• Canara HSBC Oriental Bank of Commerce Group Secure Plan

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    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    The Canara HSBC OBC Life Insurance Group Secure is a non-linked, non-participating group life insurance plan. This plan has specially been designed for the customers of lending institutions such as banks/co-operative banks, financial institutions, credit societies, etc. which specialize in offering credit services like home loans, auto loans, personal loans, business loans, education loans, loans against property, etc. The objective of this plan is not only to safeguard the interests of the lending institutions in the event of disability or death of the borrowing customer, but also offer credit and insurance solutions to customers of such institutions.

    Eligibility Criteria For Canara HSBC OBC Group Secure:

     

    Entry age

    Minimum age at entry must be 18 years (for all loans except education loans; Total & Permanent Disability (TPD) Benefit); 12 years in case of an education loan

    Maximum age at entry cannot be more than 64 years

    Cover ceasing age

    Plan will cease to provide cover at 69 years

    Term of coverage

    • Single premium – 2 years
    • Regular/Limited Premium – 5 years
    • Home loan/loan on property – 30 years
    • Education/business/four-wheeler loan – 15 years
    • Commercial/personal vehicle loan/two-wheeler loan – 10 years

    Premium payment mode

    Premiums can be paid on an annual, semi-annual, quarterly, and monthly basis (applicable for payments made via ECS)

    Sum assured

    Minimum – Rs.10,000; Maximum – No limit

    Group size

    The group must have a minimum of 50 members. No upper limit of group size for coverage

           

    Features of Canara HSBC OBC Group Secure:

     

    Premium payment

    • Single premium payment option is not allowed for level cover but for reducing cover policy option
    • Regular premium payment option is lowed for level cover policies but not for reducing cover policies
    • Limited premium option available for level cover option but not for reducing cover option

    Benefits

    Death benefit and TPD (total & permanent disability) Benefit

    Joint borrowers

    There can be a maximum of 3 joint borrowers who can be on loan share basis or joint basis

    Policy surrender

    The master policyholder can surrender the policy at any time.

    Premium rebates

    • Women can get a 3 year age set back on premium rates
    • Joint borrowers get rebates on the joint basis option

    Cover continuance

    After the loan has been paid off in full, members can continue to be covered under the policy till it expires.

    Free look period

    The policyholder will be given a free look period of 15 days, starting from the day the policy has been received, to review the terms and conditions of the policy. if they are not satisfied with the same, they must return the policy within this time period, while also stating the reason for cancellation.

    Grace period

    • 15 days for monthly payment mode
    • 30 days for annual, semi-annual, and quarterly payment mode

    Revival period

    In case of regular/limited premium policies, failure to pay premiums within the grace period will lead to policy lapse. The policy can be revived within a period of 2 years, starting from the date on which the premium payment has been missed for the first time. Revival of the policy will be done subject to the insurer’s discretion and underwriting process.

    Policy assignment

    Not allowed under this plan

    Exclusions under Canara HSBC OBC Group Secure:

     

    • Waiting period – coverage provided under this policy will be subject to a waiting period of 45 days, starting from the date on which the member’s cover commences. During this period, the insurer will not be liable for any TPD or death claims, except if the same has occurred following an accident.
    • Suicide – In case the covered member has committed suicide, regardless of being in a sane or insane condition, before the end of one policy year (starting from date of commencement), then the insurer will pay the nominee 80% of the total amount of premiums paid. If suicide has been committed within a year of the policy being revived, then the nominee will be entitled to receive an amount which is equal to more than 80% of total premiums paid.  

