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.
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.
Policy Term (in multiples of 5 years)
Premium Payment Term
Equal to policy term
Premium Payment Frequency
Applying For Term Insurance through PolicyBazaar
- On the PolicyBazaar homepage, click on Term Insurance under the Personal tab.
- Click New Quotes to compare and choose from top insurance providers.
- 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
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 term insurance plans?
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.
3. What is the policy renewal process for Canara HSBC term insurance 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
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.
4. What is the company’s process to settle claim for Canara HSBC term insurance plans?
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.
5. What is the policy cancellation process for Canara HSBC term insurance 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.
Call toll free number: 1800-103-0003 or 1800-180-0003 (MTNL/ BSNL) to know more.
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- Why Should Everyone Have At least Two Term Insurance Plans?
- Who Should be Your Nominee for Your Term Insurance?
- Claim Settlement Ratio of Term Insurance Plans Providers
- Terms & Conditions of Term Insurance Plans
- Benefit of Income Replacement Term Insurance Plans
- How to Choose Riders Effectively for your Term Insurance?
Canara HSBC Term Insurance Plans Reviews
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.
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.
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.
Policy plan is wonderful with huge benefits like low premiums and the policy coverage is high 89%. Claims are are good and the payback amount is around Rs.37 L after the policy get mature. Internet services are great with easy interface and vast variety of policies are there with full descriptions. Daily update are mailed to me, I like it.
The term policy plan i have is not as i expected. The policy coverage is 63% and the claims are less. The premiums are 17 K twice a year. Services are fast and the behaviour of the executives and staff members are good. Some improvement needed in the web site. Manageable policy plan.
High Returns In Low Premium
My term insurance policy plan is with canara hsbc life insurance. The policy coverage is high and the claims are high too. Claims are easily sanctioned because of fast services provided by the executives. Fantastic policy plan which provides good terms and conditions. I like it.
Full Of Benefits
I purchase canara hsbc life insurance term policy plan. The policy plan is an average one but the premiums are low with good policy coverage. This is an online policy plan, easy to buy. The plan has 5% less on premiums for women. Premiums and claims are free from taxes.
I have term insurance policy plan from canara hsbc life insurance. Policy coverage is good and the premiums are low approx. 27 K. Claiming is easy and the waiting time is very less due to fast and on time services from executives and the staff members. Nice work.
My policy is not good because the service is slow, the policy coverage is less, Claims are not good, premiums are high, not provided help when needed by the staff members not in the company or either on the call. Not satisfied with this policy.
Got term insurance policy plan with canara hsbc life insurance. The policy plan is above average and the premiums are low. Policy coverage and the claims are high with high payback returns. Services provided by you guys is appreciable with good behaviour of your staff members and the extra good treatment provided by the executives is very nice.
The term insurance policy plan i have is canara hsbc life insurance. The policy coverage is high with high claiming amount. The premiums are low and the payback returns are approx. rs.40 L. The service provided by the executives and the staff members is good with nice behaviour.
Nice Future Plan
Great term insurance policy plan i got from canara hsbc life insurance. They has good speed and responsive for any query and for any help. Policy coverage is 91% and the claims are good with easy claiming process. The investment is good and it saves taxes also.
I have term insurance policy plan from last two years with canara hsbc life insurance. The policy is good and the premiums are very less. The best investment and the taxes are also saved. Policy coverage and claims are good and the services are fantastically fast. I really like my policy plan thanks.
Canara hsbc life insurance is one of the best insurer for term insurance policy plan. The policy coverage is 93% and the claims are good even the the claiming procedure is easy because the service provided by the company members are good and even the web services are even better. The premiums are low and for women get 5% less extra benefits on premiums.
Policy coverage is less around 69% and the premiums are low around 18 K twice a year. Service are good and always on time till now, rest see in future. The claims are cleared easily due to quick response from the executives and staff members. Please improve your policy coverage for better performance.
The term plan policy which i bought from canara hsbc life insurance has slow service issue. Policy coverage and claims are high with low investments. The executives and staff members are behave good with the customers and providing nice outputs. The daily updates are mailed and texted to me regularly. Good policy plan.
I buy term insurance policy plan from canara hsbc life insurance. The policy coverage is 83% and the premiums are low ~29.1 K. The claims are easily sanctioned because the service is fast from the executives side and from online web page also. The policy premiums are 5% less for women. Good policy plan.
Normal Policy Plan
The term policy plan i have is not as i expected. The policy coverage is 57% and the claims are less. The premiums are 13 K twice a year. Services are fast and the behaviour of the executives and staff members are good. Some improvement needed in the web site.
The term policy plan i have from canara hsbc life insurance. The service is fast and on time provided by the executives and the staff members when ever needed. Policy coverage is 84% and the claims are good. Premiums are low and payed twice in a year. The policy is for 15 years.
Canara hsbc life insurance is one of the perfect insurance providers, i took term insurance policy plan. The policy is good in service and it can be buy online. The web service is awesome and 5% less premiums are there for women. Policy coverage and the claims are high. Due to online facility, it reduces the paper work and the waiting part is erased.
My term insurance policy plan is with canara hsbc life insurance. The policy coverage is high ~91% and the claims are approx. 21 L after policy get mature. Claims are easily sanctioned because of fast services provided by the executives. Fantastic policy plan which provides good terms and conditions.
I purchase canara hsbc term life insurance policy plan. The policy plan is an average one but the premiums are low with good policy coverage. This is an online policy plan, easy to buy. The plan has 5% less for women. Premiums and claims are free from taxes.
I have term insurance policy plan from canara hsbc life insurance. Policy coverage is good approx. 87% and the premiums are low approx. 35 K per year. Claiming is easy and the waiting time is very less due to fast and on time services from executives and the staff members. Nice work.