Get covered at unbelievably low premiums for high sums. It can't get any better.

Canara HSBC OBC Term Insurance

An alliance formed by Canara Bank, Oriental Bank of Commerce, and HSBC Insurance (Asia Pacific) Holdings Limited to form - Canara HSBC Oriental Bank of Commerce Insurance Co. Ltd.

Conferred with “The Economic Times Best BFSI Brands 2016” award in the Life Insurer category

In which Canara Bank holds 51%, HSBC Insurance (Asia Pacific) Holdings Limited holds 26%, and Oriental Bank of Commerce holds 23% of shares. Canara HSBC offers a range of Life Insurance products including unit linked, endowment, retirement plans, etc. for the individual, family and corporate. A term plan is the most basic and purest Life Insurance policy, aims to provide financial stability in the case of a breadwinner's death.

Benefits of Buying Canara HSBC Term Insurance

  • Low Cost Financial Protection - Provide financial protection to your family at low cost.
  • Rewards - Rewards for living a healthy lifestyle, special discount to non-smokers.
  • Premiums - You can opt monthly or annually premium paying option.
  • Riders – Optional Riders to enhance the policy.
  • Optional Spouse cover in same policy.
  • Rebate for women.
  • Rebate for higher sum assured.
  • Tax Benefits - Tax saving benefits under Section 80C and 10(10D).

Types of Canara HSBC Term Insurance Plans

Canara HSBC Oriental Bank of Commerce Life Insurance offers different Term Plans. Term Plan is a pure protection plan to provide financial security to your family and the option to secure an income for the family even in breadwinner's absence.

It is a pure death benefit plan. It is a pure protection plan that provides life insurance and terminal illness cover. In an unfortunate event, if the insured dies during the policy period, the nominee will be compensated with the sum assured.

Features

  • The minimum age is 18 years, and maximum age is 65.
  • Policy Term can vary from 5 years to 40 years. The maximum age of insured should be of 80 years or 75 years (if optional rider chosen) at the end of policy term.
  • The sum assured can be Rs. 25 Lakh and above including inbuilt Terminal Illness cover.
  • The premium paying term - Regular premium.
  • Flexibility in paying premiums - Yearly/Monthly.
  • The nominee receives the sum assured in the case of an untimely demise of an insured during the policy term.
  • Option of insuring your spouse in the same policy. In which case, the sum assured is fixed as Rs. 25 lakh, including Terminal Illness.
  • Offer two plans -
    • Level Term Assurance - The sum assured is fixed for the entire policy term.
    • Increasing Term Assurance - You have an option to increase sum assured as your responsibilities increase. Your sum assured keep on increasing by 25% after every 5th policy year. The increase in the cover is limited to 100% of the original cover and after that will remain same as 200%. For instance, the initial sum assured is Rs. 50 Lakh, it will increase up to Rs. 1 crore at the end of the 20th policy year, after that it will remain same until the end of the policy term.
Policy YearIncreasing Sum Assured (% original sum assured)
1 - 5100%
6 - 10 125%
11 – 15150%
16 – 20175%
21 onwards 200%
  • Death Benefit Flexible Payout option- Once the payout option is opted cannot be changed.

    • Lump Sum: 100% sum assured is paid out as one-time lump sum amount.
    • Lump Sum + Monthly Income: At the time of claim, nominee gets 50% of the applicable sum assured immediately. The remaining of the benefit is given in equal monthly installments over 120 months/10 years.
    • Monthly Income for a fixed term: The sum assured amount is paid out in equal monthly installments over 120 months/10 years.
    • Monthly Income until policy terminates: The company pays the sum assured in equal monthly installments until the policy term ends.
  • Inbuilt Terminal Illnesses feature.

  • Payout in case of Terminal Illness - If the insured is diagnosed with any Terminal Illness, the payout of sum assured can be as follows:

    • Lump Sum: 100% sum assured is paid out as one-time lump sum amount.
    • Lump Sum + Monthly Income: At the time of claim, nominee gets 50% of the applicable sum assured immediately. The remaining of the benefit is given in equal monthly installments over 120 months/10 years.
    • Monthly Income for a fixed term: The sum assured amount is paid out in equal monthly installments over 120 months/10 years.
    • Monthly Income until policy terminates: The company pays the sum assured in equal monthly installments until the policy term ends.
  • Tax Benefits - Aas per the Section 80C and 10(10D) under the Income Tax Act, the for premiums and the payouts are tax deductible.

