Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited is a joint venture between Canara Bank (51%) and HSBC Insurance (Asia Pacific) Holdings Limited (26%) and Punjab National Bank (23%). The company brings the trust and market knowledge together of two big public sector banks in India namely Canara Bank and Punjab National Bank combined with the global insurance expertise of HSBC. The cost of Canara HSBC OBC life insurance varies depending on the type of policy that you choose to buy.
Canara HSBC OBC Life Insurance is established on 16 June 2008 and it is headquartered in Gurugram (Gurgaon), Haryana it has access to around 60 million customers and, the company has around 7000 branch offices across India. The company provides insurance products and services to its customers through partner bank branches. As per the IRDAI report, Canara HSBC Life insurance company claim settlement ratio is 98.12%.
Canara HSBC OBC Life Insurance is the first to launch 'Immediate Pay-outs on Death Claim' under unit-linked policies. The insured person's family will receive the fund value immediately on registration of death claim in case the policyholder meets with any unfortunate event during the policy period.
Canara HSBC OBC Life Insurance Company Ltd offers various types of insurance products such as Canara HSBC OBC Life Insurance online term plans, unit-linked insurance plans; term insurance plans, child plans, investment plans, saving plans, group plans, Retirement plans, and employee benefit segments, etc. These Canara HSBC life insurance plans provide insurance cover to the family of the policyholder in case of the death of the insured.
Canara HSBC OBC Life Insurance Highlights
| Claim Settlement Ratio |
98.12% |
| Inception |
2008 |
| Branches |
4000+ |
| Customers |
60 millions |
| Death Benefit Paid For |
1252 Policies |
| Solvency Ratio |
4.01 |
| Annual Premium Income |
Rs.14,854 Crores |
Benefits of Canara HSBC OBC Life Insurance
- Financial Protection: Canara HSBC OBC life insurance provides financial protection to your family at a low cost.
- Flexibility to Choose Premium Payment Option: You can pay your premium as per your convenience monthly, quarterly, half-yearly, or annually premium paying option.
- Online Availability: Canara HSBC OBC life insurance offers a wide range of life insurance plans online which are available at discounted rates when compared to the other plans.
- Easy Policy Issuance: The policy issuance process in Canara HSBC OBC Life Insurance Company is very smooth and the policy would be issued within the least possible time, within 1 day in some cases.
- Riders: Optional Riders are available in Canara HSBC OBC life insurance to enhance the policy.
- Tax Benefits: Canara HSBC OBC life insurance offers Tax saving benefits under Section 80C and 10(10D).
- Excellent Customer Service: Canara HSBC OBC Life Insurance puts its customer above everything else when designing the products.. Some of the virtues include fairness, consistency, agility, and flexibility.
- Facility To Renew Lapsed Policies Online: Canara HSBC OBC Life Insurance is the first organisation to introduce the online system of reviving lapsed policies. Customers can pay their premiums online and renew their lapsed policies.
Canara HSBC OBC Life Insurance Plans
Canara HSBC OBC Life Insurance Company Provides different types of life insurance plans such as Term insurance plans, Child insurance plans Retirement plans, ULIP, etc. Here are the life insurance plans offered by Canara HSBC Life Insurance Company:-
- Term Insurance Plans
- Online Life Insurance Plans
- ULIP Insurance Plans
- Child Insurance Plans
- Retirement Insurance Plans
- Savings Plans
- Health Insurance Plans
- Group Insurance Plans
Canara HSBC OBC Term Insurance Plans:
Term life insurance is a type of life insurance in which the insurance company pays the claim to the nominee of the insured in case of death of the insured. The life insurance coverage is provided for a particular period which is known as the “term”. The best term insurance plan is the one that offers the maximum coverage at affordable premiums and with all the possible add-ons.
