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Canara HSBC OBC Life Insurance

Canara HSBC OBC Life Insurance offers a wide range of policies, including term, savings, and retirement plans, catering to different life stages and budgets. With flexible premiums, tax benefits, and comprehensive coverage options, it ensures financial security for you and your family.

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Canara HSBC Oriental Bank of Commerce utilizes its vast network to provide a range of life insurance solutions to meet your personal requirements.

The company is a joint venture between Canara Bank and Oriental Bank of Commerce (both Indian public sector banks) and HSBC Insurance (Asia-Pacific) Holdings Limited, a foreign insurance company.

Benefits of Canara HSBC Oriental Bank of Commerce Life Insurance:

Canara HSBC Oriental Bank of Commerce Life Insurance offers a wide range of plans that meet different requirements at different stages of life that will be suitable to any kind of budget. The policies can be opened and renewed online with minimal documentation. Customer service is also responsive and quick.

Types of Life Insurance Policies Offered by Canara HSBC Oriental Bank of Commerce Life Insurance:

Canara HSBC Oriental Bank of Commerce Life Insurance offers customers a wide range of life insurance policies which fall into the following categories:

  1. Online plans
  2. Term Insurance Plans
  3. Savings plans
  4. Unit Linked Insurance Plans
  5. Group insurance plans
  6. Child insurance plans
  7. Retirement Plans
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Canara HSBC OBC Online Plans:

The Canara HSBC Oriental Bank of Commerce Life Insurance Online Plans provide policyholders an easy, quick, and hassle-free way to start, renew, and claim their life insurance policies. The different policies that have the online option are as given below:

Policy Name

Policy Benefits

iSelect Star Term Plan

  1. Whole life cover
  2. Return of premium
  3. Multiple payout options
  4. Tax benefits
  5. Increase coverage options

Invest 4G

  1. Life option and whole of life option
  2. Choose between 8 funds and 4 portfolios
  3. Option for partial withdrawals
  4. Can switch between fund options
  5. Return of mortality charge on maturity

Guaranteed Income4Life Plan

  1. Receive guaranteed income till you attain 99 years of age
  2. Premium payments can be made in one go or on a recurring basis
  3. Guaranteed loyalty additions worth more than 10 times the annual premium

Health First Plan

  1. Coverage for minor conditions of heart diseases, cancer, and other illnesses
  2. Coverage that keeps pace with the increasing living and medical expenses
  3. Coverage for expensive treatments
  4. Get all premiums back if no claim is made during the policy period

Guaranteed Savings Plan

  1. Assured bonus additions and maturity value
  2. Secure your goals in the event of your untimely demise
  3. Customised policy terms and premium payments
  4. Avail of tax-free maturity value
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Canara HSBC OBC Term Insurance Plans:

The term insurance plans offered by Canara HSBC Oriental Bank of Commerce Life Insurance plans are as given below:

Policy Name

Policy Benefits

iSelect + Term Plan

  1. Whole life cover
  2. Multiple payout options
  3. Return of premium
  4. Tax benefits
  5. Increase coverage option

POS Easy Bima Plan

  1. Double life cover in the event of accidental death
  2. Premium is returned on maturity
  3. Affordable premiums
  4. Flexible premium payment terms
  5. Tax Benefits

Saral Jeevan Bima

  1. Flexible premium payment terms
  2. Avail of tax benefits
  3. Sum Assured starts at Rs.5 lakh

Canara HSBC OBC Savings Plans:

Canara HSBC OBC has two savings plans which are as follows:

Policy Name

Policy Benefits

Guaranteed Income4Life Plan

  1. Receive guaranteed income till you attain 99 years of age
  2. Premium payments can be made in one go or on a recurring basis
  3. Guaranteed loyalty additions worth more than 10 times the annual premium

Guaranteed Income Plan

  1. Guaranteed benefits will be paid on maturity
  2. Life coverage for the whole term
  3. Flexible premium payment terms
  4. Additional benefits for higher premiums

Easy Bachat Plan

  1. Guaranteed benefits will be paid on maturity
  2. Avail of tax benefits
  3. Simple purchase process with no medical tests
  4. Receive guaranteed yearly additions

Jeevan Nivesh - Whole Life Insurance Plan

  1. Sum Assured payable on maturity
  2. Life Insurance cover for the entire policy term
  3. Sum Assured can be converted to annual payouts

Money Back Advantage Plan

  1. Receive three Money Back payouts of 15% of the Sum Assured
  2. 10 years short payment term
  3. Receive lump sum amount of 15% of the Sum Assured

Guaranteed Suraksha Kavach

  1. Insurance cover for your child's future
  2. Avail of tax benefits
  3. Premium has to be paid for limited years

Guaranteed Income Advantage Plan

  1. Annual income will be paid on survival
  2. Get life cover for the whole term by paying premium for a limited period
  3. Avail of tax benefits

Guaranteed Savings Plan

  1. Premiums payable on maturity
  2. Flexible premium payment terms
  3. Life cover for entire term with premium payment for limited period
  4. Lumpsum benefit on death
  5. Extra benefit for higher premiums
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Canara HSBC OBC Unit Linked Insurance Plans:

The attractive Unit Linked Insurance Plans offered by Canara HSBC OBC are as follows:

Policy Name

Policy Benefits

Smart Goals Plan

  1. Flexible premium payment terms
  2. Sum Assured can be increased or decreased
  3. Auto funds rebalancing
  4. Partial withdrawal is allowed during a financial crisis