  • No Maturity benefits.
  • Optional Riders - Customize your Canara HSBC Term Plan with Riders. Riders help to widen the scope of the base policy.
    • Accidental Death Rider: In the case of an accidental death of the insured, an additional amount along with the sum assured in the lump sum is given the nominee.
    • Accidental Total and Permanent Disability Rider: In the case, if insured suffers an accidental total and permanent disability, the insured will receive the sum assured as per the chosen payout option.

2. Canara HSBC Smart Suraksha Plan

Canara HSBC Smart Suraksha Plan is a non-linked, non-participating term insurance plan.

Features

  • The minimum age is 18 years, and maximum age is 65.
  • Policy Term can vary from 5 years to 30 years or age up to 60 years. The maximum age of insured should be of 75 years at the end of policy term.

    • Policy for a term of 5 years is available after the age of 40 years.
    • Available only from the age of 30 years to 55 years.
  • The sum assured can be Rs. 20 lakh and above.

    • Maximum Sum Assured in Life Cover option - No Limit
    • Maximum Sum Assured under Accident Plus: Rs. 3 Crore
    • Maximum Sum Assured under Disability Plus: Rs. 1 Crore
  • The premium paying term - Regular premium.

  • Flexibility in paying premiums - Yearly/Monthly.
  • The sum assured is given to the nominee in case of an untimely demise of an insured during the policy term.
  • Death Benefit - In case of death of the insured, nominee will get the entire sum assured.
  • Benefit with optional Riders - Customize your Canara HSBC Term Plan with Riders.

    • Accidental Death Rider: In case of an accidental death of the insured, an additional amount along with the sum assured in the lump sum is given the nominee.

      Benefit = Sum Assured + Additional accidental death cover (Max. Rs.3 crore)

    • Accidental Total and Permanent Disability Rider: In the case, if insured suffers an accidental total and permanent disability, the insured will receive the sum assured.

      Benefit = Sum Assured + Additional accidental death cover + Cover against Total and Permanent Disability (Max. Rs.1 crore)

  • Tax Benefits- As per the Section 80C and 10(10D) under the Income Tax Act, the premiums and the payouts are tax deductible.

  • No Maturity benefits.
  • Rebate for higher sums assured - Sum Assured above Rs. 50 lakh.
  • Rebate for women - Premiums would be calculated using an age 3 years younger.

3. Canara HSBC eSmart Term Plan

Canara HSBC eSmart Term Plan is a pure insurance plan that can be bought online. Option to cover accidental death.

Features

  • The minimum age is 18 years, and maximum age is 70.
  • Policy Term can vary from 5 years to 40 years. The maximum age of insured should be of 75 years at the end of policy term.
  • The sum assured can be Rs. 25 lakh and above.
    • Maximum Sum Assured in Life Cover option - No Limit
    • Maximum Sum Assured under Accident Plus: Rs. 1 Crore
  • The premium paying term - Regular premium.
  • Flexibility in paying premiums - Annually.
  • The nominee receives the sum assured in the case of an untimely demise of an insured during the policy term.
  • Death Benefit - In the case of death of the life insured,the nominee will get the entire sum assured.
  • Benefit with optional Riders - Customize your Canara HSBC Term Plan with Riders.

    • Accidental Death Rider: In the case of an accidental death of the insured, an additional amount equal to the sum assured plus the original sum assured in the lump sum will be paid to the nominee.

      Benefit = Sum Assured + Additional accidental death cover (Max. Rs.1 crore)

  • Tax Benefits-As per the Section 80C and 10(10D) under the Income Tax Act, the premiums and the payouts are tax deductible.
  • No Maturity benefits.
  • Rebate for women - Premiums would be calculated using an age 3 years younger.

Riders of Canara HSBC Term Insurance

Customize your Canara HSBC Term Plan with Riders. It is the easiest and best way to widen the scope of the base policy at low premiums.

Two optional Riders:

  • Accidental Death: In the case of the unfortunate event of death of the Life Insured due to an accident an additional amount will be paid to the nominee along with the sum assured.

  • Accidental Total and Permanent Disability: In case the life insured suffers from accidental total and permanent disability, the life insured receives the sum assured and the policy will terminate.

