• Canara HSBC OBC Life Insurance - Know Company Details, Features & Plan Benefits Online

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    Canara HSBC OBC Life Insurance Company Limited was created by the coming together of Canara Bank, Oriental Bank of Commerce and HSBC Insurance Holdings Limited (Asia Pacific), the Asian arm of the HSBC insurance wing. The shareholders have sound knowledge about the socio-economic needs of the citizens, with over 300 years of experience in the finance industry. They are the first insurers in India to execute the bancassurance model. With all three bank branches selling the life insurance policies, the Canara HSBC OBC Life Insurance network has over 8,000 branches.

    The company offers term plans, ULIPs, savings plans, endowment plans and group plans. It has variations in each type. There are also special online plans offered that can be availed through the official website of the insurer.

    Highlights of Canara HSBC Life Insurance Updated on 24 Jul 2019

    Grievances Solved 987
    Claim Settlement Ratio 94.95%
    Group Death Claims 94.63%
    Percentage of Claims Rejected 4.70%
    Solvency Ratio 4.01 (for the quarter ended March 2017)

    Canara HSBC OBC Life Insurance plans

    The various life insurance plan types and variations are listed in the table below:

    Term Plans ULIP Plans Savings Plans Pension/Retirement Plans Money Back Plans Group Plans Online Plans
    POS – Easy Bima Plan Platinum Plus Plan Jeevan Nivesh Plan Samridh Bhavishya Money Back Advantage Plan Group Traditional Plan iSelect Term Plan
    Smart Suraksha Plan Smart Future Plan Smart Junior Plan Smart Immediate Income Plan Smart Future Income Plan Group Supperannuation Plan iNVESTSHIELD Plan
    Smart Goals Plan QROPS Smart Monthly Income Plan Sampoorna Kavach Plan
    Smart Life Long Plan Group Secure
    Secure Bhavishya Plan Corporate Group Term Plan
    Smart One Pay Pradhan Mantri Jeevan Jyoti Bima Yojna
    Insure Smart Plan Group Advantage Term Plan
    Shubh Labh
    Future Smart Plan
    Grow Smart Plan

    Why You Should Go for Canara HSBC OBC Company Limited?

    Launched on 16th June, 2008, Canara HSBC OBC Co. Ltd. aims to offer affordable insurance policies to the rural population. To this cause, it has tie-ups with Pragathi Gramin Bank, Karnataka; Shreyas Gramin Bank, Uttar Pradesh; and South Malabar Gramin Bank. The insurer has a call centre at the head office and has resources to handle a total of 10 languages. The company has won many awards in the past and continues to do so. The awards won in the year 2017 include ‘Award for Excellence in Customer Service’, ‘Consumer Education Initiative’, ‘Information Technology Leadership’, etc.

    Different Types Of Policies Provided By Canara HSBC OBC Company Limited

    The insurance company offers a wide range of plans.

    1. Term Insurance Plan

    Term insurance is a basic life insurance product type that covers the life of the policyholder for a specified period. It is usually offered to individuals of the age range 30 years to 75 years.

    Plan name Key Features
    POS – Easy Bima Plan
    • A pure term insurance plan that returns total premiums paid on the date of maturity.
    • The minimum sum assured to be chosen is Rs.50,000. Only multiples of 50,000 can be opted as the sum assured with the maximum being Rs.15 lakh.
    • The premium payable depends on the sum assured chosen.
    • Premiums can be paid annually or monthly.
    • A death benefit equal to the sum assured is paid on the death of the policyholder to the nominee.
    • In case of accidental death, twice the sum assured is paid.
    • Tax benefits can be availed under Section 80C and Section 10(10D) for the premiums paid.
    Smart Suraksha Plan
    • The plan provides protection against death to the life assured. If the life assured survives the term, no maturity amount is payable.
    • The beneficiaries will be provided a death benefit on the unfortunate death of the life assured.
    • In case the life assured succumbs to death by accident, an additional amount equal to the sum assured will be paid to the nominee.
    • If the life assured is disabled permanently, the sum assured will be paid to him/her.
    • Rebates are provided for maintaining a healthy lifestyle and if a high sum assured is chosen.
    • Women enjoy certain rebates.
    • The policyholder enjoys tax benefits under Section 80C of the Income Tax Act for the premiums paid.

    2.Unit Linked Insurance Plan (ULIP)

    ULIPs not only provide a risk cover to the sum assured but also provide investment options in various funds.

