Canara HSBC Traditional Plans

4.4 / 5 based on 23 User Reviews
*Please note that the quotes shown will be from our partners

Canara HSBC a joint venture between Canara Bank which has a 51% stake, HSBC with a 28% stake and Oriental Bank of Commerce with a 23% stake was launched on 16th June 2008. The company has three leading banks at its helm which makes it rich in financial sector experience. The company has multiple plans sold by it in the insurance market which promise attractive features.

What do you mean by Traditional / Investment Plans?

Traditional or Conventional plans are different from linked insurance plans because their plan structure is different. The plans do not invest money in capital markets but as per insurance laws and offer a fixed amount of benefit. Other common features which differentiate the plans are:

  • The plans have a long tenure like 10-20 years and money is locked-in and cannot be withdrawn before the expiry of the plan term
  • The plan will become paid-up if premium is paid for a minimum of 3 full years and thereafter stopped. The death and maturity benefit will also become paid-up
  • The plans are available as participating plans which participate in the company’s bonus or non-participating plans which do not participate in the company’s bonus.
  • Endowment and money back are the two types of variants which can be offered under traditional plans

Canara HSBC Traditional / Investment Plans

Canara HSBC Life Insurance Company sells a range of traditional / Investment plans to customers to meet all their savings and protection related needs. Let us take a look at the different types of traditional / investment plans offered by Canara HSBC and the features and benefits of each of them in details.

Smart Monthly Income Plan –

It is a traditional insurance plan which promises monthly incomes for a fixed period of time. The plan has the below mentioned facets:

    • Premiums under the plan are payable for a limited term under the Limited Pay option of premium payment
    • Premiums are payable for 15 years while the coverage continues for 25 years
    • Bonuses are declared on the plan
    • Guaranteed monthly incomes accrue from 11th year for a 15 year period. This income can be utilized by the policyholder to set-off future premiums.
    • When the plan matures, the reversionary bonuses and any Final bonus is paid
    • On the insured’s death, the death benefit payable is higher of the chosen Sum Assured which is 100 times the monthly income or the annual premium multiplied by 10 with a minimum of 105% of premiums paid till death along with the vested reversionary bonuses and any Final Bonus
    • If the policyholder opts for a coverage of Rs.3 lakhs and above, there will be a premium discount
    • Loan facility is available to take loans
    • Premiums paid and claims received earn income tax benefit

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

55 years

Maturity Age

43 years

80 years

Policy Term

25 years

Premium amount

Depends on age, tenure and monthly income

Sum Assured

100 times the monthly income

Premium Payment Term

15 years

Premium Paying Frequency

Yearly or monthly

 

Smart Stage Money Back Plan –

It is a traditional money back plan which promises regular payouts at definite intervals. The features and benefits of the plan are as follows:

  • Premiums under the plan are payable for a limited period under the Limited Pay option of premium payment
  • There is bonus accrual in the plan which participates in the profits of the insurer
  • Guaranteed survival benefits are paid in the 4th, 8th and 12th policy year @15% of the Sum Assured
  • On maturity, 55% of the Sum Assured is payablewhich also includes the accrued reversionary bonuses and any Final Bonus
  • On the insured’s demise during the tenure of the plan, the death benefit payable will be higher of the Sum Assured or 10 times the annual premium subject to a minimum of 105% of all premiums paid till death along with the vested reversionary bonuses and any Final Bonus
  • Rebates in premium for choosing a Sum Assured level of Rs.3 lakhs and above
  • Section 80C exempts premiums paid and Section 10(10D) exempts claims received from tax

Eligibility Details

 

Minimum

Maximum

Entry Age

8 years

55 years

Maturity Age

-

70 years

Policy Term

15 years

Premium amount

Depends on age, tenure and monthly income

Sum Assured

Rs.1 lakh

No limit

Premium Payment Term

11 years

Premium Paying Frequency

Yearly or monthly

 

Smart Vriddhi Plan –

It is a traditional savings insurance plan with the following features and benefits:

  • Premiums under the plan are payable for a limited tenure under the Limited Pay option of premium payment
  • On maturity, 137.5% of the aggregate premiums paid are paid back as Maturity Benefit
  • In case of death of the insured during the tenure of the plan, the death benefit payable will be higher of the Sum Assured which is the annual premium multiplied by the Sum Assured multiple or maturity Sum Assured or 105% of premiums paid till death
  • There is an inbuilt accidental benefit rider which pays additional Sum Assured in case of accidental death
  • The plan can be taken without any medical examinations
  • The Income Tax Act exempts the premiums and claims under the plan 

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

50 years

Maturity Age

-

60 years

Policy Term

10 years

Premium amount

Rs.8000 or Rs.10, 000

Sum Assured

Rs.80, 000

Rs.180, 000

Premium Payment Term

5 years

Premium Paying Frequency

Yearly

 

