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.
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
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 02-02-2021)
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
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 02-02-2021)
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
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 02-02-2021)
Purchase With Canara HSBC OBC:
**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.
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.
The documents that need to be submitted together with duly filled form are as follows:
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?
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 02-02-2021