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Canara HSBC Life
- Canara HSBC Term Insurance Plans
Canara HSBC Term Insurance Plans
Canara HSBC was launched on 16th June 2008 as a venture between Canara Bank holding 51% of the company, HSBC Bank holding 26% of the company and Oriental Bank of Commerce with 23% of the holding.The company has a combined experience of the three founding banks of over 300 years in the financial sector of India. The business strategy followed by them testifies their understanding of the market especially when it comes to looking for a bank partner or scaling up their bancassurance channels.
What are Term Insurance Plans?
Term plans promise the insured a lump sum benefit which will be payable to his nominee if the insured dies any time during the term opted by him. If the plan completes the specified term, no benefit will be payable to the policyholder under this type of insurance plan. These plans cover only the risk of death or the mortality risk of any individual and as such are sold at minimal premium rates making them poular among customers.
Why Term Insurance Plans?
If a plan which costs very little but pays a higher amount of money in terms of crisis, won’t it be popular? Term life insurance plans, whether they are popular or not, are a very important part of our financial planning process because they provide aid during those rainy days where the family needs a financial cushion to soften the blow of the death of the bread-winner. Being cheap in nature, these plans are easily affordable and promise good benefits.
Your premium is decided on age at which you buy the policy and remains same, throughout your life
Premiums can increase between 4-8% each year after your Birthday
Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease
Canara HSBC Term Plans
Canara HSBC currently offers only one type of Term Insurance Plan called the eSmart Term Plan. The plan offers various features and benefits to the policyholder at very cheap rates. Let us take a detailed look at the plan
eSmart Term Plan
A traditional term insurance plan which can be bought online. The features and benefits of the plan are as follows:
- The plan can be bought online which reduces unnecessary hassles and comes cheap
- Premiums under the plan are supposed to be paid for the entire tenure of the plan under the Regular pay Option of premium payment.
- There are two death benefit options to choose from namely Option A and Option B.
- Under Option A, in case of death of the insured during the tenure of the plan, the Sum Assured is paid to the nominee
- Under Option B, in case of death of the insured during the tenure of the plan, the Sum Assured and an additional Accidental Death Benefit is paid to the nominee. The Accidental Death Benefit will be equal to the basic Sum Assured under the plan subject to a maximum of Rs.1 crore.
- The company assigns the services of a personal claims manager to help the family during the claim settlement process.
- The amount of premiums paid up to a limit of Rs.1.5 lakhs and claims received up to any amount enjoy tax exemption as mentioned in the tax laws.
Eligibility Details
| Minimum | Maximum | |
| Entry Age | 18 years | 70 years |
| Maturity Age | - | 75 years |
| Policy Term (in multiples of 5 years) | 5 years | 40 years |
| Premium Payment Term | Equal to policy term | |
| Premium Payment Frequency | Yearly | |
Applying For Term Insurance through PolicyBazaar
- On the PolicyBazaar homepage, click on Term Insurance under the Personal tab.
- Click New Quotes to compare
- 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.
- Fill in your name, email address, city, country code, and mobile number. Click Continue.
- 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.
- After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
- 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.
To know about other life insurance plans check at Canara HSBC OBC Life Insurance
Canara HSBC Term Insurance Plans - FAQs
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Q: How to pay a premium? What are the modes of payment available?
Ans: 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
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Q: How can I check policy status for Canara HSBC term insurance plans?
Ans: Regisitered users can check their policy status online by loging into e-PortalAlternatively, you can contact toll free: customer care toll free number 1800-103-0003 or 1800-180-0003 (MTNL/ BSNL) to inquire about the policy status.
You can send an SMS to 09779030003 to inquire the policy status as well.
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Q: What is the policy renewal process for Canara HSBC term insurance plans?
Ans: 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
Alteranatively, you can pay via cash/cheque at any of the nearest branch.
Call Toll free: 1800-103-0003 or 1800-180-0003 (MTNL/ BSNL) to inquire on how to pay offline.
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Q: What is the company’s process to settle claim for Canara HSBC term insurance plans?
Ans: The nominee needs to intimate the company on the toll free number 1800-103-0003 or 1800-180-0003 (MTNL/ BSNL) or 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. -
Q: What is the policy cancellation process for Canara HSBC term insurance plans?
Ans: 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.Call toll free number: 1800-103-0003 or 1800-180-0003 (MTNL/ BSNL) to know more.