The term insurance plan offers maximum life coverage and helps you in difficult situations. Term life insurance protects your family’s financial needs & lifestyle in your absence. Term insurance is providing financial security to the family in case the policyholder meets with any unexpected event.
| Name of Plan |
What Is It? |
Age of Entry |
Maturity age |
Premium Payment Term |
Policy Term |
Sum Assured |
| Saral Jeevan Bima |
Saral Jeevan Bima is a simple plan that offers financial security for your loved ones. It is an affordable plan offering a lump sum benefit in case of Death of the insured. |
Min 18 years to Max 65 years |
Min 23 years to Max 70 years |
Single pay, Limited pay, Regular pay |
5 years to 40 years |
Rs. 5 lacs to 25 lacs |
| iSelect Star Term Plan |
iSelect Star Term Plan offers optimum protection such as Whole Life Cover, Terminal Illness Cover and Multiple Pay-out options, Return of Premium Options, Increase Coverage Option & Tax Benefits, etc. |
Min 18 years to Max 65 years |
28 years to 80 years |
Single pay, Limited pay, Regular pay |
5 years to 40 years |
Rs. 25 lacs and above |
| Pos Easy Bima Plan |
POS Easy Bima Plan is designed to provide an affordable premium and hassle-free protection. This plan offers a return of premium on the date of maturity. |
Min 18 years to Max 55 years |
28 years to 65 years |
5 pay with 10 years policy term, 10 pay with 15, 20 years policy term |
10,15,20 years |
Rs. 50000 to 15 lacs |
Canara HSBC OBC Online Life Insurance Plans:
| Name of Plan |
What Is It? |
Age of Entry |
Maturity age |
Premium Payment Term |
Policy Term |
Sum Assured |
| Invest 4G |
Invest 4G plan provides Three cover options in different life stages. This plan gives you complete control and also the flexibility of choosing to pay for an entire policy term |
Life Option- 0 years to 65 years
Care Option-18 years to 50 years
Century Option-18 years to 65 years
|
Life Option- 18 years to 80 years
Care Option-
28 years to 80 years
Century Option- 100 years
|
Life Option-Single Premium - 1, 00,000, Annual Premium - 24,000, Half- Yearly - 12,000, Quarterly - 6,000, Monthly - 2,000
Care/Century Option-Annual Premium - 48,000, Half - Yearly- 24,000, Quarterly - 12,000, Monthly - 4,000, Max Premium - No Limit |
Life Option-10 to 30 years
Care Option-
10 to 30 years
Century Option-100-entry age
|
Life Option- For Single Premium- 1.25 or 10 times of Single Premium, For Regular/ Limited Premium- 10 times Annualized Premium
Care/Century Option- For Regular/ Limited Premium- 10 times Annualized Premium |
| iSelect Star Term Plan |
iSelect Star Term Plan offers optimum protection such as Whole Life Cover, Terminal Illness Cover and Multiple Pay-out options, Return of Premium Options, Increase Coverage Option & Tax Benefits, etc. |
Min 18 years to Max 65 years |
28 years to 80 years |
Single pay, Limited pay, Regular pay |
5 years to 40 years |
Rs. 25 lacs and above |
| Health First Plan |
Health First Plans is an Individual Non-linked Non-Per Pure Risk Premium Health Insurance plan that is affordable and provides you with a lump-sum amount on the occurrence of Heart, Cancer related conditions and on pre-defined 26 Major Critical Illnesses. |
Min 18 years to Max 65 years |
23 years to 80 years |
5Single pay, Limited pay, Regular pay
Monthly, Yearly |
5 years to 40 years |
Rs.5 lacs to 50 lacs |
| Guaranteed Savings Plan |
Guaranteed Savings Plan provides Guaranteed benefits payable on maturity, provided all due premiums have been paid. |
Min 0 years to Max 60 years |
18 years to 75 years |
Single pay, Limited pay, Regular pay
Monthly, Quarterly, Half-Yearly, Yearly |
10,12,15,20 |
Based on Plan |
Canara HSBC OBC Savings Plans:
| Name of Plan |
What Is It? |
Age of Entry |
Maturity age |
Premium Payment Term |
Policy Term |
Sum Assured |
| Guaranteed Income4Life Plan |
Guaranteed Income4Life Plan is a highly customizable life insurance plan that offers various flexibilities in terms/premium payment options etc. so as to align the plan to an individual’s life stages and needs. |
1 to 60 years |
18 to 75 years |
Annual
Half-Yearly
Quarterly
Monthly |
0 to 60 years |
Based on Plan |
| Invest 4G |
Invest 4G plan provides Three cover options in different life stages. This plan gives you complete control and also the flexibility of choosing to pay for an entire |
Life Option- 0 years to 65 years
Care Option-18 years to 50 years
Century Option-18 years to 65 years
|
Life Option- 18 years to 80 years
Care Option-
28 years to 80 years
Century Option- 100 years
|
Life Option-Single Premium - 1, 00,000, Annual Premium - 24,000, Half- Yearly - 12,000, Quarterly - 6,000, Monthly - 2,000
Care/Century Option-Annual Premium - 48,000, Half - Yearly- 24,000, Quarterly - 12,000, Monthly - 4,000, Max Premium - No Limit |