    Plan Key Features
    Platinum Plus Plan
    • A protection cum investment plan, it is flexible and lets the policyholder have control over the investments made in the market.
    • Premiums can be paid annually or monthly.
    • The minimum annual premium is Rs.2 lakh and minimum monthly premium is Rs.25,000.
    • The sum assured depends on the age of the policyholder and the annualised premium.
    • On the death of the life assured during the policy term, the nominees will receive whichever is high - the sum assured (minus partial withdrawals), fund value, or 105% of the total premium paid.
    • The fund value is provided on the maturity date.
    • Individuals can choose one among the 5 investment management options available:
    • Self-Managed Option (SMO)
    • Return Protector Option (RPO)
    • Safety Switch Option (SSO)
    • Systematic Transfer Option (STO)
    • Auto Funds Rebalancing (AFR)
    • Loyalty additions and wealth boosters are offered with the plan.
    • The premiums paid qualify for tax benefits under Section 80C of the Income Tax Act, 1961.
    Smart Future Plan
    • This plan is a long-term investment option that helps secure the future of one’s family even after the death of the person.
    • The premiums can either be paid monthly or annually for a 10-year or 20-year term.
    • The sum assured depends on the age of the individual who purchased the policy and the annualised premium chosen.
    • On the death of the life assured, the sum assured is paid to the nominee. The death benefit payable cannot be less than 105% of the premiums paid.
    • Policyholders can choose an option wherein the company will pay the future premiums in case the life assured succumbs to death or is permanently disabled.
    • On maturity of the policy, the fund value is paid to the policyholder.
    • Prospective policyholders can choose one of the 6 investment fund options available.
    • India Multi-Cap Equity Fund
    • Liquid Fund
    • Equity II Fund
    • Balanced Plus Fund
    • Growth Plus Fund
    • Debt Plus Fund
    • Tax benefits, under section 80C of the Income Tax Act, can be availed for the premiums paid.
    Smart Goals Plan
    • This is a unit-linked plan that gives the policyholder the flexibility to redirect premiums based on the developments in the market.
    • Two premium options are available. The first option has a 5-year payment term and the second option has a 10 to 25-year premium payment term.
    • The premium payment modes available are monthly and annual.
    • The sum assured is calculated based on the annualised premium and the age of the policyholder.
    • On the death of the life assured, the nominee of the policy will receive the sum assured (minus the partial withdrawals), the fund value, or 105% of the total premiums paid, whichever is higher.
    • On the maturity of the policy, the fund value will be paid to the policyholder.
    • Loyalty additions are provided by way of adding units to the fund.
    • Depending on the kind of investment the policyholder wishes to make, he/she can choose from the 6 types available.
    • India Multi-Cap Equity Fund
    • Liquid Fund
    • Equity II Fund
    • Balanced Plus Fund
    • Growth Plus Fund
    • Debt Plus Fund
    • Tax benefits under Section 80C of the Income Tax Act can be availed based on the prevailing tax laws.
    Smart Life Long Plan
    • The plan helps create wealth for the future and offers life cover up to 99 years of the life assured.
    • The premium payment modes available are annual and monthly.
    • The sum assured is calculated based on the premium payment mode, premium amount chosen, and the age of the life assured.
    • In case of death of the life assured the nominee will receive the fund value, the sum assured (less partial withdrawals), or 105% of the total premium paid, whichever is less.
    • If the policyholder survives the term, the fund value will be paid on maturity.
    • Loyalty additions are provided in the form of addition of units to the policy fund.
    • Six types of investment fund options are available under the policy.
    • India Multi-Cap Equity Fund
    • Liquid Fund
    • Equity II Fund
    • Balanced Plus Fund
    • Growth Plus Fund
    • Debt Plus Fund
    • The policyholder can avail tax benefits under section 80C of the Income Tax Act for all the premiums paid.
    Secure Bhavishya Plan
    • Not only does the plan offer life coverage and investment opportunity, it allows nominees to choose to continue the investment.
    • The plan comes with single pay, limited pay, and regular pay terms.
    • The premium payment modes available are annual and monthly.
    • The death benefit will be equal to either the fund value or 105% of the cumulative premiums, whichever is higher.
    • The nominee can choose to withdraw the complete death benefit, or choose to use a part of or entire amount to purchase an annuity from the insurer.
    • Either the fund value or the guaranteed maturity benefit (101% of the total premiums paid including top-up premiums) is payable on maturity.
    • Loyalty additions are provided to boost funds.
    • Three investment fund types are available under the plan.
    • Pension Growth Fund
    • Pension Balanced Fund
    • Pension Debt Fund
