Canara HSBC Term Plans
Canara HSBC Term Plans
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Canara HSBC OBC Term Insurance

Canara HSBC OBC Life Insurance Company was established in 2008. It is a joint venture between Canara Bank, HSBC Insurance Holdings Limited and Punjab National Bank. The company is headquartered in Gurugram with 40 branch offices present across the country. It is considered among the best life insurance companies operating in India due to its outstanding performance and well-diversified insurance products comprising 32 products as of 31st March 2020.

Canara HSBC OBC Term Insurance plans come with a whole life cover option along with increasing cover at key stages of life and in-built protection options. The company keeps on flooding new term plans to assist the growing population in accomplishing protection goals and financial safety of the family.

Types of Canara HSBC OBC Term Insurance Plans

1. Canara HSBC OBC iSelect+ Term Plan

Canara HSBC OBC iSelect+ Term Plan provides several choices such as whole life cover, spouse cover in the same plan and multiple premium payment options. On surviving the entire policy tenure, this plan offers 'return of premium' benefit wherein all the premiums will be returned to the policyholder.

Features & Benefits

  • The plan offers additional inbuilt coverages like Child Support Benefit, Accidental Death Benefit, Accidental Total & Permanent Disability Benefit.
  • It provides an option to increase the Sum Assured amount at major stages of life.
  • In the case of opting out for higher sum assured and female policyholders, the plan offers special discounts on premiums.
  • It also provides loyalty discounts for the existing customers of the insurance company.
  • As per prevailing income tax laws of India, one can enjoy tax benefits for premiums paid and benefits received under the policy.

Eligibility Criteria

Minimum Age of Entry

18 years

Maximum Age of Entry

65 years

Age of Maturity

Minimum: 28 years

Maximum: 80 years

Term of the Policy

Minimum:

  • Plan Option Life - 5 years* except for Decreasing Coverage Option where it is 10 years
  • Other Plan Options - 10 years

Maximum:

  • Plan Option Life - 62 years except for Whole Life Coverage# where it will be fixed at 99 minus Age at Entry
  • For Decreasing Coverage Option, Policy Term availability is subject to the period during which cover decreases being at least 5 years Other Plan Options - 30 years

Sum Assured

Rs. 25 lakhs

  • For ADB - Rs. 3,00,00,000
  • For ATPD PPP - Rs. 1,00,00,000
  • For non-working spouse - Rs. 25,00,000

Premium Paying Term

i) Single Premium (not available for Whole Life Coverage)


ii) Limited Pay - 5/10/15/20/25/Up to Age 60 years


iii) Regular Pay - Equal to the Policy Term

Premium Paying Frequency

Yearly/Half Yearly/Monthly/Quarterly

** These values may change as per different plan options if the plan has multiple options (Last Updated on 16-09-2020)

2. Canara HSBC OBC Invest 4G Plan

Canara HSBC OBC Invest 4G Plan offers life cover at minimal charges along with the flexibility to customize the plan according to your life goals. It ensures financial protection to the family in the event of the unfortunate demise of the policyholder. The policy is a savings oriented term plan that provides loyalty additions and wealth boosters.

Features & Benefits

  • This policy comes with 3 plan options to choose as per your needs.
  • On maturation date of the policy, it will return the mortality charges under Plan Option 1, i.e., Life option.
  • It offers 4 different portfolio management options so as to maximize your returns from the policy.
  • It provides liquidity facility by means of partial withdrawals to meet unexpected emergencies.

Eligibility Criteria

Minimum Age of Entry

18 years

Maximum Age of Entry

50 years

Age of Maturity

Minimum: 23 years

Maximum: 80 years

Term of the Policy

5 to 30 years

Sum Assured

Rs. 5 lakhs

Annual Premium

Rs. 50,000 per annum

Rs. 30,000 per semi-annual

Rs. 15,000 per quarter

Rs. 5,000 per month

Single Premium

Min: Rs. 12,000

Max: Based on the Sum Assured

Premium Paying Term

Limited Pay: 5,6,7,8,9,10,15,20,25

Regular Pay: Equal to Policy Term

Premium Paying Frequency

Yearly/Half Yearly/Monthly/Quarterly

** These values may change as per different plan options if the plan has multiple options (Last Updated on 16-09-2020)

3. Canara HSBC OBC POS- Easy Bima Plan

Canara HSBC OBC POS- Easy Bima Plan is a non-linked term plan with 'return of premium' benefit on surviving the policy tenure until maturity. The purchase process of the plan is simple with the flexibility to select policy terms along with the premium payment term at affordable premiums.

