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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.

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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. 

Why buy Term Insurance early?

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

See how age affects Term Insurance Premiums
See how age affects Term Insurance Premiums
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Key Features of Canara HSBC Term Insurance Plan 

  • The plan provides life insurance cover till the age of 99 years 

  • Option to receive ROP i.e., Return of the total premium amount paid in case no claim has filed

  • Option of child care benefit that offers additional SA till the child reaches the age of 21 years 

  • The plan offers an additional payment as lump sum in case of accidental and permanent disability, accidental death, or critical illness.

  • Option to increase life cover with accelerated terminal illness benefit 

  • 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 

  • You can also opt for fixed income benefit on reaching 60 years 

  • 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 

  • Life insurance cover at low premium rates 

  • Offers financial protection for your loved ones in case of uncertainty 

  • Multiple options of premium payment term i.e., single premium or 5 /10 years limited pay 

  • Option of premium payment throughout the plan tenure 

  • 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 

  • Easy to buy: The buying process is simple with minimum needs and no medical examination is required 

  • Double life cover: Receive double life coverage in case of accidental death 

  • Return of premium (total) paid: Total amount of premium paid is returned on the survival till the maturity

  • Premium payment term: Choice of flexible premium payment options and policy tenure to suit your needs 

  • 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 
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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

  • 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
  • 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.

  • 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.

  • 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.
  • 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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Canara HSBC Term Insurance Plans Reviews & Ratings

4.4 / 5 (Based on 29 Reviews)
(Showing Newest 10 reviews)
Bhawna
Rohtak, April 07, 2021
For long term basis
I took this term insurance plan online and have been a great customer of canara hsbc and policybazaar. It’s been a wonderful plan for a long term basis. All thanks to both the team for giving such support.
Atul
Nawabganj, April 05, 2021
View best quotes
Recently I bought this term plan from the canara hsbc term insurance company and I viewed various quotes related to the same. I have check the quotes and have used the premium calculator for my plan. I really liked it. Thanks team policybazaar.
Dileep
Barpali, March 30, 2021
For long term basis
I took this term insurance plan online and have been a great customer of canara hsbc and policybazaar. It’s been a wonderful plan for a long term basis. All thanks to both the team for giving such support.
Shakib
Lowada, March 23, 2021
View best quotes
Recently I bought this term plan from the canara hsbc term insurance company and I viewed various quotes related to the same. I have check the quotes and have used the premium calculator for my plan. I really liked it. Thanks team policybazaar.
Girish
Atmakur, February 16, 2021
High coverage low premium
Last year I bought a canara hsbc term insurance plan. It was done from policybazaar. I bought it as high coverage and at low premium rates. Such a good plan. Thanks team.
Ritika
B.khajuripada, February 16, 2021
Get to know free quotes
I recently bought a term insurance plan of canara hsbc and it is a nice plan. I got this plan done from policybazaar. Before buying a plan I checked few free term insurance quotes. That’s easy to select. Thanks team.
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.
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.
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.
Naveen
Mumbai, April 11, 2016
Wonderful
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.
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