Exclusions of Canara HSBC Term Insurance

If you opt for Accidental Total and Permanent Disability and Accidental Death Benefit

Following are Exclusions:

  • Any condition, ailment or related condition(s) within 48 months prior to the issuance of the policy by the insurer or at the time of reinstatement of the policy are not covered.
  • Any partial or total disability because of taking part in any dangerous sport or other activities like hunting, mountaineering, racing, bungee jumping, etc. is not covered.
  • Self-inflicted injury, suicide or attempted suicide is not covered.
  • Service in any military, air force, the naval or paramilitary organization leading to disability, injury, or death is not covered.
  • The insured taking part in any strike, industrial dispute, riot, war, civil commotion, invasion, terrorism, hostilities, nuclear reaction, biological or chemical contamination, etc. is not covered.
  • If any of the exclusions mentioned above are disclosed at the proposal stage, then Disability Plus and Accident Plus options will not be offered.

Suicide

  • If the insured commits suicide within one year from the date of commencement of the Policy or date of revival of the Policy, the company will pay death benefit equal to 80% of the premiums paid till the date of suicide.
  • In case of suicide after one year from the date of inception or revival, the company will pay death benefit as applicable.

Claim Process of Canara HSBC Term Insurance

1. Claim Registration

  • Fill up the online intimation Death Claim Form to intimate and register the claim.
  • Locate the nearest branch or office and submit the filled Form with photo ID and address proof.
  • Immediate Payout on Claim Registration*

    Reach out via Email - customerservice@canarahsbclife.in You can reach out at - 1800-103-0003/1800-180-0003 (MTNL/BSNL) Timings - Monday to Friday - 8:00 AM to 8:00 PM IST Saturday - 9:00 AM to 6:00 PM IST

2. Fund Value Disbursement:

  • Collect the required Forms from the nearest branch of the bank or download forms online.

3. Forms

  • Death Claim Form (Form C): This form has to be completed by a valid nominee/claimant.
  • Physician's Statement (Form P): This form is to be filled up by the medical practitioners who have attended the insured and insured's general/family doctor.
  • Treating Hospital Certificate (Form H): This form is to be completed by hospital authorities.
  • Employer Certificate (Form E) / School/ College Certificate (Form S): This form should be completed by the insured's employer.

4. Claim Documents

Following Documents are required along with the filled Forms:

  • Original policy document
  • Death Certificate issued by Municipal authorities
  • Copy of Bank Pass Book/ Cancel Cheque
  • Hospital / Other treatment records
  • Photo Identification & address proof of the claimant
  • Post-mortem & chemical viscera report (if performed)
  • Physician's Statement

In case of unnatural death/ accidental death:

  • Police reports (FIR, Panchnama, Police investigation report)
  • Newspaper cutting (if any)(Detailing the incident)

5. Claim Settlement:

After processing and verifying each document on the claim approval, balance amount will be released to the claimant.

Review of Canara HSBC Term Insurance

Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited is the first Life Insurance Company to launch ''Immediate Payout on Death Claim Registration'' wherein they pay the Fund Value to the Claimant on registration of the claim*. In 2016, the company was conferred with “The Economic Times Best BFSI Brands 2016” award in the Life Insurer category, which clearly shows that the company is customer oriented, be it the customizable products as per the needs or claim settlement process

FAQ's on Canara HSBC Term Insurance

Who should buy a Term Insurance?

Term plan is a low cost life insurance plans. A Term Insurance provides financial stability to the family in case of death of the breadwinner.

You should opt a Term Insurance if you are a

  • Breadwinner
  • Single parent with a child
  • Homeowner with a mortgage
  • Business owner with loan or debt

What if I’m unable to pay premiums on time?

There is a grace period of 30 days. However, it is advisable to pay before due dates to avoid policy termination.

How do I reinstate my policy?

You can reinstate all the benefits within the two years from the due date of the premium.

How much is the Maturity Benefit?

There is no maturity benefit. All term plans offered by Canara HSBC are pure death benefit policies with optional accidental death and Total and Permanent riders.

Can I choose the renewal payment date?

Yes, Canara HSBC Life Insurance provides such flexibility. You can select any one date (5th, 10th, 15th, 20th or 25th as per your convenience. Contact on Toll-free 1800-103-0003 (BSNL / MTNL user) or 1800-180-0003 for more information.

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