    • Individuals who pay the premiums can claim tax benefits under section 80C of the Income Tax Act, 1961.
    Smart One Pay
    • This is a protection cum investment plan with a one-time premium payment option.
    • The minimum premium payable is Rs.1 lakh.
    • The sum assured is calculated based on the premium and the age of the life assured.
    • In case of the death of the life assured, the nominee will receive the sum assured (less partial withdrawals), the fund value, or 105% of the single premium paid, whichever of the three is higher.
    • On the date of maturity, the fund value is provided to the policyholder.
    • Loyalty additions will enhance the fund value. It is paid at the end of each policy month.
    • Policyholders can choose to opt one of the 6 investment fund options available.
    • India Multi-Cap Equity Fund
    • Liquid Fund
    • Equity II Fund
    • Balanced Plus Fund
    • Growth Plus Fund
    • Debt Plus Fund
    • The premiums paid towards the policy qualify for tax benefits under section 80C of the Income Tax Act, 1961.
    Insure Smart Plan
    • The plan is an investment cum protection plan that comes with a fixed 5-year premium payment term and a 10-year policy term.
    • The premium payment mode is annual and the minimum premium payable is Rs.50,000.
    • The sum assured is calculated according to the age of the life assured and the annual premium.
    • The higher amount out of the sum assured (minus partial withdrawals), fund value, or 105% of the premium paid is payable as death benefit to the nominee.
    • The policyholder will receive the fund value at the end of 10 years.
    • On maturity of the policy, the policyholder will receive 1% of the total fund value as a loyalty addition.
    • Depending on the idea of investment, individuals can choose and switch between 6 investment fund types.
    • India Multi-Cap Equity Fund
    • Liquid Fund
    • Equity II Fund
    • Balanced Plus Fund
    • Growth Plus Fund
    • Debt Plus Fund
    • The premium paid by the policyholder qualifies for tax benefits under section 80C of the Income Tax Act, 1961.
    Shubh Labh
    • The plan offers life coverage along with investment opportunity and comes with a single premium payment option.
    • The minimum premium payable is Rs.3 lakh.
    • The sum assured depends on the single premium amount chosen and the age of the life assured.
    • The higher amount – the fund value, the sum assured (minus partial withdrawals), or 105% of the single premium paid will be payable as the death benefit to the nominee.
    • The maturity benefit is payable at the end of the policy term. The maturity benefit amount is equal to the fund value.
    • A percentage of the fund value will be added each month as the loyalty addition.
    • Policyholders can choose one of the 6 investment fund options available.
    • India Multi-Cap Equity Fund
    • Liquid Fund
    • Equity II Fund
    • Balanced Plus Fund
    • Growth Plus Fund
    • Debt Plus Fund
    • Policyholders paying the premium can avail tax benefits under section 80C of the Income Tax Act, 1961.
    Future Smart Plan
    • A unit linked child plan, this plan provides insurance cover as well as an investment opportunity to ensure the policyholder’s child’s life remains unchanged on the unfortunate death of the policyholder.
    • Premiums can be paid annually and the minimum premium payable is Rs.25,000.
    • The sum assured amount depends on the age of the life assured and the annual premium amount.
    • On the demise of the life assured, the sum assured is paid as the death benefit and the fund value is paid on maturity.
    • On death or disability of the life assured, the premiums to be paid in the future are funded by the company, provided the option was chosen at the inception of the policy.
    • On survival of the policyholder until the end of the policy term, the fund value is paid as the maturity benefit.
    • Discounts are offered on premiums when it is paid through ECS or standing instructions.
    • Milestone withdrawals are permitted for higher education of children.
    • The individual who purchases the policy can choose an investment fund option.
      • India Multi-Cap Equity Fund
      • Liquid Fund
      • Equity II Fund
      • Balanced Plus Fund
      • Growth Plus Fund
      • Debt Plus Fund
    • Tax benefits can be availed under section 80C of the Income Tax Act, 1961.
    Grow Smart Plan
    • The plan provides life cover throughout the life assured’s life along with providing investment opportunities.
    • The premiums are payable annually and the minimum premium payable is Rs.25,000.
    • The sum assured is estimated using the age of the life assured and the annual premium amount.
    • The higher amount - the sum assured (less the partial withdrawals), the fund value, or 105% of the total premium paid is paid as the death benefit.
    • Loyalty additions equal to 1% of the fund value is provided.
    • A total of six investment fund options are available, out of which the policyholder can choose one.
      • India Multi-Cap Equity Fund
      • Liquid Fund
      • Equity II Fund
      • Balanced Plus Fund
      • Growth Plus Fund
      • Debt Plus Fund
    • Under section 80C of the Income Tax Act, tax benefits are mentioned for the premiums paid for life insurance products.