     

    Disclaimer

    This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

    Canara HSBC Oriental Bank of Commerce Group Secure Plan Reviews

  • Page 1 of 2 1 2
    • Canara HSBC Oriental Bank of Commerce Life Insurance
      "Okay"
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the Canara HSBC life insurance company. Customer service is good one with them and there are no issues on it. I am not aware of the coverage value in it. Everything is better one with the Canara HSBC life insurance company.
      Was this review helpful? 0
      , jaipur
      Reviewed on Feb 27, 2018
    • Canara HSBC Oriental Bank of Commerce Life Insurance
      "Better policy to use"
      0.5 5.0/5 "Blown Away!"
      Around 3 years ago, I got the Life insurance policy with CANARA HSBC ORIENTAL BANK OF COMMERCE LIFE INSURANCE. I pay the premium of Rs, One lakh every year. The plan benefits and the coverage is good with CANARA HSBC policy . This policy has the term of10years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 20, 2017
    • Canara HSBC Oriental Bank of Commerce Life Insurance
      "Good policy"
      0.5 3.0/5 "Satisfactory"
      I have taken life insurance with Oriental bank of commerce.I have been using the service for past three years.I pay a premium of an amount of Rs23,000 annually,payment is done through cheque.They give proper response to the customers.I have not yet used claim experience as of now.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 17, 2017
    • Canara HSBC Oriental Bank of Commerce Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I have got the life insurance with CANARA HSBC ORIENTAL BANK OF COMMERCE LIFE INSURANCE for more than a year. The customer service is good with CANARA HSBC ORIENTAL BANK OF COMMERCE LIFE INSURANCE. This policy has the tenure of 20years. I got this policy which is provided by company. I am not sure about the premium amount.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Oct 12, 2017
    • Canara HSBC Oriental Bank of Commerce Life Insurance
      "excellent service"
      0.5 5.0/5 "Blown Away!"
      I got the life insurance service through my CANARA savings account I have to pay 14000 every year for me and my wife and I have to pay till 60 years the documentation part was fine even the representatives and customer service is very helpful and responsible ,I would like to tell it was an excellent service from CANARA for my savings account.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 11, 2017
    • Canara HSBC Oriental Bank of Commerce Life Insurance
      "excellent service"
      0.5 5.0/5 "Blown Away!"
      I have got the insurance offer, while I applied my loan representatives where very responsible even, I have not had any conversation much its was very good service from HSBC ,so overall service is excellent from HSBC. I am happy with the service .
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 30, 2017
    • Canara HSBC Oriental Bank of Commerce Life Insurance
      "Excellent policy"
      0.5 5.0/5 "Blown Away!"
      I am having a life insurance policy with CANARA HSBC ORIENTAL BANK OF COMMERCE for past one year. I pay the premium of Rs,1000 in every year. The plan benefits and the Coverage's are very good with this policy. I am happy holding this policy with OBC.
      Was this review helpful? 0
      , guwahati
      Reviewed on Aug 21, 2017
    • Canara HSBC Oriental Bank of Commerce Life Insurance
      "Good "
      0.5 4.0/5 "Great!"
      I do have life insurance policy with Canara HSBC OBC life insurance company and the premium value is around 8000 Rupees per annum and the coverage value is around one crore. I can believe this policy because of their ethics in the business. Customer service is very good and also response is an immediate one.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 27, 2017
    • Canara HSBC Oriental Bank of Commerce Life Insurance
      "Good policy with descent return"
      0.5 4.5/5 "Excellent!"
      I got the life insurance policy with the Canara HSBC oriental bank of commerce and their services are good and they are notifying the details regarding the payment and other information are notified to the customer. I had been with them from 2011 onwards and return wise they are really good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 04, 2017
    • Canara HSBC Oriental Bank of Commerce Life Insurance
      "TARUN MITTAL"
      0.5 0.5/5 "Unacceptable"
      DON'T GET A' CANARA HSBC OBC" LIFE INSHURANCE . COUSTMER SERVICE VERY BAD AND POOOR . DONT GIVE U ANY INFORMATION ABOUT UR POLICY . VERY BAD COMPANY . WHEN I CALL THE CLAIM DEPARTMENT THEN HE SAID UR POLICY IS TERMINATE . I M SHOCKED . THEY DID NOT GIVE ME REASON WHY MY POLICY IS TERMINATE . SOO PLZZ BE CARE FULL PRIVATE COMPANIES.
      Was this review helpful? 0
      , ludhiana
      Reviewed on Sep 30, 2016
    • Canara HSBC Oriental Bank of Commerce Life Insurance
      "Total life Security"
      0.5 4.5/5 "Excellent!"
