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Canara HSBC OBC Life Insurance Company is an amalgam of Canara Bank, Punjab National Bank, and HSBC Insurance (Asia-Pacific) Holdings Limited. Each of these three companies holds a stake of 51%, 23%, and 26% respectively. While Canara Bank and Punjab National Bank are both domestic financial institutions, HSBC Insurance provides its global touch and expertise making the company a strong contender in the life insurance segment.
Canara HSBC OBC Life Insurance Company was established in the year 2008 and ever since then the company has been offering different types of life insurance solutions to its customers. Whether you want to invest in a term plan or opt for ULIPs for market-linked returns, Canara HSBC OBC Life offers these and other plans for your coverage needs.
Here are some statistics of Canara HSBC OBC Life Insurance Company –
|Company headquarters||Gurugram, India|
|First net profit||In the financial year 2012-13. Amount – Rs.23.5 crores|
|Branches||Present across Tier 1, Tier 2, and Tier 3 cities of India|
|Number of individual products||25|
|Number of group insurance plans||7|
|Total Gross Written Premium||Rs.31,210.4 crores (from June 2008 to July 2021)|
|Assets Under Management||Rs.23,289 crores as of July 2021|
|Total policies sold||12,67,943 (from June 2008 to July 2021)|
|Number of employees||5178 as of July 2021|
Since June 2008 when the company came into existence, a lot of awards and achievements have been bestowed on the insurer. Here’s a look at some of them –
There are many reasons which make Canara HSBC OBC Life Insurance Company a suitable insurer for your coverage needs. Here are a few of them –
Canara HSBC OBC Life Insurance Company offers a range of insurance solutions for your needs. Let’s explore these solutions in brief –
A. Term insurance
Term insurance plans are protection-oriented life insurance plans. They have low premiums allowing you to opt for a high sum assured. Term plans cover the risk of premature death and help you provide financial security to your family. You can choose the desired coverage level and policy term and also customize your plan as per your needs.
You can buy the following Canara HSBC OBC Life Insurance’s term insurance plan from PayBima –
1. iSelect Star Term Plan
iSelect Star is an online term insurance plan which can be bought online with minimal hassles. The plan offers a comprehensive scope of coverage and flexibility in choosing what you need. Here are the salient features of the policy –
|Entry age||18 years to 65 years|
|Maturity age||25 years to 80 years or 99 years (whole life cover option)|
|Term of the policy||5 years to 99-entry age|
|Premium payment term||Single pay – once
Limited pay – 10 years to 60-entry age
Regular premium – throughout the term of the policy
|Sum assured||Rs.15 lakhs onwards|
|Premium||Depends on the sum assured and other plan details|
B. Endowment assurance plans
Endowment assurance plans combine life insurance coverage with a saving element. They let you create a corpus over the policy tenure which is payable either on earlier death or on maturity. Some endowment plans also give the added benefit of bonus additions which help in enhancing the corpus that you can avail.
PayBima offers the following endowment assurance plan offered by Canara HSBC OBC Life Insurance Company –
1. Guaranteed Savings Plan
As the name suggests, Guaranteed Savings Plan helps you create a guaranteed corpus for your financial goals. Here are the primary highlights of the plan –
|Entry age||0 years to 60 years|
|Maturity age||18 years to 75 years|
|Term of the policy||10 years, 12 years, 15 years or 20 years|
|Premium payment term||5 years, 7 years or 10 years|
|Sum assured||Minimum – Rs.76,500
Maximum – no limit
|Premium||Minimum – Rs.20,000
Maximum – depends on the sum assured chosen
Canara HSBC OBC Life Insurance Company also offers other types of life insurance policies which are as follows –
C. Money-back insurance plans
Money-back insurance plans are traditional life insurance plans that provide liquidity during the policy tenure. These plans pay the money back benefits during the policy tenure. These benefits are a part of the sum assured that is paid at specified intervals. Thereafter, on maturity, the remaining sum assured is paid with a bonus. However, in the case of death, money-back plans pay the whole sum assured as a death benefit irrespective of the money-back benefits already paid.
D. Child insurance plans
Child insurance plans are savings-oriented life insurance plans which aim to create a corpus for the child. Under these plans, there is a premium waiver rider which usually comes inbuilt in the policy. Through this rider, the premiums are waived off if the parent dies during the policy tenure. The plan, however, continues till maturity whereupon a maturity benefit is paid. Child plans, thus, secure a corpus for the child whether or not the parent is around.
E. Unit linked insurance plans
If you want market-linked returns on your premiums, you can opt for unit-linked insurance plans. These plans invest the premium in market-linked funds. Thereafter, as the market performs, the funds perform and help you earn returns on your investment. ULIPs also offer the facilities of partial withdrawals, switching, top-up premiums, etc. to make the plan flexible and customizable.
F. Pension plans
Pension plans are aimed at retirement planning. These plans can be bought either to create a retirement corpus or to secure a lifetime pension. Pension plans come in two variants of deferred annuity plans and immediate annuity plans. Deferred annuity plans help you create a retirement corpus with regular investment while immediate annuity plans pay lifelong incomes as soon as you buy the policy.
