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.
Canara HSBC Term Insurance Plans
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*Tax benefit is subject to changes in tax laws.
**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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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.
Canara iSelect Smart360 Term Plan
Canara iSelect Smart 360 Term Plan is a pure risk premium life insurance plan which is an all-in-one insurance product that offers the flexibility to buy life cover as per your requirements and ensures that the goals of your family are fulfilled. The plan comes with three options to choose from: life cover in the life secure, life cover with a return of premium at the time of survival till the end of the policy tenure, and life cover with income benefit in Life secure with income. This product also provides add-on coverages and option of inbuilt covers.
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
Key Features of Canara HSBC Term Insurance Plan
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The plan provides life insurance cover till the age of 99 years
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Option to receive ROP i.e., Return of the total premium amount paid in case no claim has filed
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Option of child care benefit that offers additional SA till the child reaches the age of 21 years
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The plan offers an additional payment as lump sum in case of accidental and permanent disability, accidental death, or critical illness.
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Option to increase life cover with accelerated terminal illness benefit
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The plan offers the option to stop the premium amount at policy commencement and increase life cover up to 100 percent of Base SA in the next five years
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You can also opt for fixed income benefit on reaching 60 years
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Get tax benefits as per the prevailing laws of the Income Tax Act, 1961.
Eligibility Criteria
| Parameters | Details |
| Plan options | Life secure Life secure with income Life secure with ROP |
| Minimum Entry Age | 18 years |
| Maximum Entry Age | 65 years, except for the following: For PPT of up to 60 years under Life Secure: 55 years For PPT of up to 60 years under Life secure with Income/ROP: 50 years Life Secure with Income: 55 years For non-working spouse: 50 years Single premium: 40 years |
| Maximum Policy Term | Life Secure: 5 years Life secure with Income: 65 years minus entry age Life Secure with ROP: 10 years |
| Premium Frequency | Yearly/Half-yearly/Quarterly/Monthly/ Single |
| Minimum Sum Assured | Critical illness sum assured: 5 Lakhs Life Secure: 25 lakhs Life secure with ROP/Income: 15 Lakhs |
| Maximum Sum Assured | No Limit |
Canara HSBC OBC Saral Jeeval Bima
Canara HSBC Oriental Bank of Commerce Saral Jeevan Bima is a simple term plan that can be easily bought offline. It provides you protection against unpredictability of life and helps in fulfilling the dream of your family. It offers a one-time payment in case of the policyholder’s death. The plan gives the flexibility of premium payment term, the basic SA, frequency of premium payment and policy term that can be aligned as per the insurance requirements.
Key features of Canara HSBC OBC Saral Jeevan Bima
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Life insurance cover at low premium rates
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Offers financial protection for your loved ones in case of uncertainty
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Multiple options of premium payment term i.e., single premium or 5 /10 years limited pay
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Option of premium payment throughout the plan tenure
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Get tax savings benefits as per the prevailing laws of the Income Tax Act, 1961.
Eligibility Criteria
| Parameters | Details |
| Minimum Entry Age | 18 years |
| Maximum Entry Age | 65 years |
| Minimum Age at Maturity | 23 years |
| Maximum Age at Maturity | 70 years |
| Premium Payment Term | Single/ Limited (5/10 years)/Regular payment |
| Premium Payment Mode | For Limited and Regular premium payment options: Yearly/half-yearly/Monthly For Single premium payment: One-time lump sum premium payment |
| Minimum Premium | Rs. 1998 pa |
| Maximum Premium | Rs. 499875 pa under single premium option |
POS- Easy Bima Plan
Canara HSBC OBC –Easy Bima Plan is a pure term insurance policy with ROP on the maturity date. It is specifically designed to offer hassle-free and affordable protection to take care of the requirements of your loved ones.
Key Features of POS Easy Bima Plan
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Easy to buy: The buying process is simple with minimum needs and no medical examination is required
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Double life cover: Receive double life coverage in case of accidental death
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Return of premium (total) paid: Total amount of premium paid is returned on the survival till the maturity
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Premium payment term: Choice of flexible premium payment options and policy tenure to suit your needs
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Tax Benefits: Get tax benefits on the premium amount paid and benefits received u/s 80C and 10(10D) as per ITA, 1961.
Eligibility Criteria
| Parameters | Description |
| Minimum Entry Age | 18 years |
| Maximum Entry Age | 55 years |
| Minimum Maturity Age | 28 years |
| Maximum Maturity Age | 65 years |
| Premium payment and Policy Term (PT) | 5 pay with Policy Term 10 pay with 15 years policy term 10 pay with 20 years policy term |
| Minimum Premium | 50,000 |
| Maximum Premium | 15 Lakhs |
| Premium payment Mode | Annual and Monthly |
Applying For Term Insurance through PolicyBazaar
- On the PolicyBazaar homepage, click on Term Insurance under the Personal tab.
- Click New Quotes to compare term plan
- 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.
Canara HSBC Term Insurance Plans - FAQs
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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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Ans: Regisitered users can check their policy status online by loging into e-Portal
Alternatively, 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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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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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.
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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.
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