All about Canara HSBC Oriental Bank of Commerce Life Insurance Company

Launched in 2008, Canara HSBC is jointly owned entity by two of the most India’s largest public sector banks- Canara Bank (51%) and Oriental Bank of Commerce(23%). HSBC Insurance (Asia Pacific) Holdings Limited (26%) too have stakes in the company. The company is one of the leading life insurance companies in India with over 60 million customer base.

For the company, the business of life insurance is all about providing its customers with social security and protection. The company was first to helm the bancassurance model in India. The Company’s business strategy testifies thorough understanding of the market especially with veterans looking for bank partner or scaling up their bancassurance channels.

Blue line: The Company has access to around 60 million customers and a pan-India network of over 8000+ branches of Canara Bank, HSBC and Oriental Bank of Commerce.

Benefits of Canara HSBC Oriental Bank of Commerce

• Tax benefits under section 80C and 10(10D) applicable
• You can enhance the policy with optional riders
• Offers array of life insurance product including ULIP plans, protection plans, group plans and traditional plans.
• Minimum sum assured of Rs. 25 lakhs to Rs. 10 crore

Interesting facts About Canara HSBC Oriental Bank of Commerce

• The Company launched a multi-lingual, interactive financial ‘life stage’ need assessment online tool called Life Insurance Simulator (LIS) to create awareness about effective financial planning.
• A pioneer in using technology, the company in 2013-14 introduced the concept of online revival of the policy, enabling customers to reinstate a lapsed policy and pay their premium online, thereby, making the complete process convenient, faster and effortless.
• Canara HSBC Oriental Bank of Commerce Life Insurance Company is the first to launch the ‘Immediate payout on death claim’ service, providing fund value immediately on registration of death claim under unit-linked policies.

Types of Life Insurance Plans Offered by Canara HSBC

ULIP Plans

Canara HSBC  Oriental Bank of Commerce provides you with over 13 types of Unit Linked Insurance Plans that provide you with risk coverage and various investment options.

Different types of ULIP plans provided by Canara HSBC Oriental Bank of Commerce are listed below:

Basic features of the plan:

The plans enable you to switch your investments from one fun to another.

Few plans also offer you with an option to redirect your premiums.

You are eligible to make partial withdrawals after a few months or number of years, depending on the plan chosen.

A few ULIP plans allow you to increase or decrease your sum assured

Platinum Plus Plan:

A unit linked insurance plan that can be customized as per your goals and requirements. The plan provides you flexibility in terms of payment- limited or regular, while also provided you with safety coverage. The plan also offers you with multiple investment management options to reap maximum returns from the policy. You also get flexibility of switching and redirecting between fund options to take advantage of market movements or change in risk preference.

Growth Smart Plan:

An affordable whole life unit linked plan which covers you throughout your life. This plan requires you to pay premiums for a limited period of time and enjoy lifelong insurance cover. You can chose the premium paying term (10 years or more) as per your earning capacity. The plan also lets you switch your money from one fund to another and also enables you to redirect your premiums.

Dream Smart Plan:

If you want to save money for accomplishing your specific needs, then this is the plan for you. The Dream Smart Plan takes care of your future dreams by helping you invest your money in unit linked plans of your choice. The plan offers you flexibility in terms of premium payment, while also offering you with life cover for over 20 years. After a term of 5 years, the plan enables you to withdraw money through partial withdrawals in case of emergency.

Future Smart Plan:

Helping you build a strong future for your child, the Future Smart Plan is a unit linked plan that provides with a long-term investment opportunity and a comprehensive life cover. Sum assured is paid on death and on death or disability of the policyholder, all the future premiums are funded by the company. At the end of the policy, maturity benefit, known as fund value is paid up t0 fulfill your child’s dreams.

Subh Labh:

An option of choosing from over 5 investment fund and a life cover, Subh Labh is a perfect blend of protection and investment. The 5 investment options provided by this plan are: Equity II Fund, Growth Plus Fund, Balanced Plus Fund, Debt Plus Fund and Liquid Funds. Loyalty Additions are added at the end of each policy month, starting from 5^th policy year onwards. The plan offers you one time premium payment option and also gives Safety Switch Option which allows you to potentially safeguard your funds as the policy nears maturity.

Insure Smart Plan:

Ensuring you have adequate finance in place to enjoy your life through various stages, Insure Smart Plan provides you with flexibility of paying premiums for 5 years and providing you with a life cover for 10 years. The plan gives you the freedom to invest in over 5 funds depending on your investment needs. At maturity, loyalty addition of 1% of your fun value is provided.

