Canara HSBC OBC Life Insurance

Canara HSBC OBC Overview


Canara HSBC Oriental Bank of Commerce Life Insurance Company is a life insurance joint venture between two Indian open area banks—Canara and Oriental Bank of Commerce and a foreign insurance organization HSBC Insurance (Asia-Pacific) Holdings Limited. Canara HSBC OBC Life Insurance Company provides one of the best life insurance term plans.

Full form of HSBC is basically ‘Hongkong and Shanghai Banking Corporation’. Canara HSBC OBC is a very renowned company. This company is also one of the leading company in India. This company basically has 8000+ branches of Canara and Oriental Bank of Commerce.

The motive behind the life insurance policy is basically providing social security and protection for an individual’s life.

It was first to get awarded with the Bancassurance display in India. Their business strategy affirms careful comprehension of the market, particularly with veterans searching for bank partner or scaling up their Bancassurance channels.

The Company launched a multi-lingual, interactive monetary ‘life stage’ require assessment online tool called Life Insurance Simulator (LIS) to make mindfulness about compelling budgetary arranging.

In 2013-14, the organization presented the idea of online restoration of the approach, empowering clients to reestablish a slipped by strategy and pay their premium online, along these lines, making the total procedure helpful, quick and easy.

Canara HSBC Oriental Bank of Commerce Life Insurance Company is the first to dispatch the ‘Quick payout on death guarantee benefit, giving asset esteem promptly on enrolment of death guarantee under unit-linked approaches.

Canara HSBC OBC Life Insurance Logins are also provided for agents of Canara HSBC OBC Company.

Canara HSBC OBC Life Insurance

Benefits of Canara HSBC Oriental Bank of Commerce

  • Tax benefits under area 80C and 10(10D) relevant
  • You can enhance the policy with discretionary riders
  • Offers a variety of life insurance product including ULIP plans, protection plans, group plans, and traditional plans.
  • Least sum assured of Rs. 25 lakhs to Rs. 10 crore

Also read: Bajaj Allianz Life Insurance

Types Of Canara HSBC OBC Life Insurance Term Plan


Canara HSBC OBC Life Insurance

1) ULIP Plans


These plans are one of the types of Canara HSBC OBC Life Insurance Term Plan.

ULIP is basically an abbreviation of ‘Unit Linked Investment Plans’. There are 13 types of unit linked investment plans that provide various risk coverage and various investment plans.

Different types of Canara HSBC OBC Life Insurance Term Plans are listed below:

a) Platinum Plus Plan:


A unit linked insurance plan that can be modified according to your goals and requirements. The plan gives you flexibility in terms of payment-restricted or normal, while likewise given you safety coverage.

The plan additionally offers you numerous investment management alternatives to harvest maximum comes back from the policy.

An individual can additionally get the flexibility of switching and redirecting between fund alternatives to exploit market developments or change in risk preference.

b) Titanium Plus Plan:


This is one of the best ULIP life insurance term plan. The Titanium Plus arrangement is a unit linked investment and protection plan.

Under this arrangement, the policyholder has the flexibility of customizing their arrangement according to the adjustments in their money-related necessities.

Policyholders can deal with different portfolios to optimize their returns. The arrangement likewise allows policyholders to switch between investment alternatives to build returns. Additionally, policyholders likewise get unwavering options and wealth boosters during the residency of the policy.

c) Growth Smart Plan:


This ULIP life insurance term plan provides the best growth for an investor. An affordable entire life unit linked plan which covers your entire life. This plan expects an individual to pay premiums for a restricted period of time and appreciate lifelong insurance cover.

The person can pick the premium paying term (10 years or more) according to the person’s earning capacity. The plan additionally gives person a chance to change person’s money starting with one store then onto the next and furthermore empowers person to divert his/her premiums.

d) Dream Smart Plan:


If the person wants to save money, accomplishing the person’s specific needs. This ULIP life insurance term plan helps to complete an individual’s dreams. As the name denotes it is one of the smart plans which helps the person to accomplish dreams.