Smart Future Income Plan –

It is a savings plan which promises guaranteed incomes. The features and benefits of the plan are as follows:

  • Premiums under the plan are payable for a limited tenure under the Limited Pay option of premium payment
  • The plan participates in the profits of the company by way of earning bonuses
  • Guaranteed monthly incomes accrue in the last 15 years
  • Up on maturity, the reversionary bonuses and any Final bonus is payable
  • In case of death of the insured during the tenure of the plan, the death benefit payable will be higher of the Sum Assured which is 100 times the monthly income or 10 times the annual premium subject to a minimum of 105% of all premiums paid till death along with the vested reversionary bonuses and any Final Bonus
  • Rebates in premium for choosing a Sum Assured level of Rs.7 lakhs and above
  • Loans are available under the plan

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

55 years

Maturity Age

43 years

80 years

Policy Term

25 years

Premium amount

Depends on age, tenure and monthly income

Sum Assured

100 times the monthly income

Premium Payment Term

10 years

Premium Paying Frequency

Yearly or monthly

 

Applying For Traditional Insurance through PolicyBazaar

  1. On the PolicyBazaar homepage, click on Traditional Insurance under the Personal tab.
  2. Click New Quotes to compare and choose from top insurance providers.
  3. Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
  4. Fill in your name, email address, city, country code, and mobile number. Click Continue.
  5. You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
  6. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
  7. You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
  8. This will take you to the insurer’s website. Fill in the necessary details to buy the plan.

To know about other life insurance plans check at Canara HSBC OBC Life Insurance 

Canara HSBC Traditional Plans - FAQs

1. How to pay a premium? What are the modes of payment available?

The Canara HSBC Oriental Bank of Commerce Life insurance company Ltd. offers 2 modes of premium payment namely:

  • Cash/ cheque payment at the branch
  • Online Payment

For the online payment mode, the policyholder can pay via;

  • Credit Card,
  • Debit Card
  • Net banking

2. How can I check policy status for Canara HSBC traditional plans?

Regisitered users can check their policy status online by loging into e-Portal

3. What is the policy renewal process for Canara HSBC traditional plans?

You can pay your renewal premium in 5 easy steps online, if you are a registered user:

Step1: Enter your Client ID and Date of Birth to login into e-portal

Step2: Choose the policy for which you want to pay

Step3: Select the payment option – Debit/Credit Card or Net Banking to pay

Step 4: Upon successful payment completion print/save the premium deposit receipt

4. What is the company’s process to settle claim for Canara HSBC traditional plans?

The nominee can visit the branch personally with the policy document and death certificate. The nominee must fill a claim intimation form and then the company will provide a reference number to him. Usually within the 30 days the death claim without investigation cases gets cleared.

5. What is the policy cancellation process for Canara HSBC traditional plans?

You can the nearest branch personally with your policy documents and a duly filled surrender form. Upon successful acceptance at the counter, your policy will be cancelled and refunds directly credited in your bank account.

Canara HSBC Traditional Plans Reviews

TOTAL REVIEWS (23)
Kushagra
Bopal
July 18, 2016

Investment policy

Canara hsbc obc life insurance is very good insurer company which comes from ages. The traditional insurance plan i have which has less premiums. Policy coverage are high and investments are low. Claiming is simple and online service gives the easy renewals of the insurance policy.

Ankesh
Bandel
July 07, 2016

Traditional Plan

The traditional insurance policy i have is good and service is fantastic provided by the staff and executives. Policy cover maximum expenditure and claims are good too. The premium of the policy is less and returns are high.

Hemant
Ajmer
June 28, 2016

Average Insurance Policy

I purchase traditional insurance policy plan in low investment which has less premiums too. The policy coverage is good and the updates of regarding policy is mail to my email address. Service provided by your members of your company is fantastic. Good investment, the internet service is easy to operate.

Kunal
Delhi
April 11, 2016

Great Policy

My policy is great with huge benefits. Canara hsbc traditional plan i have with low premiums and the policy coverage is 98%. Claim is easy to make because of fast service and the work is done on time. The daily updates are mailed to me time to time. Nice job guys.

Surjeet
Mumbai
April 11, 2016

Good

My canara hsbc traditional policy plan is good in services. The policy coverage is good and the premiums are low. Claiming process is easy due to fast service provided by the executives and the staff members. The payback amount is ~Rs.41 L. I like it.

Saurabh
Pilani
April 11, 2016

Awesome

Policy has all benefits and the investments are also low. Around Rs.39 L is payback amount. Canara hsbc life insurance provide me traditional plan which has good facilities and the service is very quick. The up gradation details in policy is mailed to me time to time. Good work.

Akash
Jammu
April 11, 2016

Wonderful

Canara hsbc life insurance traditional policy plan which have 96% policy coverage and the claims are easy to get because of fast services provided by the executives and staff members. The daily updates are texted and mailed time to time to may email id and cell number. Good work.