    3. Savings Plans

    These are life insurance plans that can be used as a medium to save and receive the funds at a later time. Regular premiums are paid throughout the policy term, and at maturity, only the bonuses are paid while the sum assured is paid as regular payouts.

    Plan Key Features
    Jeevan Nivesh Plan
    • This plan not only offers life coverage but provides regular payouts on maturity. The plan comes with an endowment with whole life cover option.
    • Premiums can be paid monthly or annually.
    • The minimum sum assured for the annual mode is Rs.3 lakh and monthly mode is Rs.5 lakh.
    • The death benefit payable is either equal to the sum assured (plus annual, interim and final bonuses, if any) or 105% of the total premium paid.
    • On maturity of the policy, the sum assured plus annual or final bonuses, if any, are paid. In case of the ‘Only Endowment’ option, the policy will terminate on maturity while the policy will continue up to the age of 100 years of the life assured in the case of the ‘Endowment with Whole Life Cover’ option.
    • In the case of ‘Endowment with Whole Life Cover’ option, a survival benefit is paid along with the maturity benefit if the individual survives up to the age of 100.
    • The ‘Only Endowment’ option comes with a Settlement Option wherein the sum assured payable on maturity are paid at regular intervals for a period of 15 years with an interest compounded at the rate of 5% every year.
    • Rebates are offered if the individual opts for a sum assured amount equal to or above Rs.4 lakh.
    • Tax benefits can be availed for the premiums paid under section 80C of the Income Tax Act, 1961.
    Smart Junior Plan
    • This is a protection cum savings plan that provides regular payouts to finance the policyholder’s child’s education needs at the right milestones.
    • The premium towards the plan is payable monthly or annually and the premium amount depends on the sum assured amount chosen.
    • The minimum sum assured for the annual mode of premium is Rs.3 lakh and the for the monthly mode is Rs.5 lakh.
    • The death benefit payable is equal to the sum assured, 10 times the annualised premium, or 105% of the total premium paid.
    • The maturity benefit payable is equal to 20% of the sum assured along with annual or final bonuses, if any.
    • Guaranteed payouts are made at the end of each year for the last 4 years before maturity.
    • Rebates are offered to individuals who opt for a sum assured amount equal to or higher than Rs.4 lakh.
    • The premiums paid towards the policy qualify for tax benefits under section 80C of the Income Tax Act, 1961.

    4. Pension/Retirement Plans

    A retirement plan helps the policyholder accumulate adequate money in his/her retirement corpus over a period of time.

    Plan Key Features
    Samridh Bhavishya
    • Annuity instalments are provided throughout the life assured’s lifetime post-retirement.
    • The minimum purchase price of this plan is Rs. 2 lakh. The amount should be paid as a single premium.
    • The annuity instalment modes available are annual, semi-annual, monthly, or quarterly.
    • Higher annuity is provided for plans purchased at a higher price.
    • Tax benefits can be availed under section 80C of the Income Tax Act, 1961.
    Smart Immediate Income Plan
    • This retirement plan not only provides instalments post-retirement but offer life coverage as well.
    • The minimum purchase price of the plan is Rs.2 lakh.
    • The annuity instalment modes available are monthly, quarterly, semi-annual, annual.
    • On the death of the annuitant, the death benefit as well as any remaining annuity instalments are payable.
    • Individuals who purchase a plan with a higher price will enjoy higher annuity instalments.
    • Policyholders also enjoy tax benefits under section 80C of the Income Tax Act, 1961.
    Qualifying Recognised Overseas Pension Scheme (QROPS)
    • NRIs who have a pension fund in the UK and wish to transfer it to India, can utilise the QROPS facility to do so.
    • QROPS is a tax-efficient way to transfer one’s pension fund.

    5. Money back plans

    Money back plans offer regular payouts to the policyholder, throughout the policy term along with the death benefit and maturity benefit.