Features & Benefits

  • It offers 'return of total premiums' exclusive of any taxes and rider premiums on surviving till the maturity date of the policy.
  • The plan pays double life coverage in case of accidental death of the life assured.
  • It pays a guaranteed surrender value on surrender of the policy.
  • It also offers rebates on premiums for female policyholders.
  • The policy provides flexibility in choosing the premium payment term as per customer's requirements.

Eligibility Criteria

Minimum Age of Entry

18 years

Maximum Age of Entry

55 years

Age of Maturity

Minimum: 28 years

Maximum: 65 years

Term of the Policy

10/15/20 years

Minimum Sum Assured

Rs. 50,000

Maximum Sum Assured

Rs. 15 lakhs

Minimum Premium

Policy Term 10 years - Rs. 2,219

Policy Term 15 years - Rs. 1,076

Policy Term 20 years - Rs. 989

Maximum Premium

Depends upon the chosen Sum Assured

Premium Paying Term

5 years for 10 years

10 years for 15 years

10 years for 20 years

Premium Paying Frequency

Annually and Monthly

** These values may change as per different plan options if the plan has multiple options (Last Updated on 16-09-2020)

How To Purchase Canara HSBC OBC Term Insurance Plan?

Purchase With Canara HSBC OBC:

  • Visit the official website of Canara HSBC OBC Life Insurance.
  • Select the desired term plan from the list of life insurance plans tab present at the top of the page.
  • Now click on 'check premium' and provide the personal details required.
  • Tap on 'next' and check the details of the chosen plan as per your requirements.
  • Click the 'buy' button and make the payment of the policy.
  • A confirmation email along with the soft copy of the policy will be sent to your registered email id.

**Only Canara HSBC iSelect+ Term Plan and Canara HSBC Invest 4G Plan are available for online purchase. You need to visit the nearest Canara HSBC life insurance branch to buy a Canara HSBC term insurance plan.

How To Settle A Claim For Canara HSBC OBC Term Insurance Plan?

1. Claim Registration

To register the claim, the policyholder/nominee should intimate the insurer about the incident. (S)he can do the same in the following ways:

i) Either by filling the online claim intimation form, or

ii) Calling on the toll-free number 1800-103-0003/1800-180-0003 or write at customerservice[at]canarahsbclife[dot]in, or

iii) Locate the nearest branch/office from the official website of the company and submit the duly filled claim form along with necessary documents.

The insurer will provide some more forms to be filled that can be collected over email or from the respective branch.

2. Claim Verification

On receipt of your claim by the company, they will verify all the forms and documents according to the terms and conditions of the policy. The company may contact you for clarifications if any.

3. Claim Settlement

After successful verification, the decision will be communicated to the policyholder/nominee and the claim will be processed accordingly.

Documents Required During Claim Process

The documents that need to be submitted together with duly filled form are as follows:

  • Original policy document.
  • Death Certificate issued by Municipal authorities.
  • Copy of Bank Pass Book/ Canceled Cheque.
  • Hospital / Other treatment records.
  • Photo Identification & address proof of the claimant.
  • Physician's Statement.

In the case of unnatural/accidental deaths, the following additional documents will be required by the company:

  • Police reports (FIR, Panchnama, Police investigation report & Viscera Report).
  • Newspaper cutting (detailing the incident, if any).

Canara HSBC OBC Term Insurance: FAQs

1. How many days are taken by the company to settle a term insurance claim?

After receipt of all documents and no further investigation is required, the claim is settled within 30 days. Claims that require further investigation are 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 the claim.

2. What are the different plan options offered under Canara HSBC iSelect+ term plan?

  • Life option
  • Life option with 'return of premium' benefit
  • Life option plus

3. Can I receive the benefits as a monthly income under Canara HSBC iSelect+ term plan?

Yes, you can receive the benefits of the plan as a lump-sum, monthly income or part lump sum part monthly income with the option to choose both level/increasing income.

4. Is there any benefit on adding my spouse in the same Canara HSBC iSelect+ term plan?

Yes, special discounts will be applicable to adding a spouse in the same policy.

5. What is the maturity age for Accidental death benefit (ADB) or Accidental Total & Permanent Disability (ATPD) under Canara HSBC iSelect+ term plan?

The maturity age for ADB/ATPD benefits is 75 years.

Last updated on 16-09-2020