months
    3. Fixed and continuous monthly income for 120 months to the beneficiaries.
    4. Regular monthly income payout to the family for the whole policy term.

Canara HSBC Smart Suraksha Plan

Canara HSBC Smart Suraksha Plan

An ultimate protection plan that promises comprehensive term coverage at an economical cost and also assures optional cover for accidental death or/and total and permanent disability.

Benefits offered-

  • Special premium rates for policyholders who are non-smokers and maintain a healthy lifestyle.
  • Discounted rates of premium for females term plan buyers and young age buyers.
  • Rebates on the premium if the higher sum assured (1 crore or more) is purchased.
  • Death Benefit will be paid as per the Smart Suraksha plan option preferred-

    1. Life Cover: The sum assured will be paid directly into the account of nominee/ beneficiaries.
    2. Accident Plus: Nominee will receive basic life insurance cover plus additional accidental death benefit. Assured can opt for sum assured not more than Rs 3 crores.
    3. Disability Plus: This plan option gives financial support to the assured and his family when an accidental death or accidental permanent disability arises which can negatively impact the future of family. On death, the nominee will obtain basic insurance coverage in addition with extra accidental death cover and accidental total & permanent disability.

Canara HSBC POS- Easy Bima Plan

Canara HSBC POS- Easy Bima Plan

This Canara HSBC OBC term plan is an amalgamation of life and term insurance where it pays a death benefit (on death) and maturity benefit (on survival).

Benefits offered-

  • Doubles the sum assured in circumstances of accidental death.
  • Refunds the premium as a maturity benefit when assured survives till the end of the policy term.
  • 100% payment of sum assured on death(not occurred due to accident)
  • 100% payment of basic sum assured with additional accidental death sum assured which is equal to the basic sum assured.

    For instance, if Rs 3 lakhs of sum assured is opted and after some years death occurred due to an accident, then Rs 6 lakhs will be provided where additional accidental death benefit of Rs 3 lakhs is provided.

  • No need to undergo a medical examination to qualify for the claim and policy purchase.

Canara HSBC eSmart Term Plan

Canara HSBC eSmart Term Plan

It is a pure protection plan which was initiated by Canara HSBC Life to provide financial assistance to the family on the death of life assured caused by illness or accidents.

Benefits offered-

  • Get higher term insurance coverage at an affordable cost of the premium.
  • Online facility for smooth and quick settlement of the claim.
  • Assured protection of family from uncertain accidental death through the option of Accidental Death Benefit rider.
  • Freedom to choose the sum assured and the policy term.

Eligibility Criteria for Canara HSBC OBC Term Plan

Canara HSBC OBC Term PlaniSelect Term PlanSmart Suraksha PlanPOS- Easy Bima PlaneSmart Term Plan
Minimum Age of Entry18 years
  • 18 years (for policy term for more than 5 years)
  • 40 years (for policy term for more than 5 years)
18 years18 years
Maximum Age of Entry70 years65 years55 years70 years
Maximum Age of Maturity80 years75 years28 years to 65 year75 years
Term of the Policy5 years to 40 years5/ 10/ 15/ 20/ 25/ 30 years
Up to 60 years (for age between 30 to 55 years)
10/ 15/ 20 years5/ 10/ 15/ 20/ 25/ 30/ 35/ 40 years
Minimum Sum AssuredRs 25 lakhsRs 20 lakhsRs 50,000Rs 25 lakhs
Maximum Sum AssuredNo limitations (regards to underwriting)No limitations (regards to underwriting)Rs 15 lakhsNo limitations (regards to underwriting)
Premium Paying TermSame as the policy termSame as the policy term
  • 10 years policy term- 5 pays
  • 5 years policy term- 10 pays
  • 20 years policy term- 10 pays
Same as the policy term
Premium Paying FrequencyYearly/ MonthlyYearly/ MonthlyYearly/ MonthlyYearly

Exclusions

When the life assured commits suicide disregard of the medical condition of the assured, the nominee will be paid an amount equal to 80% of the premium deposited till date starting from the date of inception of the policy or renewal of the term policy.

FAQs

Yes, free look period of 15 days is given when you buy a term insurance plan. The objective to give proper time to the assured to read all the terms and conditions in details. Thereafter, analyzing each and every clause for taking decision to continue the policy.

If assured is not satisfied with terms and conditions, then all the premium paid till the period will be returned by deducting stamp duty charges and proportionate risk premium.

It is the disability caused due to an accident that makes the assured totally unable to live independently and hinders the daily activities practiced before the disability. A policyholder is considered as disabled if he/ she accomplishes any of the below-listed disabilities-

  • Unable to dress, bath, maintain personal hygiene, eat, etc
  • Loss of limb (one arm or one leg)
  • Loss of eyesight in one eye
  • Eyesight loss in both eyes
  • Loss of more than one limb
  • Loss of eyesight plus loss of one limb

The claim information can be circulated to Canara HSBC OBC life insurance through-

  • Fill the claim intimation form and submit it to the bank branch or to the claims dealing authority in the head office.
  • Call on the company's resolution center numbers.
  • Write an email to the customer service team.
  1. Claim intimation form
  2. ID proof and address proof of the claimant along with the proof of relation to the assured
  3. Policy document
  4. Photocopy of claimant's passbook for claim transaction or canceled cheque with the signature of the claimant.
  5. Death Certificate of the deceased assured issued by the governing bodies of an area or local municipal bodies.
  6. FIR (First Information Report), Police investigation report, newspaper cutting, Post Mortem Report in case of accidents.
  7. Treating Hospital Certificate, Physician's Statement in case of death due to illness.
  8. Employer Certificate (Form E) to be submitted by the employer of the deceased.
  1. Register your claim by first informing about the event of claim through submission of claim form.
  2. The claimant must mention all the information related to assured, hospital details, treating doctor details, bank details, etc.
  3. Submit the claim form in combination with other required documents for further investigation of claim.
  4. The company will scrutinize the information provided and after investigation, the decision will communicate to the nominee/ claimant.
  5. The company may ask for additional documents if present documents are not sufficient.
  6. Company will proceed the claim process after receiving all the documents and make a payment to the bank account of claimant or nominee.

The current ratio achieved Canara HSBC OBC to settle a claim is 95.22%. This shows the company's fast service, lesser rejections, happy customers and better life insurance coverage.

  • After completion receipt of all documents and no further investigation is required, the claim is settled within 30 days.
  • Claims that require further investigation is settled within 120 days from the receipt of the claim where 90 days are taken for investigation and 30 days for settlement of payment of claim.

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Last updated on 13-11-2019