    Plan Key Features
    Money back advantage plan
    • A participating plan that offers savings as well as protection.
    • The premium is payable for 10 years monthly or annually.
    • The minimum sum assured has a wide range and is estimated based on the policyholder’s age and premium payment mode chosen.
    • On the death of the policyholder during the policy term, either the sum assured (plus bonuses, if any) or 10% of the total premium paid, whichever is higher, is payable to the nominee.
    • On maturity of the policy, an amount equal to 55% of the sum assured plus simple reversionary and terminal bonuses, if any, is payable as the maturity benefit.
    • Guaranteed money back payout will be received by the policyholder at certain specified intervals.
    • Rebates are offered for premiums when the sum assured is high.
    • Tax benefits can be availed under section 80C and section 10(10D).
    Smart Future Income Plan
    • The plan offers life cover and guaranteed monthly income.
    • The premium is payable for a period of 10 years either monthly or annually.
    • The sum assured amount is equal to 100 times the monthly income chosen.
    • The death benefit payable is equal to either the sum assured (plus bonuses, if any) or 10 times the annual premium, whichever is higher.
    • On maturity of the policy, added annual bonus and final bonus, if any, is provided.
    • Guaranteed monthly payouts are made for 15 years.
    • If the sum assured is more than or equal to Rs.7 lakh, a rebate is offered.
    • Tax benefits, according to section 80C of the Income Tax Act, can be availed.
    Smart Monthly Income Plan
    • This plan offers life cover as well as survival benefits.
    • The premium is payable either annually or monthly for a period of 15 years.
    • The sum assured will be equal to the monthly income chosen.
    • The death benefit payable is the higher of the sum assured or 10 times the annual premium.
    • Added annual bonus and final bonus is paid on maturity of the policy.
    • Monthly income is received by the policyholder during the last 15 years of the policy term.
    • If the policyholder chooses a sum assured equal to or more than Rs.3 lakh, he/she will receive a premium rebate.
    • The premiums paid qualify for tax benefits under section 80C of the Income Tax Act.

    6. Group Plans

    A group plan is a single plan that covers a group of people who can enjoy the benefits offered by the plan.

    Plan Key Features
    Group Traditional Benefit Plan
    • A plan designed for employer-employee groups. Employees can avail benefits like leave encashment, gratuity, and post-retirement medical benefits.
    • The minimum number of members is 10.
    • The initial contribution per scheme is Rs.1 lakh.
    • The sum assured is a fixed sum of Rs.1,000.
    • The benefits are payable on death, resignation, termination, retirement or disability of the member.
    • The life cover of Rs.1,000 can be renewed every year.
    • An interest of 0.01% will be applicable every year to the contributions made for the scheme.
    • An additional interest rate is declared and applied at the end of each quarter.
    • Tax benefits can be availed depending on the prevailing Income Tax laws.
    Group Superannuation Plan
    • This plan is basically for employers to fund the superannuation and pension benefits of employees.
    • The minimum group size is 10.
    • The minimum defined benefit per scheme is Rs.1 lakh.
    • The minimum defined contribution per member is Ts.1,000 per annum.
    • A sum of Rs.1,000 is offered as a life cover to each member.
    • The benefits are payable on death, resignation, termination, retirement or disability of the member.
    • A guaranteed interest at the rate of 0.01% will be applicable to the contributions made towards the scheme.
    • At the end of every quarter, an additional interest is added to the balance.
    • The prevailing tax laws will be applicable to the policy.
    Sampoorna Kavach Plan
    • The plan offers life cover to the members of the group.
    • The policy term is for a period of 1 year and is renewable yearly.
    • The sum assured amount that the master policyholder can choose ranges from Rs.5,000 to Rs.50,000.
    • On the death of a member of the policy, the sum assured is paid to the nominee.
    • Tax benefits can be availed according to the prevailing tax laws.
    Group Secure
    • A plan for customers of financial and lending institutions to provide various types of loans.
    • The minimum sum assured amount is Rs.10,000.
    • The coverage options available are:
      • Death cover
      • Death and Total permanent disability cover
    • The premium payment options available are:
      • Single pay
      • Limited pay (for a period of 5 years)
      • Regular pay
    • Joint life coverage can be opted for. The options available for the same are:
      • Joint basis - Complete sum assured coverage for all members of the group
      • Loan share basis - The coverage will be directed based the percentage of loan share.
    • Tax benefits can be availed as per the income laws prevailing at the time.
    Corporate Group Term Plan
    • A plan designed for corporate employees to offer life cover.
    • The minimum group size to be eligible for the plan is 10.
    • The minimum sum assured for a group term is Rs.1,000.
    • The minimum sum assured for a group term in lieu of EDLI (Employee Deposit Linked Insurance) is Rs.3,61,000.
    • The coverage options available are:
      • Flat graded
      • Future Service Gratuity
      • Group Term as an alternative to EDLI
      • Multiple cost to company
    • In case of death of a member of the scheme, the death benefit is payable to the nominee.
    • The tax benefits that can be availed are directed by the prevailing income tax laws.
    Pradhan Mantri Jeevan Jyoti Bima Yojna
    • A non-participating and non-linked plan that offers life cover at affordable costs.
    • The premium payable is Rs.330 per annum.
    • The sum assured is a fixed sum of Rs.2 lakh.
    • On the death of a member of the plan during the policy term, the death benefit is payable to the nominee.
    Group Advantage Term Plan
    • A plan for non-employer-employee groups that offers protection against the lives of the members of the group.
    • The minimum group size is 50.
    • The premium payment modes available are single, monthly, quarterly, or semi-annually.
    • The minimum sum assured for death cover is Rs.5,000.
    • The minimum sum assured for death and accidental death benefit is Rs.2 lakh.
    • Spouses of members can also be covered under the plan.
    • The sum assured can be increased during the policy term.