Smart One Pay:

Smart One Pay is a single premium unit-linked non-participating endowment insurance plan. The plan helps in wealth creation by giving you various investment options and also providing life coverage and tax benefits. The plan allows you with auto fund rebalancing option (at no additional cost) to maintain allocation of your investments in a specific proportion across funds, irrespective of market movement

Smart Goals Plan:

Fund your goals without any compromises with Smart Goals Plan that offers you with flexible features that help you meet your financial requirements. You can invest in up to five fund options – ranging from 0% to 100% equity exposure. You have the option of flexible premium paying mode (annually or monthly) and can also chose premium paying term of 5, 10 or upto 25 years.

Smart lifelong Plan:

This plan enables you to save money and also provides with life coverage- uptill the age of 99 years. This plan is designed to help you fulfill your responsibilities by letting you chose from over five fund options. You have the flexibility of choosing premium paying mode and also the premium payment term.

Smart Future Plan:

This plan helps you secure your family’s future financial needs on the account of your death or total and permanent disability. In case of death or total and permanent disability, all the future premiums are paid by the company. You family is paid lump sum amount on death. On maturity, fund value is paid.

Secure Bhavishya Plan:

Helping you finance your future today for better tomorrow, the Secure Bhavishya Plan lets you plan your retirement so that you have the freedom to do what you want. The plan provides the benefit of equity participation to potentially enhance your retirement corpus, and at the same time offers ‘capital protection’ to your retirement corpus. You have the option to choose your retirement age and also chose premium paying mode and premium term.

 iNVESTSHIELD Plan:

The iNVESTSHIELD Plan is not only a value for money investment plan but also a protection plan that protects you with its benefit options. Choice of Investment Funds range from 0% to 100% equity exposure. Loyalty Additions are provided as additional allocation of units to boost your investments

Traditional Plans:

The traditional plans by Canara HSBC help you keep your money and future secure with an array of over 9 different plans.

Smart Stage Money Back Plan:

This is a traditional savings oriented life insurance money-back with profit-plan. The plan provides financial protection to your family by offering life cover and also giving you milestone based payouts through guaranteed money back and maturity benefits. The plan protects your family for 15 years through payout of death benefit in case of your death and gives 3 Guaranteed Money Back payouts of 15% of the Sum Assured each in the 4th, 8th and 12th policy year.

Smart Immediate Income Plan:

A plan that lets you enjoy regular income flow post your retirement. With this plan, you can enjoy your retirement with annuity installments provided throughout your lifetime. This plan is specially designed to take care of your guaranteed lifetime payouts under the Reverse Mortgage Loan enabled Annuity scheme. You have an option to receive regular payments as long as your partner is alive.

Samridh Bhavishya:

Understanding the need of having financial protection in your golden years, the Samridh Bhavishya plan provides you with annuity installments throughout your lifetime. You have an option to chose annuity installment frequency- annual, semi-annual, quarterly and monthly. You have an option to receive regular payments as long as your partner is alive.

Smart Monthly Income Plan:

This plan provides you with guaranteed lifetime income to meet your lifestyle and retirement needs. It provides you with a life cover for 25 years by paying premium only for 15 years. It helps you create a pool of money by giving out lump sum benefits by way of annual and final bonus. You can also opt for for loan flexibility to meet your contingent needs.

Smart Future Income Plan:

Helping you plan your retirement well, The Smart Future Income Plan provides you tax free monthly income for 15 years. It lets you enjoy life cover for 25 years and also helps you accumulate lump sum money through annual and final bonuses.

Assured Nivesh Plan:

A single plan that provides you with dual benefits of savings and protection. The plan provides insurance coverage throughout the policy term and gives out death benefit on death of the policyholder. Rebate is provided on high sum assured. The plan has a limited premium term of 7 or 10 years depending on what suits your needs.

Smart Junior Plan:

Helping you secure your child’s education needs even while you are not around, The Smart junior Plan is a non-link participation savings cum protection endowment life insurance plan. The plan provides guaranteed payouts during last 5 years of the policy which can be utilized to comprehend your child’s educational milestones. The plan also provides comprehensive protection by paying a lump sum amount on death of the insured and the policy continues to be in force and benefits are paid as scheduled.

Jeevan Nivesh Plan:

This is a savings cum protection plan that provides life insurance cover and savings under the ease of one single plan. You have the flexibility to convert your Guaranteed Sum Assured on Maturity as annual payouts payable over next 15 years, with 5% compounded increase every year to take care of your growing needs (under the Endowment option).

Money Back Advantage Plan:

This is a traditional savings cum protection oriented, non-linked, participating, limited premium payment endowment product. This product provides guaranteed money back payouts during the policy term along with guaranteed lump sum on maturity and bonus(es) which can be utilized by the customer to fulfill various planned milestones. The plan provides family protection for 16 years though payout of death benefit in case of unfortunate death of the policyholder.

Protection Plans:

The lets you protect your family by helping you build a safety net for them with its two types of protection plans.

iSelect Term Plan:

This is a pure protection plan that provides you with life insurance cover along with an option to cover yourself against accidental death/ disability. The plan rewards you for health lifestyle and provides rebate on high sum assured. It rewards you for healthy lifestyle and rebates are offered to women.

