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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.
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.
Simple claim procedure: The claim process designed by Canara HSBC OBC life insurance is easy to follow without any involvement of efforts.
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.
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.
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.
Lower premiums for female: Canara HSBC life insurance always prevent the interest of females and drive them to take term plan to protect themselves from upcoming uncertainties. This is why the 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).
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: 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: 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.
Awards and Recognition: Canara HSBC OBC has pioneered the insurance market through attainment of various titles namely, Best Insurer in Asia' Financial Insights Innovation 2019, 'Most Promising Business Leaders of Asia', 'Smart Insurer in the Life Insurance' etc.
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.
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 Benefit||Accidental Total & Permanent Disability Benefit|
|Minimum Sum Assured||25,00,000||25,00,000|
|Maximum Sum Assured||3,00,00,000||1,00,00,000|
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.
Lumpsum payment of the entire sum assured
Lumpsum payment of 50% of the sum assured plus fixed monthly income for 120 months
Fixed and continuous monthly income for 120 months to the beneficiaries.
Regular monthly income payout to the family for the whole policy term.
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.
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-
Life Cover: The sum assured will be paid directly into the account of nominee/ beneficiaries.
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.
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.
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).
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.
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.
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.
|Canara HSBC OBC Term Plan||iSelect Term Plan||Smart Suraksha Plan||POS- Easy Bima Plan||eSmart Term Plan|
|Minimum Age of Entry||18 years||
||18 years||18 years|
|Maximum Age of Entry||70 years||65 years||55 years||70 years|
|Maximum Age of Maturity||80 years||75 years||28 years to 65 year||75 years|
|Term of the Policy||5 years to 40 years||5/ 10/ 15/ 20/ 25/ 30 years
Up to 60 years (for age between 30 to 55 years)
|10/ 15/ 20 years||5/ 10/ 15/ 20/ 25/ 30/ 35/ 40 years|
|Minimum Sum Assured||Rs 25 lakhs||Rs 20 lakhs||Rs 50,000||Rs 25 lakhs|
|Maximum Sum Assured||No limitations (regards to underwriting)||No limitations (regards to underwriting)||Rs 15 lakhs||No limitations (regards to underwriting)|
|Premium Paying Term||Same as the policy term||Same as the policy term||
||Same as the policy term|
|Premium Paying Frequency||Yearly/ Monthly||Yearly/ Monthly||Yearly/ Monthly||Yearly|
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.
1. Can we cancel the term insurance under the free look period?
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.
2. What is an accidental total and permanent disability?
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
3. How to inform about the claim to the company?
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.
4. What documents are required for claim settlement?
Claim intimation form
ID proof and address proof of the claimant along with the proof of relation to the assured
Photocopy of claimant's passbook for claim transaction or canceled cheque with the signature of the claimant.
Death Certificate of the deceased assured issued by the governing bodies of an area or local municipal bodies.
FIR (First Information Report), Police investigation report, newspaper cutting, Post Mortem Report in case of accidents.
Treating Hospital Certificate, Physician's Statement in case of death due to illness.
Employer Certificate (Form E) to be submitted by the employer of the deceased.
5. What is the claim settlement process in Canara HSBC Life Insurance company?
Register your claim by first informing about the event of claim through submission of claim form.
The claimant must mention all the information related to assured, hospital details, treating doctor details, bank details, etc.
Submit the claim form in combination with other required documents for further investigation of claim.
The company will scrutinize the information provided and after investigation, the decision will communicate to the nominee/ claimant.
The company may ask for additional documents if present documents are not sufficient.
Company will proceed the claim process after receiving all the documents and make a payment to the bank account of claimant or nominee.
6. What is the claim settlement ratio of Canara HSBC OBC life insurance?
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.
7. How many days are taken by the company to make payment for a claim?
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.