    7. Online Plans

    These life insurance plans can be availed online with just a few simple clicks.

    Plan Key Features
    iSelect Term Plan
    • This online plan offers life and terminal illness cover as well as accidental death and accidental disability cover.
    • The premium payment modes available are yearly and monthly.
    • The minimum life assured amount is Rs.25 lakh.
    • The fixed sum assured amount for the spouse is Rs.25 lakh.
    • The optional in-built covers and the minimum sum assured amounts are:
      • Accidental Death Benefit - Rs.25 lakh
      • Accidental Total and Permanent Disability - Rs.25 lakh.
    • In case of death of the policyholder, the death benefit is payable to the nominee.
    • If opted for the Accidental Death Benefit, an additional amount will be paid if the life assured succumbs to death due to an accident.
    • If opted for the Accidental Total and Permanent Disability, the sum assured is paid to the policyholder.
    • The monthly payout options available are:
      • One-time lump sum payment
      • 50% of the benefit paid immediately and the rest paid over 120 months
      • Complete benefit amount paid over 120 months
      • Complete benefit amount paid throughout the policy term.
    • Tax benefits can be availed under section 80C of the Income Tax Act, 1961.
    iNVESTSHIELD Plan
    • The plan allows the policyholder to choose the type of benefit he/she wants.
    • The premium payment modes available are annual, monthly and single payment.
    • The sum assured depends on the premium mode opted for.
    • The benefit options available are:
      • Death benefit
      • Death benefit plus accidental death benefit
      • Death benefit plus premium funding benefit
    • On maturity of the policy, the fund value is paid to the policyholder.
    • Depending on the policy term, loyalty additions are made to the unit linked funds.
    • Depending on the risk preference of the policyholder, he/she can choose one of the 6 unit linked fund options listed below:
      • India Multi-Cap Equity Fund
      • Liquid Fund
      • Equity II Fund
      • Balanced Plus Fund
      • Growth Plus Fund
      • Debt Plus Fund
    • A settlement option i.e. payment of the benefit in instalments is available.
    • The premiums paid qualify for tax benefits under section 80C and section 10(10D) as per the Income Tax Act, 1961.

    How To Make A Claim With Canara HSBC OBC Company Limited

    • The claimant or nominee will have to fill the Death Claim Form and send it to the head office or the nearest bank branch of the insurer along with an attested copy of the claimant’s photo ID and address proof.
    • Once the Death Claim Form is received by the insurer, they will release an amount equal to the fund value.
    • The claims pack will be sent to the claimant for him/her to fill the relevant forms. The claimant can also collect the forms from the nearest office branch or bank branch.
    • The forms that need to be filled and submitted to the insurer are:
      • Death Claim Form - To be filled by the claimant.
      • Physician’s statement - To be filled by the doctor who attended the deceased person, and the deceased person’s family doctor.
      • Treating Hospital Certificate - To be filled by the authorities of hospitals where the deceased person was hospitalised.
      • Employer/College/School Certificate - To be filled by the deceased person’s employer/school or college authorities.
    • The documents that need to be submitted with the forms mentioned above:
      • Original copy of the policy
      • Death certificate provided by the municipal officials
      • Photocopy of bank pass book or a cancelled cheque
      • Hospital records and other treatment records
      • Claimant’s Photo ID and address proof
      • Post-mortem report
      • Chemical viscera report (if conducted)
      • Physician’s statement
    • The documents that need to be submitted in case of accidental or unnatural deaths:
      • Police report
      • Newspaper cutting (if any)
    • All the above mentioned forms and documents should be submitted to the head office, branch office, or any bank branch. The insurer has the right to request for additional documents apart from those mentioned above.
    • The claim is processed once all relevant forms and documents are received by the insurer.
    • After verification of all the documents,

