Canara HSBC Oriental Bank of Commerce Life Insurance Company is a life insurance joint venture between two Indian public sector banks—Canara and Oriental Bank of Commerce and a foreign insurance company HSBC Insurance (Asia-Pacific) Holdings Limited.Canara Bank is 100 year old PSU established in 1906, which holds 51% share in the JV. It has over 50 million customers and a distribution network of 4678 branches. It is one of the largest nationalized banks in India in business volume. HSBC Insurance (Asia-Pacific) Holdings Limited is a subsidiary of HSBC an international bank established in1865, over 100 million customer base and has 8000 offices in 88 countries and territories.Oriental Bank of Commerce is a PSU established in 1943, holds 23% share in the JV and has 1.77 million customers and has a network of 2132 branches in India.
Key Highlights of Canara HSBC Oriental Bank of Commerce Life Insurance
Claim Settlement Ratio
Claim-settlement ratio of 92.99% for year 2015-2016
Grievances Resolved
99.60% Grievances Settled for year 2015-2016
To be eligible for Canara HSBC Oriental Bank of Commerce Life Insurance
You should be at least 18 years old
You should be less than 70 years old
You should be either Salaried, Self- employed, a professional or have your own business
Canara HSBC Oriental Bank of Commerce Life Insurance at a Glance
A maximum tenure of 40 years
Min Sum Assured: Rs 25 Lakhs
Max Sum Assured: Rs 10 Crore
Specific exclusions: Suicide within the first 12 months
Documentation needed to apply for an Canara HSBC Oriental Bank of Commerce Life Insurance
- 1. Identity Proof
- 2. Age Proof
- 3. Income Proof
- 4. Address Proof
- 5. PAN Number
Canara HSBC Oriental Bank of Commerce Life Insurance Plans in India
Canara HSBC Oriental Bank of Commerce Life Insurance offers the following plans:
- Canara HSBC Oriental Bank of Commerce Term plans
eSmart Term Plan : eSmart Term Plan is a pure term insurance plan by Canara HSBC Life Insurance that is available online and offers coverage for 5 to 40 years. No maturity benefits are payable. The company assigns a case manager to nominees to facilitate claims.
- Canara HSBC Oriental Bank of Commerce Child plans
- Future Smart Plan : This is a unit linked child plan that provides long-term investment opportunity to build a corpus fund for your child’s future. It offers comprehensive insurance cover (Sum Assured on death and Premium Funding on death or disability) so that the child has a secure future even in case of uncertainties.
- Dream Smart plan : This is a unit linked insurance plan (ULIP) helps save for your child. Premiums can be paid for a limited duration while you get life cover for 20 years. Partial withdrawals are allowed after five years.
- Canara HSBC Oriental Bank of Commerce Wealth Creation Plans
- Shubh Labh : Shubh Labh is a unit linked single premium plan. It gives you a choice of 5 investment funds with the ability to switch freely between them and automatic fund rebalancing.
- Insure Smart: Insure Smart is a unit linked insurance plan, it helps you save for your specific dreams with the flexibility of paying premiums for 5 years and getting life cover for 10 years. Fund switches and partial withdrawals after sixth year are other highlights of this plan.
- Dream Smart : This is a unit linked insurance plan (ULIP) that has the flexibility to pay premiums for a limited duration while you get life cover for 20 years. You invest in unit linked funds for better growth.
- Grow Smart : Grow Smart is a whole life unit linked insurance plan with insurance cover throughout life. Annual premiums have to be paid for a limited duration and you get lifelong insurance cover.
- Canara HSBC Oriental Bank of Commerce Life Insurance Smart One Pay Plan :This is a single premium plan that offers five fund options with unlimited free switches. There can be partial withdrawals but only after the sixth policy year onwards.
- Canara HSBC Oriental Bank of Commerce Group Plans
- Corporate Group Term plan : Corporate Group Term plan is an annually renewable group term assurance plan. This plan helps you to provide life cover to your employees at a low cost.
- Group Secure: Group Secure is a group plan available to groups like loan applicants of financial institutions/ bank/ co-operative banks/ credit societies/other lending institutions providing various types of loans like housing loans, vehicle loans and the like.
- HSBC Oriental Bank of Commerce Life Insurance Sampoorna Kavach : This is a traditional, non- participating life protection yearly renewable group term plan for life protection needs of the members of the insured group.
- Group Superannuation : Group Superannuation plan is a non-linked, non-participating fund based variable insurance group product for employer-employee groups and provides superannuation benefits.
- Group Traditional Benefit Plan : Group Traditional Benefit Plan is a non-linked, non-participating fund based variable insurance group product offered to employers to provide employee benefits like funding your gratuity, leave encashment. This plan also provides post-retirement medical benefits.
Canara HSBC Oriental Bank of Commerce Life Insurance FAQs:
- Q. How well is Canara HSBC Oriental Bank of Commerce Life Insurance doing when it comes to claim settlements?
A. According to our sources the Claim-settlement for Canara HSBC Oriental Bank of Commerce Life Insurance is at a ratio of 89.6% from April 2014 - March 2015.
- Q. What is the age eligibility criteria for applying for a life insurance with Canara HSBC Oriental Bank of Commerce Life Insurance?
A. An individual can apply for this life insurance as long as they are 18 years of age or more but less than 70 years of age.
- Q. What is the claim process for the insurance with Canara HSBC Oriental Bank of Commerce Life Insurance?
A. A few simple steps are taken for the claim but first:
- Your nominee or you have to initiate the claim and registration for the claim, which can also be done online. You also need to submit the required documents as mentioned by the financial institution.
- The fund value disbursement is conducted along with the verification of the documents.
- The final stage is the processing and the final settlement of the claim which takes around 15 to 30 days.
- Q. What are the documents that are necessary to settle a claim?
A. The most basic proofs are required which are as follows:
- Identity proof
- Address Proof
- Employment or income proof
- PAN Number
- Age Proof
- Q. How Do I get the basic idea about the premium that has to be paid for the life insurance?
A. You could use our insurance premium calculator or use the company’s own tool.
- Q. How Do I contact the Canara HSBC Oriental Bank of Commerce Life Insurance
- for more details on the policy?
A. You can have them call you back by filling up the “Have us call you” form available on every page of the website online, as a tab.
- Q. How To Find out what my ideal fund value should be?
A. You can visit their website, which contains a tool from the company, allowing you to atleast get an estimation of what your fund value should be.
- Q. What is the grace period for paying the premiums?
A.You get 30 days from the due date to pay your premiums, during which your plan’s life insurance cover will continue, post the date, you will no longer receive cover until premium amounts paid.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017