Namchand
Faridabad
April 11, 2016

slow service issue

I have canara hsbc life insurance traditional policy plan which is really nice. Policy coverage is awesome. Claims are high ~Rs.39 L, even premiums are low ~Rs.30 K thrice per year. But the only thing is the service you provided is bit bad. Please improve it for better responses and for better sale.

Ojasvi
Zahirabad
April 11, 2016

Nice Work

I have traditional policy plan from canara hsbc life insurance. The policy provides good coverage with low premiums. Claims are around Rs.35 L. Service always on time. The executives and staff members are facilitate great services. Satisfactory policy plan, nice work.

Karan
Rohtak
April 11, 2016

Perfect Policy Plan

I own canara hsbc insurance traditional plan. Plan is good and premium is low. Policy coverage is high and payback returns too. Claiming amount is Rs.31 L. Service is fast like super sonic. The daily updates are mailed to me time to time. Overall, perfect policy plan.

Chirag
Kalyan
April 11, 2016

Great Policy

Canara hsbc life insurance I purchased in very low premium and the product is traditional insurance plan. The investment of the policy is low and the policy coverage is 89% with high claims which easily sanctioned due to fast service provided by the executives. Updates of the insurance policy is mailed regularly. Good investment, good insurance. I like the plan.

Abhinav
Ahmedabad
April 11, 2016

Solid Work

Superb policy by canara hsbc traditional insurance policy plan. The returns are good ~Rs.38 L in very low premiums ~Rs.24 K quarterly per year. Service is fast which facilitate by executives and all company members with nice behaviour and quick response. I like my policy plan.

David
Gandhinagar
April 11, 2016

Nice Services

Canara hsbc life insurance is one of the best insurance company. I took traditional insurance policy plan which provide me good service and high returns. The premiums are low and the policy coverage is 91% with high claims. The behaviour is good from executives and staff members. Nice insurance plan.

Firoz
Pratapgarh
April 11, 2016

Super Policy

I invest my money in canara hsbc traditional insurance policy plan. The policy coverage is good ~92% and the claims are high. The premiums are low ~28 K quarterly per year. Paybacks are really very good Rs.41 L. Good investment and tax saver policy plan.

Pariniti
Bhiwani
April 11, 2016

Poor Policy

The traditional policy plan i have is below average. The premium is good and the returns are less. Canara hsbc life insurance your services are bit slow and the waiting part is compulsory. Web services are also not working. Bad experience.

Lalit
Jaipur
April 11, 2016

Perfect Child Policy Plan

My traditional policy plan is with canara hsbc life insurance. The policy is great with maximum benefits. The policy coverage is high ~95%. The investment is low approx. Rs.21 K quarterly per year. The claims are good and easily cleared without waiting. Payback amount is nice ~rs.33 L. Good policy plan.

Jitender
Kota
April 11, 2016

Easy Returns

I have traditional insurance policy plan which i buy from canara hsbc life insurance. The policy coverage is 85% and the claims are good. The premiums are low and the claiming process is easy and sanctioned in short time period. The policy is good investment and it saves taxes too. Good work guys.

Uttam
Doda
April 11, 2016

Super Policy

My traditional insurance policy plan is good with great facilities. Canara hsbc life insurance you guys are superb, your service is like super sonic speed. Premiums are low and the policy coverage is 89% with good claims. Executives and staff members are doing there work very good. Good experience with you guys. I like the plan.

Hemant
Calicut
April 11, 2016

Okay Plan

The traditional policy plan i have from canara hsbc life insurance is okay plan. The premium is low and the policy coverage is around 84% and claims are high. But services are fast, so any work is done without waiting and no paper work. Good policy plan, i like it.

Aman
Lonavla
April 11, 2016

Fair Policy Plan

I have canara hsbc life traditional policy plan. The policy coverage is 94% and the claims are high which can be easily sanctioned. The service provided by the executives and staff members are fast and responsive. Nice policy plan which save taxes also.

Devesh
Bhubaneshwar
April 11, 2016

Awesome

Policy has all benefits and the investments are also low. Around Rs.29.8 L is payback amount after policy end. Canara hsbc life insurance provide me traditional policy plan which has nice facilities and the service is very quick. This is good future investment which is tax saver also.

Prashant
Laksar
April 11, 2016

Poor Policy

I purchase canara hsbc life insurance traditional policy plan. The policy coverage is low that is 64% and the claim is around 21 L. Service is bit slow, please improve your services for better outcomes. The web service is also bad. The policy is not good for long term investment and the tax rate cutter has low percentage.

Lalit
Agra
April 11, 2016

Nice Policy Plan

I own traditional policy plan which i buy from canara hsbc life insurance. The policy coverage is high ~86% and the premiums are low ~31 K thrice per year. The payback money is high around 38 L. The services are fast and the behaviour of the executives are really nice with policy owners. I like my policy plan.