The plan offers individual’s flexibility in terms of premium payment, while likewise offering you with life cover for more than 20 years. Following a term of 5 years, the plan empowers you to pull back money through partial withdrawals in case of emergency.

e) Future Smart Plan:


Helping an individual construct a solid future for an individual’s child, the Future Smart Plan is a unit linked plan that gives a long-term investment opportunity and a comprehensive life cover. Future Smart Plan is one of the best life insurance term plans that provide security for the future of the claimant

Aggregate guaranteed is paid on death and on death or inability of the policyholder, all the future premiums are financed by the organization. Toward the finish of the approach, development advantage, known as fund value is paid up to satisfy your child’s dreams.

Also read: Max Life Term Insurance Plans And Review

f) Subh Labh:


As the name suggests Subh Labh is one the best life insurance term plan that secures the future of the family people. An alternative of browsing more than 5 investment find and a life cover, Subh Labh is an ideal mix of security and investment.

The 5 investment choices given by this plan are:

  • Equity II Fund
  • Growth Plus Fund
  • Balanced Plus Fund
  • Debt Plus Fund
  • Liquid Funds

Loyalty Additions are included towards the ending of every arrangement month, beginning from fifth approach year onwards. The plan offers person one-time premium payment alternative and furthermore gives Safety Switch Option which enables person to conceivably guard person’s funds as the policy nears maturity.

g) Insure Smart Plan:


Ensuring an individual to have adequate finance set up to make the most of your life through different stages, Insure Smart Plan gives you the flexibility of paying premiums for a long time and furnishing you with a life cover for a long time.

The arrangement gives you the freedom to invest in more than 5 funds relying upon an individual’s investment needs. At maturity, loyalty addition of 1% of person’s fun value is given.

h) Smart One Pay:


Smart One Pay is a solitary premium unit-linked non-taking an interest endowment protection plan. The plan helps in riches creation by giving you different investment choices and furthermore giving life coverage and tax benefits.

The plan permits an individual with auto fund rebalancing alternative (at no additional expense) to keep up the distribution of your investments in a particular extent crosswise over funds, regardless of market development.

Canara HSBC OBC Life Insurance

i) Smart Goals Plan:


Fund your goals with no bargains with Smart Goals Plan that offers you with adaptable highlights that assistance you meet your financial requirements. You can invest in up to five fund options – running from 0% to 100% equity exposure.

An individual can have the option of adaptable premium paying mode (every year or month to month) and can likewise pick premium paying term of 5, 10 or as long as 25 years.

j) Smart Lifelong Plan:


This plan empowers person to save money and furthermore gives life coverage-until the age of 99 years. This plan is intended to enable an individual to satisfy his/her obligations by letting person browsed more than five fund options.

People have the flexibility of picking premium paying mode and furthermore the premium payment term.

k) Smart Future Plan:


This plan causes person to secure his/her family’s future financial needs on the account of his/her death or total and permanent disability.

In case of death or total and permanent disability, all the future premiums are paid by the company. An individual’s family is paid lump sum amount on death. On maturity, the finance value is paid.

l) Secure Bhavishya Plan:


Helping a person to finance his/her future today for better tomorrow, the Secure Bhavishya Plan gives person a chance to plan his/her retirement with the goal that he/she can have the opportunity to do what he/she needs.

The plan gives the benefit of value interest to potentially upgrade an individual’s retirement corpus, and in the meantime offers ‘capital protection’ to person’s retirement corpus. The person has the choice to pick his/her retirement age and furthermore pick premium paying mode and premium term.

m) iNVESTSHIELD Plan:


iNVESTSHEILD Plan is not only a value for money plan, but it is one of the security plans that protect the future of the family for many benefit options. This plan is basically made so that one can boost his/her investments.

Also read our blog on Top SBI Life Insurance Plans In India

2) Traditional Plans

Canara HSBC OBC Life Insurance

a) Smart Stage Money Back Plan:


This is a traditional savings plan that gives the money back with profits. The plan gives financial protection to your family by offering life cover and furthermore giving you milestone based payouts through guaranteed money back and maturity benefits.

The plan protects your family for a long time through payout of death advantage in case of your death and gives 3 Guaranteed Money Back payouts of 15% of the Sum Assured each in the fourth, eighth and twelfth policy year.

b) Smart Intermediate Income Plan:


A plan that gives an individual a chance to enjoy customary income stream post his/her retirement. With this plan, the person can enjoy his/her retirement with annuity installments gave all through his/her lifetime.

