Canara HSBC OBC Life Insurance

4.5 / 5 based on 115 User Reviews
Claim Settlement Ratio - 92.99%*
*Data according to IRDA Annual Report (2015-16)
*Please note that the quotes shown will be from our partners

The Company is a Joint Venture between Canara Bank, HSBC Insurance (Asia Pacific) Holding Ltd and Oriental Bank of Commerce (OBC). In this venture, Canara Bank owns 51% equity while HSBC Insurance and OBC own 26% and 23% equity respectively.

Canara Bank and Oriental Bank of Commerce are two of India's largest public sector banks and HSBC Insurance (Asia Pacific) Holdings Limited is the Asian insurance arm of one of the world's largest banking and financial services groups - HSBC.

Launched on 16 June 2008, the Company has exclusive access to around 60 million customers and a pan-India network of around 7000 branches of the three shareholder banks. Moreover, the company has 28 centers across the country to provide necessary training and coaching support to the bank staff. Canara HSBC Oriental Bank of Commerce Life Insurance is first to launch 'Immediate Payouts on Death Claim' under which the deceased's family will receive the fund value immediately on registration of death claim under unit-linked policies.

The Economic Times has awarded the company with "ET Promising Brands of 2015.” This award distinguishes the company as a trusted brand and shows signs of its commitment on customer centricity. Other than that, the company won several prestigious awards including "Best Training Initiative for Insurance Sector", “Life Insurance Company of the Year 2013" and "Best Sales Development Programme" across industries in Asia.

Canara HSBC OBC Life Insurance Plans

Canara HSBC OBC Plan

Plan Type

Entry Age

Maximum Maturity Age

Policy Term

eSmart Term Plan

Term Plan

18 – 70 years

75 years

5 – 40 years

Grow Smart Plan

Unit-Linked Whole Life Insurance Plan

7 - 65 years

N/A

Whole life

Dream Smart Plan

Unit-Linked Insurance Plan

7 - 60 years

80 years

20 years

Future Smart Plan

Unit-Linked Child Plan

18 – 60 years

70 years

10, 15, 20, 25 years

Smart Monthly Income Plan

Traditional participating savings plan with guaranteed  monthly income benefit

18 – 55 years

80 years

25 years

Smart Stage Money Back Plan

Traditional participating savings oriented life insurance money back plan

8 - 55 years

70 years

15 years

Smart One Pay Plan

Single Pay Unit-Linked Endowment Plan

7 – 70 years

Same as policy term

5 – 25 years

Insure Smart Plan

Unit-Linked Life Insurance Plan

8 – 70 years

At least 10 years from the commencement of the policy

10,15,20,25 years

ShubhLabh Plan

Single Pay Unit-Linked Insurance Plan

7 – 70 years

N/A

5 – 40 years

Smart Goals Plan

Unit-linked Insurance Plan

8 – 64 years

Option1: 18 – 74 years
Option2: 23-79 years

Option1: 10 years
Option2: 15, 20, 25 years

Smart Lifelong Plan

Unit-Linked Life Insurance Plan

7 – 65 years

N/A

Up to 99 years

 

Product Portfolio

Canara HSBC OBC Term Plans:

The cheapest yet most vital of life insurance a product which protect your family from financial uncertainties and helps you secure their future, once you are gone.

  • Canara HSBC eSMART Term Plan

Canara HSBC OBC ULIP Plans:

These are unit linked insurance plans help you save for your specific dreams. With these plans you have the flexibility to pay premiums for a shorter duration, choose your life cover and your money is invested in unit linked funds of your choice to take care of your long term financial goals

  • Canara HSBC Grow Smart Plan
  • Canara HSBC Dream Smart Plan
  • Canara HSBC Insure Smart Plan
  • Canara HSBC Shubh Labh Plan
  • Canara HSBC Smart Goals Plan
  • Canara HSBC Smart Lifelong Plan 

Canara HSBC OBC Child Plans:

Canara HSBC plans provide you a long-term investment opportunity to build a bright future for your child and a comprehensive child insurance cover to protect in case of an eventuality.

  • Canara HSBC Future Smart Plan

Canara HSBC OBC Investment Plans:

These are low risk investment plans with guaranteed benefits.

  • Canara HSBC Smart Monthly Income Plan
  • Canara HSBC Smart Stage Money Back Plan

Canara HSBC OBC Pension Plans:

  • Canara HSBC SMART ONE PAY PLAN

Compare all Canara HSBC life insurance plans from other life insurance companies in India to get the best insurance plan that suits your financial requirements.

Canara HSBC OBC Distribution Network:

Canara HSBC Life has a strong distribution network of over 4100 branches all over India. The Company operates on a bancassurance model and has an access to around 60 million customers and a network of 5300 bank branches.

Canara HSBC OBC Life Insurance - Latest News

Canara HSBC OBC Life Insurance Company is supporting the Earth Hour - Cyclothon in alliance with WWF India

Canara HSBC OBC Life Insurance has continued its association to organize the Earth Hour – Cyclothon with WWF-India for 8 consecutive years. The event will be held on 19th of March, 2016.