    Documents Required To Buy Canara HSBC OBC’s Policy

    The basic documents required to buy a life insurance policy are the following:

    • ID Proof
    • DOB Proof
    • Address Proof
    • Income Proof
    • PAN details

    How To Check Policy Status Online

    • Open the official Canara HSBC OBC life insurance website.
    • Click on ‘Login’ found on the right hand side of the page.
    • Login using your credentials.
    • View the policy details and status through the individual account.

    Canara HSBC OBC Online Premium Payment

    • Login to your individual account using your credentials.
    • Choose the policy for which you want to pay the premium.
    • The payment options available are:
      • Credit Card
      • Debit Card
      • Internet Banking
      • E-Wallets
      • EMI
      • Bharat QR
      • UPI (Unified Payment Interface)
    • Fill in the details requested and click on ‘Submit’.
    • Save the receipt number and deposit acknowledgement for reference.

    Canara HSBC OBC Offline Premium Payment

    • Via Interactive Voice Response System
      • You can call the toll free number or NRI customer care number to make the premium payment.
    • Via cheque/DD
      • The cheque/DD should be in favour of “Canara HSBC OBC Life Insurance Co. Ltd.”
      • You name, policy number and mobile number should be mentioned.
      • In case of DD payments, send your bank statement that reflects the premium amount.
    • Via office/bank branch
      • Visit the nearest office or bank branch and pay the premium using Cheque/DD/Debit card/Credit card/Direct transfer.

    Canara HSBC OBC Premium Calculator

    The premium payable towards the policy can be calculated on the insurer’s website by following a few simple steps.

    • On the homepage of the official website of Canara HSBC OBC website, click on ‘Calculate Premium’ under the ‘Tools and Calculator’ tab.
    • Input the necessary details - name, date of birth, gender, residential status and product type.
    • Enter the captcha code and click ‘Calculate’.
    • The premium amount payable for the product you chose will be displayed.

    Claim Settlement Ratio

    Canara HSBC has a decent claim settlement record in the industry. Its claim settlement ratio for the fiscal year 2016-17 is as follows:

    No. of claims received No. of claims approved Claim settlement ratio
    653 620 94.95%

    Claim settlement ratio trend over the years:

    Year 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
    Settlement Ratio 81% 88% 87% 90% 93% 95%

    Canara HSBC OBC FAQs

    1. Are rebates offered for any of the plan types?

    Yes, if an individual buys an insurance policy with a high sum assured amount, a certain rebate is offered on the premium.

    2. Can I switch between investment fund types?

    Yes, the policyholder has the freedom to choose one among the 6 investment fund types available.

    • India Multi-Cap Equity Fund
    • Liquid Fund
    • Equity II Fund
    • Balanced Plus Fund
    • Growth Plus Fund
    • Debt Plus Fund

    The policyholder can also switch between fund types depending on his/her risk preference and prevailing market movements.

    3. Can I surrender/withdraw the policy?

    Yes, policies can be surrendered/withdrawn but a certain amount might be charged as a penalty if the policy is withdrawn within a specified period.

    4. Can premiums be paid by EMI?

    Yes, premium payment can be made by EMI using credit cards.

    5. Can I choose the renewal date myself?

    Yes, the policyholder can choose the renewal date as per his/her convenience. The premiums can be paid on the 5th, 10th, 15th, 20th or the 25th.

    This insurance company/organisation is not a partner of Bankbazaarinsurance.com. The content provided here is for informational purposes only. Readers should visit the branch office/website of the insurer for more details. The logos, trademarks, and other intellectual property on display belong to their respective owners.

    News About Canara HSBC OBC Life Insurance

    • Canara Bank and its life insurance partner launch Webassurance

      The public sector bank, Canara Bank, and its life insurance arm, Canara HSBC Oriental Bank of Commerce Life Insurance, together, have launched the all-new Webassurance – which combines life insurance offerings with the digital capabilities of the bank. Canara Bank customers will be able to access four life insurance products by Canara HSBC OBC which will cover a variety of benefits such as retirement planning, protection, child’s future, and savings and investment.