Life Option-10 to 30 years
Care Option-
10 to 30 years
Century Option-100-entry age
|
Life Option- For Single Premium- 1.25 or 10 times of Single Premium, For Regular/ Limited Premium- 10 times Annualized Premium
Care/Century Option- For Regular/ Limited Premium- 10 times Annualized Premium |
| Guaranteed Savings Plan |
Guaranteed Savings Plan provides Guaranteed benefits payable on maturity, provided all due premiums have been paid. |
Min 0 years to Max 60 years |
18 years to 75 years |
Single pay, Limited pay, Regular pay
Monthly, Quarterly, Half-Yearly, Yearly |
10,12,15,20 |
Based on Plan |
| Flexi Edge Plan |
Flexi Edge Plan is a Non-Linked Participating Individual Savings Life Insurance Plan. It offers 3 types of sub plans Flexi savings, Flexi care, Flexi income |
Min 0 years to Max 60 years |
18 years to 75 years |
Monthly, Quarterly, Half-Yearly, Yearly |
0 to 40 years |
Based on Plan |
Canara HSBC OBC ULIP Insurance Plans:
A Unit Linked Insurance Policy is a term insurance policy with Insurance coverage and Investment. ULIP policy provides death benefit- in case the policyholder expires within the policy period and also Survival benefit- in case the policyholder survives the policy term. The death benefit provided is with the premium collected under the insurance portion of the policy and the survival benefit is paid with the premium collected and invested by the insurance company.
ULIP policies have the investment component where a part of the premium collected from the customer is invested into the debts to purchase units which over some time develop in conjunction with the market and generate revenue to the policyholder.
The policyholder has the option to decide the funds in which the premium should be invested and also the option of the asset class is given to the policyholder. The policyholder can select the funds in which he/she wants the amount to be invested and the returns are purely dependent on the market conditions prevailing at the time of maturity.
| Name of Plan |
What Is It? |
Age of Entry |
Maturity age |
Premium Payment Term |
Policy Term |
Sum Assured |
| Invest 4G |
Invest 4G plan provides Three cover options in different life stages. This plan gives you complete control and also the flexibility of choosing to pay for an entire |
Life Option- 0 years to 65 years
Care Option-18 years to 50 years
Century Option-18 years to 65 years
|
Life Option- 18 years to 80 years
Care Option-
28 years to 80 years
Century Option- 100 years
|
Life Option-Single Premium - 1, 00,000, Annual Premium - 24,000, Half- Yearly - 12,000, Quarterly - 6,000, Monthly - 2,000
Care/Century Option-Annual Premium - 48,000, Half - Yearly- 24,000, Quarterly - 12,000, Monthly - 4,000, Max Premium - No Limit |
Life Option-10 to 30 years
Care Option-
10 to 30 years
Century Option-100-entry age
|
Life Option- For Single Premium- 1.25 or 10 times of Single Premium, For Regular/ Limited Premium- 10 times Annualized Premium
Care/Century Option- For Regular/ Limited Premium- 10 times Annualized Premium |
| Titanium Plus Plan |
Titanium Plus plan offers the flexibility of single or limited or regular Premium Payment modes with death coverage and full control over your investment. It provides Multiple Pay-out options and tax benefits, etc. |
Limited pay/ Regular pay-0 to 70 years
Single pay-13 to 70 years |
Limited pay/ Regular pay-18 to 80 years
Single pay-18 to 75 years |
Annual-1,25,000/- to No limit
Monthly-16,667/- to No limit
Single-1,25,000/- to No limit |
Limited pay/ Regular pay-10 to 30 years
Single pay- 5 years |
For age 0-44 years/limited pay/Regular pay-Min-7 times of annual premium, Max-As per max Sum Assured multiples
For age 13-47 years/single pay-Min 1.25*single premium, Max-10*single premium
For age 48 and above single pay- 1.25*single premium |
| Smart Goals Plan |
Smart Goals Plan provides flexible features and is specially designed to help you achieve your future needs, goals for yourself and your loved ones. |
Min 8 years to Max 64 years |
Min 18 years to Max 74 years and
Min 23 years to Max 79 years |
|
10 years(fixed),15,20,25 years |
For ages below 45-Min 10*Annual Premium
For ages above 45-7*Annual Premium
Max-Depends on Life Assured |
Canara HSBC OBC Child Insurance Plans:
A child plan is a type of life insurance plan that is a combination of both the investment and the insurance to ensure a safe future for your child. The child plans are typically classified into two types- Market linked and Non-market-linked plans. The market-linked plans are similar to that of the Unit Linked Insurance Plans where the final maturity benefit depends on the performance of the funds selected by the policyholder/the parent.