The event organized by the company includes a Cyclothon with a distance of 21 kms and a walkathon with a distance of 7 kms. Both the activities of the event will simultaneously take place. The event is expected to start at 7:00 am in the morning.

The venue for the event is WWF-India, 172-B, Lodhi Estate, New Delhi and the Flag off time is 7:00 am on the 19th of March, 2016, Saturday.

Canara HSBC OBC Life Insurance Company Asset Shrinks

The management of Canara HSBC OBC Life Insurance Corporation Limited has got its total asset reduced by Rs. 500 crore as compared to that on 31 March 2015, due to the bearish market nowadays. Gaurav Seth, the CFO, recently stated that the company had the overall AUM of Rs. 9800 crore at the end of FY’15, which after a dip of Rs. 500 crore as on 31 January, 2016 stopped on Rs. 9300 crore (including combined fund of its shareholders). Such huge difference is because the company had a large portion of its total investment (about Rs. 6,700 crore) in equities. However, the company within 10 months of this financial year has earned a profit of Rs. 527 crore, showing an overall growth of 60% as compared to that in the same period last year. We expect a net profit of 10-15 percent in the remaining period of this financial year, said CFO.

Canara HSBC OBC Life Insurance survey shows that Indians prefer traditional life insurance over ULIPs

Canara HSBC OBC Life Insurance in collaboration with FICCI conducted a survey in the recent past in order to understand the consumer behaviour in the Indian life insurance market. The survey results published by Canara HSBC OBC Life Insurance show that a sizable population in India (64%) prefers traditional insurance products over ULIPs(which is the choice of only 19% of Indian consumers).

The study shows that Indians are risk averse in general and they prefer low to medium risk investments such as bank FD, real estate, gold etc. over equity or equity-linked products.It was found that the most common frequency of premium payment is annual with an average premium sum of Rs.13000 and that 72% people buy the insurance products from their banks.

The survey also showed that an overwhelming majority of Indians (75%) view life insurance as a savings scheme for their future rather than a protection for their family in case of their death.

Canara HSBC OBC Life Insurance survey shows that Indians prefer traditional life insurance over ULIPs

Canara HSBC OBC Life Insurance in collaboration with FICCI conducted a survey in the recent past in order to understand the consumer behaviour in the Indian life insurance market. The survey results published by Canara HSBC OBC Life Insurance show that a sizable population in India (64%) prefers traditional insurance products over ULIPs(which is the choice of only 19% of Indian consumers).

The study shows that Indians are risk averse in general and they prefer low to medium risk investments such as bank FD, real estate, gold etc. over equity or equity-linked products.

It was found that the most common frequency of premium payment is annual with an average premium sum of Rs.13000 and that 72% people buy the insurance products from their banks.

The survey also showed that an overwhelming majority of Indians (75%) view life insurance as a savings scheme for their future rather than a protection for their family in case of their death.

Canara HSBC OBC Life targeting 35% Growth in New Business in the Current Fiscal

16th May 2016:AnujMathur , CEO of Canara HSBC OBC Life insurance has announced that the company is eyeing a growth of 35% for new business premiums in this fiscal. This target will be calculated on an annualized premium equivalent or APE basis on top of the 35% growth that was already recorded in FY 2015-16. Last year the new business premium stood at Rs. 405 crores . This year the target will be Rs. 606 crores. Mr. Amthur is optimistic and says that the target will not be a difficult one to achieve, given the kind of business model that the company has adopted.

Canara HSBC OBC Life or CHOL recorded a net profit of increase of 22% in FY 2015-16 over FY 2014-15. Mr. Mathur is happy with the growth path that CHOL has been on since the last couple of years and he attributes it to two factors – new business growth and fall in operating expense ratio from 16% to 13%.

Canara HSBC OBC Life Insurance Reviews

TOTAL REVIEWS (115)
Saahir
Mohali
July 18, 2016

Insurance Policy

The ulip plan of canara hsbc obc life insurance is perfect. It gives me full satisfaction regarding benefits and even its terms and conditions are good. Policy premium is good and claims are even better. Updates of the insurance policy and renewals of the plans can easily done via online portal.

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.

Ritika
Laxmipur
July 18, 2016

Excellent Work

The term insurance plan of canara hsbc obc life insurance is fantastic and it came in low premiums and even investment is also less. Policy coverage and claims are good. Claiming process is easy because of fast service provided by the executives is awesome.

Hitesh
Chittaurgarh
July 18, 2016

Pension Policy

I have pension plan from canara hsbc obc life insurance. The plan is good with low premiums. Policy coverage is high and claims are easy to cleared. Service provided by the staff members of the company is fantastic. Updates are regularly mailed to my email id.

Kamal
Bolpur
July 18, 2016

Claiming Is good

I have a child insurance plan which i buy from canara hsbc obc life insurance. The policy covers maximum expenditures occur in future and the future time is secured. Claiming is very easy because of quick service facilitate by the executives.

Sandeep
Jamukeswar
July 07, 2016

Ulip plan

My ulip insurance plan is good and the policy coverage is high ~89%. Premium of the policy is less and service is fantastic provided by the staff of the company. Online portal service is fast and easy to use which reduces paperwork and documentation is hassle free.

