Canara HSBC OBC Term Insurance plans are one of the best ways to secure the life of your loved ones after your demise. The plans offered by Canara HSBC term insurance 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.
Continue reading to explore more about Canara HSBC OBC Life Insurance Term plans.
Key Features of Canara HSBC Term Insurance
Before buying a best term insurance plan, it is important for you to check the company's performance. In the below section, we have mentioned some of the key features of the company and its performance during the financial year of 2020-21:
Annual Premium: The annual premium of the company showcases its growth. In the financial year 2020-21, the annual premium of the Canara HSBC Term Insurance company is Rs. 5,116.03 Cr.
Claim Settlement Ratio: The claims settlement ratios of the company helps you analyze its claim settling ability. It is important for you to check the CSR of the company to avoid confusion and delay or rejection at the time of claim settlement. As per the IRDAI annual report 2020-21, the CSR of the Canara HSBC Term Insurance company is 97.10%.
Solvency Ratio: The Solvency Ratio of the company helps you get an insight into the company's ability to pay its long-term debts. As per the annual reports of IRDAI 2020-21, the solvency ratio of Canara HSBC Term Insurance is 3.19.
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Higher Coverage at Affordable Premiums:A term plan from HSBC OBC Life Insurance company offers comprehensive coverage to you and your loved ones at a very nominal price. For example, the iSelect Star Term Plan loaded with added benefits and features will cost almost Rs. 500 a month if you are 30 years of age.
Coverage for Long-Term:Unlike other types of insurance, Term Insurance allows you to ensure long-term financial safety for your family. Some HSBC OBC term plans such as iSelect Smart 360 allow you to avail yourself of coverage up to 99 years of age.
Enhanced Coverage with Riders:The term plans offered by Canara HSBC allow you to enhance your protection by adding several riders available by the company. The riders such as critical illness cover, accidental death and disability cover, and premium waiver option can be opted by paying additional premiums.
Tax Benefits:Under sections 80D and 80C, the term plan offered by Canara HSBC provides you with tax benefits against the premiums paid.
Canara HSBC Term Plans
Canara HSBC offers 4 term plans and allows you to choose the term plan most suitable to your needs and requirements. Take a quick glance at all the Canara HSBC Term Plans:
Canara HSBC iSelect Smart360 Term Plan
iSelect Smart360 Term plan is comprehensive term insurance that allows you to fulfill the needs of your loved ones. You can customize your plan by choosing any of the 3 available plan options.
Unique Features
Life cover till 99 years
Child Care Benefit option
Income Benefit after 60 years
Canara HSBC POS - Easy Bima Plan
Canara HSBC POS- Easy Bima Plan comes with a 'Return of Premium' benefit on surviving the policy tenure until maturity. The plan offers flexibility to select policy and the premium payment term.
Unique Features
Double life cover in accidental death
Customized your plan as per needs
Return of premium on survival
Canara HSBC iSelect Star Term Plan
With in-built coverage such as Accidental Death benefits, Accidental Total and Permanent Disability benefits, the plan that allows you to customize your term plan as per your needs.
Unique Features
Add a spouse @discounted rates
Lifetime coverage available
Multiple options to receive benefits
Canara HSBC Saral Jeevan Bima Term Plan
A standard and affordable term insurance plan that offers a lump-sum amount to the beneficiary in case of the death of the policyholder.
To get an estimate of premiums you need to pay under Canara HSBC term plans, we have provided the sample premium illustration, that will give you an insight into the premiums. Take a look:
Canara HSBC iSelect Smart360 Term Plan
Plan Option
Life Secure
Life Secure with Income
Life Secure with Return of Premium
Premium Payable (in Rs.)**
808
808
2,300
**Premiums shown for a 30-year-old non-smoker male, with a chosen Sum Assured of Rs. 1 Cr, and a policy term of 20 years.
Canara HSBC iSelect Star Term Plan
Plan Option
Life
Life with Return of Premium
Life Plus
Premium Payable (in Rs.)**
681
1,936
2,500
**Premiums shown for a 30-year-old non-smoker male, with a chosen Sum Assured of Rs. 1 Cr, and a policy term of 20 years.
How To Purchase Canara HSBC OBC Term Insurance Plan?
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 iSelect Star Term Plan are available for online purchase. You need to visit the nearest Canara HSBC life insurance branch to buy another Canara HSBC term insurance plan.
How to Settle a Claim for Canara HSBC OBC Term Insurance Plan?
Filling a claim for the Canara HSBC Term plan is an easy 3 step process. Read along to find the easy and hassle-free process of settling claims:
Claim Registration
To register the claim, the beneficiary needs to intimate the insurer about the incident. (S)he can do the same in the following ways:
Either by filling the online claim intimation form, or
Calling on the toll-free number 1800-103-0003/1800-180-0003 or write at customerservice[at]canarahsbclife[dot]in, or
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.
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.
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 the 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:
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.
Canara HSBC OBC Term Insurance Reviews
Read what our customers have to say about Canara HSBC OBC Term insurance company