Non-market-linked plans are a form of Endowment plans which offer a fixed rate of return to the customer as a maturity benefit after the completion of the policy period. These plans also provide flexible pay-out options at certain intervals of the policy period which can be used for the different stages of education of your child.
Child plans are plans where the customer can invest his money to secure the future of his/her child against higher education or Marriage. In case of any unfortunate event to you, the future premiums can be waived under the child policy without affecting the future of the child.
| Name of Plan |
What Is It? |
Age of Entry |
Maturity age |
Premium Payment Term |
Policy Term |
Sum Assured |
| Smart Future Plan |
Smart Future Plan that provides a long-term investment opportunity to fulfill various family needs such as building an asset or to make sure a bright future for your child, etc. |
Min 18 years- Max 61 years |
Min 28 years to Max 70 years |
Monthly and Annual |
10,15,20,25 years |
For ages below 45-Min 10*Annual Premium
For ages above 45-7*Annual Premium
Max-Depends on Life Assured |
| Jeevan Nivesh Plan |
Jeevan Nivesh Plan is a savings- cum-protection plan that provides life insurance cover and lifelong protection to you and your family. This plan helps you to achieve goals of your life such as child's education, marriage, leaving behind a legacy, buying a dream house, etc. |
Annual Mode- Min 18 years max 55 years
Monthly Mode- Min 18 years max 45 years |
Annual Mode-80 years
Monthly Mode-75 years |
Monthly,
Annual |
10,15,20,25,30 years |
Annual Mode- Min Rs. 3lacs and Max No limit and Monthly Mode- Min Rs. 5 lacs and Max No limit |
Canara HSBC OBC Retirement Insurance Plans:
Retirement plans are insurance plans which help people meet their expenses after their retirement with periodic payments by the insurance company. Retirement plans can generally be of two types: One is where the policyholder will invest the amount over a while to attain a corpus and after which the insurance company will pay periodic installments to the policyholder after his/her retirement.
The other is where the policyholder can purchase an annuity plan by paying a lump sum amount and the insurance company will start paying the monthly amount immediately or after some time as selected by the policyholder.
The major advantage of pension plans is that insurance coverage is also available with the investment option. The amount collected from the policyholder is invested in safe bonds by the insurance companies and the period installments are paid to the policyholder. The policyholder can opt for the same amount of payout each month or increase payout depending on the expenses of the policyholder.