Invest 4G Plan

  1. 4 portfolios and 7 different funds
  2. Can switch between funds
  3. Can partially withdraw funds
  4. Wealth boosters and loyalty additions
  5. Return of mortality charge

Titanium Plus Plan

  1. Flexible premium payment - singular, regular, or limited
  2. Partial withdrawal of funds permitted
  3. Multiple portfolio options
  4. Switching options between funds
  5. Tax benefits

Canara HSBC Group Plans:

The comprehensive group insurance plans offered by Canara HSBC Group Plans benefit both the employee and the employer. The following are the group plans available:

Policy Name

Policy Benefits

Group Advantage Term Plus

  1. Flexible modes of premium payments
  2. Tax benefits
  3. Policy term for 1 year or less is available
  4. Cover for family members, employees, or customers

Group Term Edge Plan

  1. Flexible modes of premium payments
  2. Tax benefits
  3. Hassle free joining process
  4. Life cover at affordable prices

Pradhan Mantri Jeevan Jyoti Bima Yojna

  1. Cover for your family at affordable prices
  2. Premium amount is auto-debited from your savings account

Sampoorna Kavach Plan

  1. Simple process
  2. Affordable rates
  3. No medical tests
  4. Flexible renewal of plan

Group Secure

  1. Cover for joint borrowers
  2. Tax benefits
  3. Multiple risk coverage options

Group Credit Secure Plan

  1. Cover against death, accidental death, terminal and critical illnesses
  2. Tax benefits
  3. Multiple cover terms ranging between 1 month and 40 years
  4. Flexible payment options

Group Advantage Term Plan

  1. Life protection at lower costs
  2. Additional protection through option of Accidental Death Benefit
  3. Tax benefits as per income tax laws
  4. Customised plans through Reducing Plan or Level option

Group Traditional Plan

  1. Defined Benefit options such as post-retirement medical benefits, superannuation, leave encashment, and gratuity
  2. Defined Contribution option of superannuation
  3. Group size starting at 10 members with no upper limit
  4. Age from 18 to 79 years
  5. No medicals required
  6. Tax benefits
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Canara HSBC Child Insurance Plans

Canara HSBC OBC offers value-added child protection plans which are as given below:

Policy Name

Policy Benefits

Invest 4G Plan

  1. Protection and savings plan
  2. Maximize savings with return of Mortality charges
  3. Partial withdrawals to meet emergencies

Smart Future Plan

  1. Premium allocations can be modified
  2. Sum Assured can be increased or decreased
  3. Partial withdrawal

Money Back Advantage Plan

  1. Receive three Money Back payouts of 15% of the Sum Assured
  2. 10 years short payment term
  3. Receive lump sum amount of 15% of the Sum Assured

Jeevan Nivesh - Whole Life Insurance Plan

  1. Sum Assured payable on maturity
  2. Life Insurance cover for the entire policy term
  3. Sum Assured can be converted to annual payouts

Smart Junior Plan

  1. Guaranteed payouts during last 5 years of policy
  2. Lumpsum amount paid on death of policyholder with remaining premiums not payable but policy continuing to be in force with benefits paid as scheduled

Canara HSBC Retirement Plans

The retirement plans offered by Canara HSBC OBC are as given below:

Policy Name

Policy Benefits

Smart Future Income Plan

  1. Life coverage for 25 years
  2. Tax benefits
  3. Loan flexibility

Smart Lifelong Plan

  1. Cover for long term
  2. Tax benefits
  3. Sum Assured can be increased or decreased

Saral Pension Plan

  1. Two annuity options
  2. Assured lifetime income
  3. Flexible Annuity Payment Frequencies

Secure Bhavishya - Unit Linked Pension Plan

  1. Life coverage for 25 years
  2. Tax benefits
  3. Loan flexibility

Invest 4G Plan

  1. Life savings
  2. Tax savings
  3. Partial withdrawals for contingencies
  4. Multiple portfolio and fund options
  5. Switch between funds

Invest 4G Plan

  1. Life savings
  2. Tax savings
  3. Partial withdrawals for contingencies
  4. Multiple portfolio and fund options
  5. Switch between funds

Pension 4Life

  1. Guaranteed income with annuity instalments in exchange of purchase price
  2. Multiple annuity options
  3. Family income option for NPS subscribers
  4. Flexible annuity instalment frequency
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FAQs on Canara HSBC OBC Life Insurance

  • Is there a tax benefit for all life insurance policies?

    Yes, you can avail of tax deductions for the premiums paid on life insurance policies for up to Rs.1.5 lakh under Section 80C of the Income Tax Act 1961.

  • Is the money received as death benefit or maturity benefit from life insurance policies exempt from tax?

    Yes, the money that is received as a death benefit (paid to nominees should the policyholder pass away before the policy matures) or maturity benefit (where the policyholder survives past the policy term) is exempt from tax under Section 10(10D) of the Income Tax Act, 1961.

  • Why should I avail of the riders offered on term insurance policies?

    The riders that are offered for term insurance policies provide more coverage than what the policy provides in its basic form. It also gives you the freedom to customise the policy according to your specific requirements for a nominal sum. You also get additional features and benefits with the rider along with the core benefits of the term insurance policy itself.

  • What is the best age to buy a life insurance policy?

    Most life insurance policies have an entry age of 18; it is best to buy a policy at younger ages as the premium will increase as you grow older.

  • Can I choose a renewal date for my policy according to my convenience?

    Yes, you can choose a renewal date for your policy according to your convenience. Canara HSBC OBC Life Insurance offers the flexibility of choosing the 5th, 10th, 15th, 20th, or 25th days of the month for your premium renewal date (not applicable for monthly modes of payment).

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