This plan is uniquely intended to deal with a person’s guaranteed lifetime payouts under the Reverse Mortgage Loan enabled Annuity scheme. He/She can have an alternative to get normal payments as long as your partner is alive.

c) Samridh Bhavishya:


This traditional Canara HSBC OBC life insurance term plan basically provides retirement with annual instalments throughout lifetime of an individual. This plan is basically designed to secure the retirement of the people. This is one of the important life insurance term plans that can protect him at the old age of a person.

d) Smart Monthly Plan:


This plan furnishes you with guaranteed lifetime income to meet your lifestyle and retirement needs. It furnishes you with a life cover for 25 years by paying the premium just for 15 years.

It causes you to make a pool of money by giving out lump sum benefits by the method for annual and last bonus. You can likewise choose loan flexibility to meet your contingent needs.

e) Smart Future Income Plan:


This life insurance term plan provides tax benefits for about 15 years. It lets the person enjoy up to enjoy nest 25 years and also do helps to use that lump money to use in retirement life.

Canara HSBC OBC Life Insurance

f) Assured Nivesh Plan:


A single plan that furnishes you with double benefits of savings and protection. The plan gives insurance coverage all through the policy term and gives out death benefit on death of the policyholder.

Discount is given on the high sum assured. The plan has a constrained premium term of 7 or 10 years relying upon what suits your necessities.

g) Smart Junior Plan:


Helping you secure your child’s education needs even while you are nowhere to be found, The Smart junior Plan is a non-link participation saving cum protection life security plan. The plan gives guaranteed payouts amid most recent 5 years of the approach which can be used to grasp your child’s educational achievements.

The plan additionally gives comprehensive protection by paying a lump sum on death of the insured and the arrangement keeps on being in force and advantages are paid as planned.

h) Jeevan Nivesh Plan:


This traditional life insurance term plan provides life insurance cover at very low premiums.

You have the flexibility to convert your Guaranteed Sum Assured on Maturity as annual payouts payable over next 15 years, with 5% compounded increment consistently to deal with your developing needs (under the Endowment alternative).

i) Money Back Advantage Plan:


This is a traditional savings cum protection oriented, non-linked, participating, constrained premium payment endowment product. This product gives ensured cashback payouts during the policy term alongside ensured single amount on development and bonus(es) which can be used by the customer to satisfy differently arranged achievements.

The arrangement gives family protection to 16 years however payout of the death benefit in the event of unfortunate death of the policyholder.

Also read: Top 10 Life Insurance Companies In India 2019

3) Group Insurance Plans:


Canara HSBC OBC Life Insurance

Canara HSBC Oriental Bank of Commerce gives group plans to protect the interests of your employees and oversee key liabilities.

a) Group Traditional Benefit Plan:


This is a group plan offered to manager-employee groups which can be utilized to offer the employees benefits like tip leave encashment or post-retirement medical benefits. The benefits of this plan are payable on different occasions viz. Resignation, Death, Retirement, Termination or Disability according to plot rules.

A Life Cover of level Rs 1,000 is given to every part under the plan on a yearly renewable premise at mortality premium of Rs. 3 for every mille (exclusive of service tax) per annum.

b) Group Super Annuation Plan:


As this plan names, this plan names it enables tax benefits for the employees and achieve the best of best life insurance benefits. That is why it is called as Group Super Annuation Plan.

c) Group Secure:


A Group Secure plan can be offered to customers of financial institutions/bank/co-operative banks/credit social orders/other lending institutions giving different kinds of loans like housing loans, vehicle loans (Cars, Two-Wheelers, commercial vehicles), education loans, personal loans, loan against property and business loans.

This plan is explicitly intended to facilitate customer’s stresses by safeguarding their family’s future from the loan liabilities.

d) Corporate Group Term Plan:


This is an annually renewable gathering term plan that gives life cover at low cost. This plan can be offered to business employee gatherings and for Group Term cover offered in lieu of Employee Deposit Linked Insurance (EDLI).

This plan offers refund if the total premium of the gathering surpasses Rs. 25 lakh and it likewise offers adaptability in terms of payment modes-annual, semi-annual, quarterly and monthly.

e) Pradhan Mantri Jeevan Jyoti Bima Yojna:


This plan empowers you to secure your family’s financial future by giving you life insurance coverage. This plan requires no medical examination and gives high coverage at low premium rates.