| Name of Plan |
What Is It? |
Age of Entry |
Maturity age |
Premium Payment Term |
Policy Term |
Sum Assured |
| Smart Life Long Plan |
Smart Lifelong Plan that offers lifelong coverage up to the age of 99 years. This plan provides benefits such as include an increase or decrease of the sum assured, partial withdrawal of the fund, switching, and redirection between the funds, etc. |
Min 7 years to Max 65 years |
NA |
Monthly, Annual |
Till 99 years |
For ages below 45-0.5*age of entry*Annual Premium
For ages above 45-7-10 times of Annual Premium |
| Secure Bhavishya Plan |
Secure Bhavishya Plan was created to ensure that you lead your life tension-free. This plan offers a guaranteed maturity benefit of 101% of the premium paid. |
Min 25 years to max 70 years |
80 Years |
Monthly,
Annual |
For Regular / Limited pay- 35 years
For Single pay -30 years |
Annual Mode- Min Rs. 3lacs and Max No limit and Monthly Mode- Min Rs. 5 lacs and Max No limit |
| Smart Monthly Income Plan |
Smart Monthly Income Plan comes with a guaranteed monthly income for the last 15 years of the policy. This plan offers an annual bonus, tax benefit, a rebate of premium in case the sum is assured, etc. |
Min 18 Years- max 55 years |
Min 43 years to Max 80 Years |
Monthly, Annual |
25 years(Fixed) |
100 times of selected monthly income |
| Smart Future Income Plan |
A smart future income plan provides 100 times the monthly income. This plan offers guaranteed monthly income, lump sum amount as a bonus, life coverage, etc. |
Min 18 Years- max 55 years |
Min 43 years to Max 80 Years |
Monthly, Annual |
25 years(Fixed) |
100 times of selected monthly income |
| Pension4 Life |
Pension4life Plan guaranteed income stream as per your needs post-retirement. This plan is an annuity product where you will receive a defined level of annuity installments in exchange for a Purchase Price. |
Min 45 Years- max 80 years |
NA |
Yearly, half-yearly, quarterly, Monthly, |
Whole life |
Min Rs. 2 lacs |
| Saral Pension Plan |
Saral pension plan is a Single Premium Non-Linked Non-Participating Individual Immediate Annuity Plan. This plan is the best way to ensure security post-retirement and it guaranteed an income stream as per your needs post-retirement. |
Min 40 Years- max 80 years |
NA |
Yearly, half-yearly, quarterly, Monthly, |
Whole life |
No limit |
Canara HSBC OBC Health Insurance Plans:
| Name of Plan |
What Is It? |
Age of Entry |
Maturity age |
Premium Payment Term |
Policy Term |
Sum Assured |
| Health First Plan |
Health First Plans is an Individual Non-linked Non-Per Pure Risk Premium Health Insurance plan that is affordable and provides you with a lump-sum amount on the occurrence of Heart, Cancer-related conditions, and pre-defined 26 Major Critical Illnesses. |
Min 18 years to Max 65 years |
23 years to 80 years |
Single pay, Limited pay, Regular pay
Monthly, Yearly |
5 years to 40 years |
Rs.5 lacs to 50 lacs |
Canara HSBC OBC Group Insurance Plans:
| Name of Plan |
What Is It? |
Age of Entry |
Premium Payment Mode |
Group Size |
Sum Assured |
| Group Advantage Term Plus |
Group Advantage Term plus Plans is a Non-Linked Non-Participating Renewable Group Term Insurance Pure Life Insurance Plan |
18 to 79 Years |
Yearly, half-yearly, quarterly, Monthly |
50 |
Rs.5000 per member |
| Group Advantage Term Plan |
Group Advantage Term Plan is a one-year term plan for non-employer-employee groups. It provides life coverage and financial protection at low costs. |
18 to 79 Years |
Yearly, half-yearly, quarterly, Monthly |
50 to No limit |
Rs.5000 per member |
| Group Term Edge Plan |
Group Term Edge Plan safeguards the interests of your employees and protects them from a range of different risks. |
18 to 80 Years |
Yearly, half-yearly, quarterly, Monthly |
10 to No limit |
Rs.5000 per member |
| Pradhan Mantri Jeevan Jyoti Bima Yojna |
This is a non-participating, non-linked, group term insurance plan which provides coverage to protect your family in case of an unfortunate death without any hassle. |
18 to 50 Years |
Yearly, half-yearly, quarterly, Monthly |
- |
Rs.2,00,000 |
| Sampoorna Kavach Plan |
The Sampoorna Kavach Plan is micro-insurance plan with a simple structure. |
18 to 50 Years |
Yearly, half-yearly, quarterly, Monthly |
- |
Rs.5000 to 50000 per member |
| Credit Secure Insurance Plan |
Credit Secure insurance plan is designed for customers of financial institutions and offers 12 risk coverage options by covering them against death, terminal illness, and accidental death. |
12 to 75 Years |
Yearly, half-yearly, quarterly, Monthly |
50 to No limit |
Rs.5000 per member |
| Group Secure Plan |
Group secure insurance plan safeguards the families of borrowers from repaying the insured person’s loan liabilities in the case of the unfortunate death of the insured person. |
18 to 64 Years |
Yearly, half-yearly, quarterly, Monthly |
- |
Rs.10000 per member |
| Group Traditional Plan |
Traditional group insurance plan caters to the needs of the employers who want to fund their group member’s retirement and other welfare benefits schemes such as leave encashment, gratuity, post-retirement medical benefits, etc. |
18 to 79 Years |
Yearly, half-yearly, quarterly, Monthly |
10 members to No limit |
Rs.1000 per member |
How to Buy Canara HSBC OBC Life Insurance Policy Online?
