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 94.95% for year 2016-2017
100.00% Grievances Settled for year 2016-2017
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
Benefits of Canara HSBC Oriental Bank of Commerce Life Insurance:
Due to the wide reach of each of the financial institutions that are part of this company, Canara HSBC Oriental Bank of Commerce Life Insurance has access to approximately 6 crore customers. This, combined with the level of expertise and reliability of each of these organisations, makes Canara HSBC Oriental Bank of Commerce Life Insurance one of the most efficient insurance providers in the industry. Since its establishment, the company’s investment strategy has exceeded benchmarks across all funds. Additionally, the customer service ensures that all customer grievances are resolved effectively and promptly.
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 insurance policies that are designed to meet their varied financial goals. The plans offered can be classified into 4 broad categories: Online Plans, Traditional Plans, ULIP Plans, and Group Plans. These plans not only provide the insured with a life cover but also provide certain investment options if desired.
Canara HSBC Online Plans:
The Canara HSBC Oriental Bank of Commerce Life Insurance Online Plans provide policyholders with the convenience of choosing an insurance policy with a few clicks. Apart from the regular life covers, customers also have plans that provide investment opportunities.
- Invest 4G: The Invest 4G is a unit-linked, non-participating, life insurance plan that helps the insured build their savings in addition to providing a life cover. Additionally, policyholders receive loyalty additions and wealth boosters to further maximise their savings. Policyholders have the flexibility of customising their plans as per their financial goals. Policyholders can decide their equity exposure as well as liquidity to make partial withdrawals in case of emergency.
- iSelect Term Plan: This plan provides the policyholder with enhanced protection with covers for death and terminal illness. The plan also provides the policyholder with the option of adding riders for accidental death and disability. The plan also comes with special premium rates for women and non-tobacco users.
- iNvestShield Plan: The iNvestShield plan is a unit linked, non-participating, plan that can be customised as per the requirement of the policyholder. The plan can be purchased directly from the company website. Policyholders can choose their equity exposure when selecting funds to invest in and can also switch between funds during the term of the policy. Policyholders also have the benefit of making partial withdrawals to meet unplanned expenses.
|Plan||Basic Sum Assured||Policy Term|
|iSelect Term Plan||
||5 to 40 years|
Canara HSBC Traditional Plans:
The traditional plans offered by Canara HSBC Oriental Bank of Commerce Life Insurance plans provide policyholders with the dual benefit of a life cover and fixed earnings.
- Jeevan Nivesh Plan: The Jeevan Nivesh Plan is a non-linked, participating, life plan. The plan offers the policyholder a lump sum payout of the sum assured at maturity. The plan provides protection throughout the policyholder’s entire life. Policyholders have the flexibility of choosing premium payments. On maturity of the plan, the policyholder can choose to convert the sum assured as an annual payout over a 15 year period with a 5% compounded increase every year.
- Money Back Advantage Plan: The Money Back Advantage plan provides the policyholder with the death benefit payout for 16 years. The plan has a limited payment term of 10 years. 15% of the sum assured is paid out at the end of the 5th year, 9th year, the 13th year of the policy’s tenure. On maturity of the plan, the insured receives 55% of the sum assured along with any additional accrued bonuses.
- Smart Junior Plan: This plan is an individual, non-linked participation, limited premium payment endowment life plan. The plan has been designed with the objective of providing the insured’s child with financial security to fulfill their education requirements. The plan ensures guaranteed payouts that are aligned with the academic milestones of the child. Additionally, a lump sum amount is paid out in the event of the death of the insured. Policyholders have the flexibility of choosing their policy term and premium payment mode.
- POS-Easy Bhima Plan: The POS-Easy Bhima plan is a non-linked, non-participating term plan that ensures the return of the premium paid on maturity of the plan. Policyholders have the advantage of a double life cover in the event of accidental death. The insured is not required to undergo any medical tests before purchasing the policy. The policy term and premium payment may be decided based on the discretion of the policyholder.
- Smart Suraksha Plan: This is a pure protection plan that not only provides the insured with a life cover but also provides financial security to dependents in cases of accidental death and total disability. It is available at a comparatively low cost. Additionally, policyholders who opt for higher sum assured receive a discount on the premium amount.
- Smart Future Income Plan: The Smart Future Income Plan is a non-linked, participating life insurance plan. It provides the insured with a 25-year life cover and a guaranteed monthly income. Policyholders receive an annual bonus and a bonus on maturity. The plan also provides the insured with loan options. Limited premiums can be paid in a term of 10 years.
- Smart Monthly Income Plan: This plan is a non-linked, participating life insurance plan that provides the policyholder with tax-free, guaranteed monthly income over a period of 15 years beginning from the 11th year of the policy’s term. The sum assured is 100 times the monthly income. Annual bonuses and final bonus is paid out in a lump sum. Policyholders also have the facility of availing loans against their policy.