      Hi, Recently i have opted for Canara HSBC Oriental Bank e- smart term plan which I feel is the best life security plan as per my survey. Since you have to pay less premium like in my case only 5,7011 per year for sum assured of 50 lacs, gives total security to the family. So you don't need to worry about further insurance for your life, only need to concentrate on investments and savings for your future.
      Was this review helpful? 0
      , udupi
      Reviewed on May 28, 2016
    • Canara HSBC Oriental Bank of Commerce Life Insurance
      "Good benefits"
      0.5 4.5/5 "Excellent!"
      Canara HSBC Oriental bank of commerce has been good in their services. I have taken my life insurance from them. They send me reminders for the payments. They also have a online facility to pay the premiums. The tenure is for 15 years. They have good benefits and a coverage as well.
      Was this review helpful? 0
      , jaipur
      Reviewed on May 18, 2016
    • Canara HSBC Oriental Bank of Commerce Life Insurance
      "Excellent...."
      0.5 5.0/5 "Blown Away!"
      Canara HSBC Oriental bank of commerce life insurance is wonderful. I have taken one life insurance policy and when I asked for a partial withdrawal they done it very fast. There were no cross questions raised that why you are dropping the plan and they gave it smoothly. Minimum five years is the lockin period to drop the life insurance policies.
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 16, 2016
    • Canara HSBC Oriental Bank of Commerce Life Insurance
      "TERRIBLE CUSTOMER SERICE"
      0.5 0.5/5 "Unacceptable"
      I am writing to complain about the terrible customer service- This insurance company has apparently lost my check of Rs 500,000- they don't respond to emails, the phone lines don't work - how does one reach them? Terrible customer service.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 11, 2016
    • Canara HSBC Oriental Bank of Commerce Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have the life insurance policy with the Canara HSBC oriental life insurance company. The services are very good with them and am paying the premium as around 80000 Rupees per year of time. This 80000 Rupees premium will inclusive of pension and the life insurance policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 15, 2015
    • Canara HSBC Oriental Bank of Commerce Life Insurance
      "Not satisfied"
      0.5 2.0/5 "Expected more"
      I do have the canara bank hsbc oriental life insurance policy and I have taken the policy because of my parents advice. The services are not very great with them like when I was shifted from the bangalore they gave me some troubles like they are very difficult to get them and I need to visit their branch directly. They dint resolve the issues over the phone.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Nov 27, 2015
    • Canara HSBC Oriental Bank of Commerce Life Insurance
      "No good benefits "
      0.5 1.0/5 "Really Bad"
      When I am taking my housing loan also taken a life insurance from CANARA HSBC ORIENTAL BANK OF COMMERCE LIFE INSURANCE. It is an 20 years policy, since the benefits was not good I canceled this policy with them. I did not got any benefits also.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 30, 2015
    • Canara HSBC Oriental Bank of Commerce Life Insurance
      "Easy and safe"
      0.5 4.0/5 "Great!"
      OBC Life insurance is good. Its very transparent we can update their personal details on line and that is the best part about them. Customer service offered by them was fine and every month I am supposed to pay rs 200 and this insurance was opened through my company. It helps us a lot we have to get hospitalized at least for a day they will provide 80% of the claim amount and the amount was reimbursed and the only drawback here is they will provide the amount to the insurance holder only,
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 22, 2015
    • Canara HSBC Oriental Bank of Commerce Life Insurance
      "Provided great service..."
      0.5 4.0/5 "Great!"
      At that time of searching for a life insurance, Canara HSBC Oriental Bank of Commerce life insurance was meeting my requirement on benefits. Pretty neat coverage for life insurance and my plan is linked with share market so growth has been good. Though it is a unit link, there is a fixed return where I get 30%.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 24, 2015
    • Canara HSBC Oriental Bank of Commerce Life Insurance
      "Good service and good plans for tax benefits...."
      0.5 4.0/5 "Great!"
      It is of traditional life insurance and secure smart plan where sum assured value increases every year. I just have to invest around 1lakh every year and based on market rate I get fixed amount. Sum assured that I am going to get from Canara HSBC Oriental Bank of Commerce life insurance after 15 years is non taxable.
      Was this review helpful? 1
      , thane
      Reviewed on Jun 04, 2015
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