Following steps to purchase the Canara HSBC OBC life insurance policy online
- Step 1: Visit PolicyBachat official website and then enter the details such as Gender, Annual income from all the sources, Alcohol consumption and tobacco consumption, type of occupation, salary, and Date of Birth. After this, you need to enter your contact details to facilitate a call from our agent.
- Step 2: Now the premium from different insurance companies will be displayed on the screen. You can edit the details such as Coverage, Term, Premium payment method, Mode of claim settlement, etc. Submit the details to get the desired premium. The premium can be changed by changing other factors such as Coverage required, mode of payment, etc.
- Step 3: The next step is to select the best Canara HSBC OBC life insurance policy and then you can calculate your premiums using the Canara HSBC OBC life insurance premium calculator. You can change your premium by adding riders you want. After deciding the premium, you can purchase a policy from PolicyBachat directly.
Documents Required to Buy Canara HSBC Life Insurance
- Age proof: age proof such as Voter Card, Pan Card, Driving license, etc.
- Address proof: address proofs such as utility bill, passport, Voter ID, Aadhar Card, etc.
- Photo Identity Proof: Photo identity proof such as PAN Card, Aadhar Card, Driving license, etc.
- Income Proof: The income proof could be the salary slip, income tax return, employer’s certificate, or Form 16.
- Medical Reports: medical certificate depending on the declarations made by the applicant in the proposal form.
Canara HSBC OBC Life Insurance Claim Process
Claim Intimation
In case of death of the Insured, nominee of the policyholder can lodge a claim with the insurance company.
Submission of Documents
Provide all the relevant documents to the insurance company.
Claim Settlement
The insurer is required to settle a claim within 30 days of receipt of all the required documents.
List of Life Insurance Companies:
FAQs of Bajaj Allianz Term Life insurance
How Can I Check Canara HSBC OBC Life Insurance Policy Details With Policy Number?
You can check Canara HSBC OBC life insurance policy details with policy numbers easily in simple steps
- Step1: Visit the official website of Canara HSBC OBC Life Insurance
- Step2: Click on the Canara HSBC OBC Login portal by entering the details such as register email id, mobile number, user id, etc.
- Step3: OTP will receive the registered mobile number
- Step4: After successful login, enter the policy number. You can check the policy details displayed on the screen.
How to Download Canara HSBC OBC Life Insurance Premium Receipt?
For downloading the Canara HSBC life insurance Premium Receipt login to the website by entering required details such as Policy Number, Name, Phone number, etc. Go to Policy Document download options as Premium Receipt, Premium Notice, Unit Statement, Premium Paid Certificate, and GST Invoice. Select which policy document to download and print.
Are there any riders available under Canara HSBC OBC Life Term Insurance Plan?
There are two riders available under Canara HSBC OBC Life Term Insurance Plan
- Accidental Death Benefit Rider
- Accidental Total and Permanent Disability Rider
How to Pay Canara HSBC OBC Life Insurance Premium Payment Online?
Canara HSBC OBC Life Insurance online payments can be done in various methods. You can pay Canara HSBC OBC life insurance payments online easily. Every insurance company has multiple payment options to pay premiums online using Net Banking, Credit card, Debit card, UPI wallets, bill pay, etc. you can pay Canara HSBC OBC life insurance premium payment through any of the methods as per your convenience.
How to Cancel Canara HSBC OBC Life Insurance?
Canara HSBC OBC life insurance plan can be canceled by the policyholder at any point of time after the policy start date by writing to the insurance company and filling out the cancellation form. If the policy is to be canceled within the free look period, it can be done without any premium deduction by the insurance company.