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.

Ankit
Patherdewa
July 07, 2016

Term plan

My colleague suggested me a term insurance plan and it really did work for me. The service is fantastic which facilitate by the staff and team members. Policy coverage is good and claims are simple to sanctioned by online portal service or by manually.

Jitender
Nagaur
July 07, 2016

Future Investment Policy

The insurance policy i purchase secure my future with full health and wealth care. Service of the staff is good and behaviour too. Policy cover maximum expenditure and claims are high too. Claiming is easy due to fast service given by the staff and executives.

Manohar
Khalikote
July 07, 2016

Child Plan

The child insurance i purchase for my son is good policy. Service provider behave so well and the customer service is 24X7. Policy cover maximum expenditure and future of my son is secure with this insurance policy. Good claims too.

Tanmay
Ghazipur
June 28, 2016

Good Plan

The ulip plan I have is good insurance policy which provide me good number of benefits. Service is fine but the behaviour is very calm and nice of your department. Web service is good and simple to access. Hassle free documentation. The customer service keep me updated about my insurance policy.

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.

Gunjan
Ghaziabad
June 28, 2016

Great Insurance Plan

I have term insurance plan which I buy in low premium. The service provided by the company members is quick and the claiming is easy due to this. Policy covers many cases which has fair terms and conditions. The internet service is very simple to operate.

Robin
Amritsar
June 28, 2016

Good Plan

My pension plan is good and now I'm relax for my future. The policy coverage is nice and premium is low. The service is fantastic and claims are okay. Easy to sanction the claiming amount due to fast service provided by the executives. I'm happy to invest my money for my future.

Yajan
Dangar
June 28, 2016

Nice Policy

My child plan which is very good in many ways. The premium is low and returns is good. Policy coverage is high and service facilitate by the company members is quick. Updates are regularly mailed and web service is easy to access. I'm tension free now for my child's future plans.

Surjeet
Bengaluru
April 12, 2016

Trustworthy

Service is bit slow but the work is completed with full terms and conditions. Claims are good and the policy coverage is high around 95%. Premiums are normal ~55 K per year and the returns are Rs.47 K per month after policy get mature. Awesome pension policy plan which i buy from canara hsbc life insurance.

Dixit
Sonipat
April 12, 2016

Super Pensuion Plan

I purchase canara hsbc pension policy plan. The policy is really very nice with its many benefits. The policy coverage is approx. 92% and the claims are around minimum 24 L before policy get mature and after the time period ends the final amount is ~Rs.45 K per month. The services are very fast and the behaviour of the executives and staff members are nice. Very responsive for any query or help.

Akrosh
Hyderabad
April 12, 2016

Satisfactory

Recently took pension policy plan with canara hsbc Life Insurance. Great future investment policy plan with low premiums and high policy coverage ~94%. The service providers facilitate the very nice benefits with calm behaviour. Claims are easily sanctioned and time period is less. Nice policy plan, satisfied with it.

Japendra
Gwalior
April 12, 2016

Fantastic Pension Plan

I got a very good policy plan from canara hsbc Life Insurance. The policy is great for future investment nice pension policy plan. The coverage is good ~89%, service is great, even the claims are better. Great policy, very happy with it.

Dinesh
Udupi
April 12, 2016

Great Policy

I have a policy plan for getting pension in future time. The policy is great with high returns and in low premiums. Policy coverage is also nice ~97% and service is fast and on time. Really good job guys, you provide best policy i.e., canara hsbc life insurance pension plans. I like it very much.

Lokesh
Mohali
April 12, 2016

Good Service

I own the canara hsbc life insurance pension plans. The investment is low and the returns is huge. Policy coverage is 88% and claims are good. The service is awesome and fast with very calm behaviour from executives and team members. Nice future investment which saves taxes too. Extra 5% less for women on premiums.

Vabhav
Haldwani
April 12, 2016

Awesome

I bought a pension policy plan with canara hsbc life insurance. Investment is low but the returns are high. Services are bit slow but the policy coverage is 78% and the amount of Rs.39 K per month is given after policy maturity. Good response from executives and staff members. The policy is good for future investment and tax savers also. I like my policy.

Ishant
Rai_bareilly
April 12, 2016

Future Security

I purchase canara hsbc life insurance pension plan. Plan is good with nice services and always on time. Policy coverage is 95% and the claim are high, the amount after maturity of policy is of Rs.41 K per month. Investment is low and returns are high, what else i needed now and future. The behaviour of the executives and staff members is nice. Good work.

Pankaj
Bhojpur
April 12, 2016

Manageable And Satisfied

I have pension plan from canara hsbc life insurance. Policy doesn't work for me. Except policy coverage which is 79%, the rest of the things and stuff are not good. Service is bit slow. Claims are normal. The good thing is it save my money by reducing my taxes. Manageable plan.

Jigar
Jaipur
April 12, 2016

Simple Pension Plan

I found pension policy plan and canara hsbc life insurance provide low premiums and high returns. Claims and policy coverage are good but the service is always up to the mark till last visit. The good treatment serve from executives and staff members. Nice future investment and one more thing it save taxes also. Happy with my policy plan.