      The MD and CEO of Canara Bank, R A Sankara Narayanan, said that the customer base is expanding and people demand an online platform where products and services can be availed and where people have control over the purchase process. The MD and CEO of Canara HSBC OBC, Anuj Mathur, said that the new Webassurance initiative will ensure all the bank customers can make use of the online mode and avail life insurance products too.

      Canara HSBC OBC is a life insurance company that is owned by two public-sector banks – Oriental Bank of Commerce and Canara Bank, and the insurance arm of HSBC – HSBC Insurance (Asia Pacific) Holdings.

      30 April 2019

    • Canara HSBC Oriental Bank of Commerce Life Insurance Company launches a new plan

      Canara HSBC Oriental Bank of Commerce Life Insurance Company has launched a new insurance plan called the Canara HSBC Oriental Bank of Commerce Life Insurance Company Guaranteed Income Plan. It is a non-participating, non-linked guaranteed income plan and offers guaranteed payouts during different stages of your life depending on your various financial needs.

      This is the second insurance plan launched in the third quarter for the fiscal year 2019 by the insurance company with Canara HSBC Oriental Bank of Commerce Life Insurance Company Guaranteed Savings Plan being the first.

      The Guaranteed Income Plan offers long-term benefits with a one-time payout of the survival benefits including the sum assured in case something happens to you. It also offers guaranteed income which would help you take care of your future needs. You can also customise this plan as per your ever-changing financial needs.

      1 February 2019

    • Canara HSBC OBC Life launches ad campaign to create awareness about life insurance

      Life insurer Canara HSBC OBC Life Insurance has rolled out a new advertisement campaign targeting people of all age groups. The campaign titled ‘Promise kiya! Ab plan kar’ will focus on increasing awareness about various life insurance products in India. The company has planned three new commercials to improve awareness about various proactive financial planning steps that every individual must take.

      The focus of this ad campaign is people between the age of 20 years and 55 years. It will take about various benefits offered by life insurance policies including protection, retirement benefits, child future, etc. The new ad campaigns will be aired on various television channels as well as social media platforms. The campaign will start from December 28 onwards, and it will run for a period of 10 weeks.

      3 January 2019

    • Oriental Bank in talks to sell their life insurance stake

      With the bank amongst many other public sector banks being put under prompt corrective action by the Reserve Bank of India for their non-performing assets rising more than 6% for 2 consecutive financial years, Oriental Bank is looking to sell their life insurance stake that they hold along with Canara Bank and HSBC in the Canara HSBC Oriental Bank Life Insurance Limited. According to a source, the public sector bank is willing to sell its 23% stake in the company and raise approximately Rs.1,500 crore from the deal. A sure sign that the talks of the sale are on the table, Oriental Bank has hired ICICI Bank Securities Limited to overlook the deal. In the life insurance company, Canara Bank holds a stake of 51%, while HSBC Bank has a 26% stake and Oriental Bank has a 23% stake in the company. However, Oriental Bank is looking to sell their life insurance stake in the company, primarily to stable their assets and resume their freedom to meet lending requirement and reduce their non-performing assets. As of now, the Canara HSBC Oriental Bank Life Insurance Limited has assets amounting to Rs.13,241 crore.

      28 November 2018

    • Canara HSBC OBC Life Insurance to eliminate its loss this fiscal

      The Managing Director and Chief Executive Officer of Canara HSBC OBC Life Insurance, Anuj Mathur, has made a statement that the company plans to eliminate its Rs.160 crore loss during this financial year. The company is a partnership between Canara Bank, HSBC Bank, and Oriental Bank of Commerce - with a 51%, 23%, and 26% share respectively in the company. The MD said that the company has been witnessing a good growth trajectory from the past few years and has recorded a CAGR of 35% for the past 3 years. In FY 2017-18, while the total business of the company was at Rs.2,781 crore, the new business of the insurer stood at Rs.818 crore. The 370% solvency ratio of the company aids the company’s plans to expand and add new businesses too. The funds for such plans will be taken from the internal accruals. The company has 9,000 branches scattered across the country and wishes to make its services easily accessible in tier-I and tier-II cities too. With the recruitment of nearly 1,000 salespersons to the team, the insurer aims to reach the non-metro cities. Mathur also said that the company’s claim settlement ratio has been around 98% and the persistency ratio has been around 80%.

      11 September 2018

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