Premiums can be paid through Canara HSBC Life Insurance online payments.

Also read: Shriram Life Insurance Review And Benefits

Claim Process Of Canara HSBC OBC Life Insurance


Canara HSBC OBC Life Insurance Company provides quick and easy claim settlement process. Canara HSBC OBC Life Insurance Company was the first company to start ‘Immediate Payout On Death Registration’ option.

This claim process was one of the famous action that was taken by the first life insurance company.

There are basic 3 steps for claiming Canara HSBC OBC Life Insurance Policy. These steps are as follows:

Step 1: Claim Registration and Intimation: The nominee basically has to fill the form and submit it to the Canara HSBC OBC Life Insurance company’s brand office with an attested photo Id and address proof of the claim that is claiming the life insurance policy.

Step 2: Fund value disbursement and documentation: After submitting the claim form, self-attested photo and address proof claim is registered.

Then the company will transfer fund value and will also send the claim packs with the related forms to the claimant.

Documents required for claim evaluation purpose:

  • Death Claim Form (Form C)- It should be completely filled by the claimant.
  • Statement from the Physician (Form C)- A form that is completely filled by a medical practitioner such as a doctor/family doctor.
  • Treating Hospital Certificate (Form H): A completely filled form that is given from the deceased person’s hospital.
  • Employee Certificate/School/College Certificate (Form E): A completely filled form that must be filled by the deceased person. In case of a minor, this must be completed by school/hospital.

Along with the above-listed forms following documents must be attached:

  1. Original policy document
  2. Death Certificate that has been issued by Municipal authorities
  3. A copy of Bank Pass Book/ Cancel Cheque
  4. Hospital / Other treatment records
  5. Photo Identification & address proof of claimant
  6. Post-mortem & chemical viscera report (if it is performed)
  7. Statement from Physician
  8. For unnatural/accidental deaths, the following additional documents are to be submitted:
  • Police reports (FIR, Panchnama, Police investigation report)
  • Newspaper cutting (if any)(Detailing the incident)

Certification/attesting of KYC documents has to be done from any of the following people:

  • An agent of the Company
  • Relationship Manager of the Company
  • Branch Manager of a distributing bank
  • Nationalized bank’s manager with Rubber Stamp
  • Gazetted Officer
  • Head Master / Principal of a Govt. School
  • Magistrate
  • Any employee of the company

In addition to this, the company can ask any other document for claiming the life insurance policy.

Step 3: On getting the documents and forms, the company supply of the documents discharges the sum assured value.

Also read: Importance Of An Insurance Plans In Our Life

Canara HSBC OBC Life Insurance

Canara HSBC OBC Life Insurance Company Review

The claim settlement ratio of Canara HSBC OBC Life Insurance Policy is 95.22% in the year 2017-2018. The in-depth knowledge of the market and a good insurance experience coupled with the product range and proven bancassurance capabilities of HSBC make the company one of the leading life insurance companies in India. The company is a perfect package of financial strength, expertise, and trust.

With a combined experience of over 300 years in the financial services space in the country, the shareholder has a sound understanding of the socio-economic needs of the population. The bank has been presented with many awards for being one of the leading life insurance company and the success of the bancassurance business model.

The Company approaches around 60 million customers and a pan-India network of over 8000+ parts of Canara Bank, HSBC and Oriental Bank of Commerce.

Customer Care of Canara HSBC OBC Life Insurance Company


Canara HSBC OBC Life Insurance

Head Office: Canara HSBC OBC Life Insurance Company Ltd, 2nd Floor, Orchid Business Park, Sector – 48, Sohna Road, Gurugram – 122018, Haryana, India.

Contact Number- 1800-103-0003/1800-180-0003 (MTNL/BSNL) SMS- 97790-30003

Call: Monday to Friday – 8:00 AM to 8:00 PM IST Saturday – 9:00 AM to 6:00 PM IST

Email ID: customerservice@canarahsbclife.in

For more details visit website of Canara HSBC OBC Life Insurance.

Also read: How Kotak Life Insurance Claims Made Easy

This article was written by

Abhishek A. Kamble (Digital Marketing Executive & SEO Expert)

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