Smart Suraksha:

The plan gives you life insurance cover at low cost and also gives you an option to cover yourself against death or/and total and permanent disabilitys. It rewards you for healthy lifestyle and also gives rebates on high sum assured.

Group Plans:

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

Group Traditional Benefit Plan

This is a group plan offered to employer-employee groups which can be used to offer the employees with benefits like gratuity leave encashment or post retirement medical benefits. The benefits of this plan are payable on various events viz. Resignation, Death, Retirement, Termination or Disability as per scheme rules.  A Life Cover of flat Rs 1,000 is provided to each member under the scheme on yearly renewable basis at mortality premium of Rs. 3 per mille (exclusive of service tax) per annum.

Group Superannuation Plan:

As an employer, this plan enables you to provide employee benefits i.e. funding your superannuation/pension benefits.

Sampoorna Kavach Plan:

An affordable plan that intends to meet and fulfill the life protection needs of the members of your group. This yearly renewable group term plan safeguards your family members in case on an unfortunate event. The members of the plan don’t need to undergo any medical examination and the plan has a simple enrolment process.

Group Secure:

A Group Secure plan can be offered to customers of financial institutions/ bank/ co-operative banks/ credit societies/other lending institutions providing various types of loans like housing loans, vehicle loans (Car, 2-Wheeler, commercial vehicle), education loans, personal loans, loan against property and business loans. This plan is specifically designed to ease customer’s worries by safeguarding their family’s future from the loan liabilities.

Corporate Group Term Plan:

This is an annually renewable group term plan that provides life cover at low cost. This plan can be offered to employer-employee groups and for Group Term cover offered in lieu of Employee Deposit Linked Insurance (EDLI). This plan offers rebate if the total premium of the group exceeds Rs. 25 lakh and it also offers flexibility in terms of payment modes- annual, semi-annual, quarterly and monthly.

Pradhan Mantri Jeevan Jyoti Bima Yojna:

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

 

Review of Canara HSBC Oriental Bank of Commerce

The in-depth knowledge of the market and a good insurance experience coupled with 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 union of financial strength, expertise and trust. With a combined experience of over 300 year in the financial services space in the country, the shareholder have a sound understanding of the socio-economic needs of the population. The bank has been presented with many awards that reflect its inherent strength and success of the bancassurance business model. For the year 2015-2016, the company had a claim settlement ratio of 92.99%. And in the same year over 99. 60% grievances were resolved.

Claim Process of Canara HSBC Oriental Bank of Commerce

The company offers you a quick and easy claim settlement process, thereby ensuring that your beneficiaries and you receive the claim amount on time. Canara HSBC OBC Life Insurance was the first to launch ‘Immediate payout on death registration’.

The claim process at Canara HSBC OBC Life Insurance is explained below:

Step 1:

Claim Intimation and Registration:

The nominee or the claimant can fill the death claim form and send it at the company’s brand office with a duly attested photo ID and address proof of the claimant.

On receiving the duly filled claim form, the company will register your claim.

Step 2:

Fund value disbursement and documentations:

On the registration of the claim, the company will transfer the fund value and also send you a claims pack along with related forms.

You need to submit the below forms for the claim evaluation process:

Death Claim Form (Form C): Filled by the claimant.

Physician’s Statement (Form P): A form filled by the medical practitioners who have attended the deceased and the deceased’s usual doctor / family doctor.

Treating Hospital Certificate (Form H): This form has to be filled by the authorities of the hospitals where the deceased was hospitalized.

Employer Certificate (Form E) / School/ College Certificate (Form S): This form should be completed by the deceased’s employer. In case of a minor, this has to be completed by the school / college authorities.

Along with the duly filled forms, the following documents too have to be submitted:

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.

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)

The certification/attestation of the KYC documents has to be done by any of the following:

An agent of the Company

A Relationship Manager of the Company

A Branch Manager of a distributing bank

A Bank Manager of a Nationalized bank with Rubber Stamp

A Gazetted Officer

A Head Master / Principal of a Govt. School

A Magistrate

Any employee of the company

In addition to this, the company reserves the right to ask for any additional documents/ information.

Step 3:

Processing and settlement:

On receiving the documents and forms, the company upon verification of the documents releases the balance amount.

 

Contact Details of Canara HSBC Oriental Bank of Commerce

Head Office: Canara HSBC OBC Life Insurance Company Ltd,

2nd Floor, Orchid Business Park, Sector – 48, Sohna Road,

Gurugram – 122018, Haryana,

India.

Call: Monday to Friday – 8:00 AM to 8:00 PM IST

Saturday – 9:00 AM to 6:00 PM IST

1800-103-0003/1800-180-0003 (MTNL/BSNL)

SMS- 97790-30003

Email ID:  customerservice@canarahsbclife.in