G. Health plans
Health insurance plans are those that cover medical contingencies and pay you a lump sum benefit to help you meet the financial implications of such contingencies. Health insurance plans issued by Canara HSBC OBC Life Insurance Company cover specific illnesses and if you are diagnosed with any covered illness, the plan pays the sum insured in a lump sum to give you financial assistance.
The online marketplace has simplified the buying of life insurance policies. Canara HSBC OBC Life Insurance Company also offers many of its policies online. Here’s how you can buy suitable plans offered by the company through PayBima’s simple online marketplace –
To find the relevant plans for your needs, you need to enter in your coverage details. So, visit the online portal of PayBima at https://www.paybima.com/ and, under ‘Life’, choose the type of coverage that you want. Then, fill in your personal details in the online form to check the list of plans suiting your needs.
After you have entered your details, you would be shown a list of plans that you can choose from. Compare these plans based on their coverage details and premium rate. Then choose a policy that best fulfills your coverage requirements at the best premium rate.
You would have to fill up an online proposal form to buy the policy that you have selected. Fill the form by providing all the correct and honest details about yourself, your finances, and your medical history. Submit the proposal form which would, then, be underwritten by the insurance company to issue the policy.
You would also have to submit a list of documents when buying an insurance policy. These documents are as follows –
In some cases, insurers require you to undertake medical check-ups to assess your health risks. This happens especially when you are more than 45 years or if you have opted for a high sum assured. So, if the insurer demands go for the health check-up and submit the medical reports to the insurer.
Lastly, pay the premium for the policy online so that the policy can be issued. You can use your debit or credit card, net banking facility, NEFT/RTGS, or any other digital payment mode to pay the premium and buy the policy.
Premiums are payable on the due date to continue the policy. A grace period is also allowed so that you can pay the premium even after the due date passes. However, if you don’t pay the premium even during the grace period the policy lapses.
In a lapsed policy, the benefits are either reduced or stopped completely. However, Canara HSBC OBC Life Insurance offers you the facility to revive your policy. A revival period is allowed during which you can revive the lapsed plan. You just need to pay the outstanding premium and interest and submit a declaration of good health to revive the policy.
Online revival is also allowed by Canara HSBC OBC Life Insurance. You can also revive the policy through PayBima by calling on its helpline number 800 267 67 67 or by sending an email to firstname.lastname@example.org. PayBima’s executives would help you revive the policy in the most hassle-free manner and that too online.
Maturity claims are easier to avail of since the insurer pays the claim automatically when the plan matures. You just need to fill up and submit a discharge voucher to get the claim. However, in the case of death of the insured, the following steps would have to be followed to get the claim settled –
As soon as you suffer a claim, inform the insurance company. Canara HSBC OBC Life Insurance allows you the online facility to inform it about the claim. You can request a callback or send an email to the company’s claim department and the company would initiate the claim process.
After informing the insurer, fill up the claim form. The form should contain all the details of the claim and the details of the claimant as well. The form should be submitted to the insurer so that the claim can be processed.
You would also have to provide all the claim-related documents so that the insurance company can verify the claim details and pay the claim amount. The documents that are needed include the following –
Here is a quick review of Canara HSBC OBC Life Insurance Company and the insurance plans that it offers –
Frequently Asked Questions
Q: Do term insurance plans have any exclusion?
Yes, there is an exclusion for suicide committed within 12 months of buying a policy or reviving a lapsed policy. Under this exclusion, if the insured commits suicide within 12 months of buying the policy, 80% of the premium would be refunded. On the other hand, if the insured commits suicide within 12 months of reviving a lapsed policy, a higher than 80% of the premium paid or the available surrender value would be paid.
Q: If I opt for optional riders, would the premiums increase?
Optional riders enhance the scope of coverage of the policy. As such, they require an additional premium to be paid. So, if you opt for optional riders, the rider premium would be added to the premium of the base policy and the overall premium payable would increase.
Q: What is the revival period that Canara HSBC OBC Life Insurance allows?
The revival period available under Canara HSBC OBC Life Insurance plans is 5 years. This period is calculated from the date of the first unpaid premium. You can revive the plan within this period of 5 years.
Q: Can I avail of a loan under Canara HSBC OBC Life Insurance plans?
Yes, Canara HSBC OBC Life Insurance Company’s Guaranteed Savings Plan provides a loan facility. You can avail of a loan if your policy acquires a surrender value. The minimum loan amount available is Rs.20,000 and the maximum is up to 80% of the sum assured.
Q: Is the maturity benefit paid under Guaranteed Savings Plan tax-free?
If the annualized premium paid was limited to up to 10% of the sum assured, the maturity benefit would be allowed as a tax-free benefit in your hands. The tax benefit is available for the whole amount of maturity benefit that you receive under Section 10(10D) of the Income Tax Act, 1961.
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