- Samridh Bhavishya: The Samridh Bhavishya plan provides the policyholder with guaranteed lifetime income. The policyholder can receive regular monthly payments for the entire duration of their life as well as the duration of their partner’s life. Annuity installments can be paid on a monthly, quarterly, half-yearly or yearly basis.
- Smart Immediate Income Plan: This plan provides the policyholder with a guaranteed income throughout their lifetime. Policyholders can choose the frequency of their annuity installments on either a yearly, half-yearly, quarterly or monthly basis.
|Plan||Basic Sum Assured||Policy Term|
|Jeevan Nivesh Plan||
|Money Back Advantage Plan||
|Smart Junior Plan||
||12 to 25 years|
|POS-Easy Bhima Plan||Rs.50,000||
|Smart Suraksha Plan||Rs.20 lakh||5 years/10 years/15 years/20 years/ 25 years/ 30 years|
|Smart Future Income Plan||100X monthly income chosen||25 years|
|Smart Monthly Income Plan||100X monthly income chosen||25 years|
The Samridh Bhavishya plan and the Smart Immediate Income plan offer the following annuity options:
- Lifetime annuity
- Lifetime annuity with guaranteed payout periods of 5, 10, 15, or 20 years
- Joint life annuity
The amount paid is based on the annuity option chosen. The minimum purchase price for both these plans is Rs.2 lakh.
Canara HSBC ULIP Plans:
The Unit Linked Insurance Plans offered by Canara HSBC Oriental Bank of Commerce Life Insurance provides policyholders with an opportunity for savings and investment in addition to providing a life cover.
- Titanium Plus Plan: The Titanium Plus plan is a unit linked investment and protection plan. Under this plan, the policyholder has the flexibility of customizing their plan as per the changes in their financial requirements. Policyholders can manage multiple portfolios to optimise their returns. The plan also permits policyholders to switch between investment options to increase returns. Additionally, policyholders also receive loyalty additions and wealth boosters during the tenure of the policy.
- Platinum Plus Plan: This plan is a unit-linked, non-participating plan that provides the policyholder with a life cover as well. Policyholders have the flexibility of choosing their premium payment terms. The plan gives policyholders the option of investing in 7 different unit-linked funds and upto 100% equity exposure. Policyholders can switch between investment options based on the performance of the funds in the market. In addition to the returns earned from the investment funds, policyholders also receive loyalty additions and wealth boosters. The plan provides the insured with liquidity to partially withdraw the amount invested to meet unexpected expenditure.
- Smart Future Plan: The Smart Future plan is a unit linked, non-participating life insurance plan. In addition to providing the policyholder with a life cover, the plan also provides investment options in 7 different funds. The policyholder is free to decide their equity exposure and can switch between high-risk and low-risk funds as per their choice. Premium payments can be made on an annual or monthly basis. Partial withdrawals in case of emergency are permitted under this plan.
- Smart Goals Plan: This is a unit linked, non-participating plan that provides the policyholder with flexible premium payment options from the 5th year of the policy’s term. The insured can choose from 7 varieties of investment funds and can choose the percentage of equity exposure based on their risk appetite. Premium payments can either be made on a monthly or yearly basis depending on the policyholder’s income. Partial withdrawals can be made against the policy to meet any unplanned financial requirements. Policyholders can allocate their investments across funds in a specific proportion regardless of the market movements.
- Smart Life Long Plan: The Smart Life Long Plan provides a life cover to the insured until the age of 99. Additionally, the insured can invest in upto 7 of the investment funds available and also get to choose their equity exposure. The plan comes with flexible premium payment options and liquidity to make partial withdrawals. The policyholder also receives loyalty additions that are paid through additional allocation of units in investment funds.
- Secure Bhavishya Plan: This is a non-participating, unit-linked insurance plan that provides a guaranteed maturity benefit. The insured can also add unlimited top-ups on their existing plan based on their requirements. The vesting age can also be decided by the insured based on their retirement needs. Loyalty additions are added to the policy every 5 years following the 10th year of the policy’s tenure.
- Smart One Pay Plan: The Smart One Pay plan is a unit-linked, non-participating life insurance plan that provides the insured with a life cover and the opportunity to grow their wealth. Policyholders are required to make a single premium payment and receive coverage throughout the tenure of the plan. Loyalty additions are applicable to the policy from the 6th year of the policy term. Policyholders can switch between the 6 investment funds as per their risk appetite.
- Insure Smart Plan: This is a unit linked, non-participating insurance plan that provides the policyholder with investment options as well as a life cover. The sum assured decided at the beginning of the policy can be changed after the 6th year of the policy’s term. 1% of the fund value is paid out as loyalty additions on maturity of the plan. Additionally, the plan also provides the insured with the liquidity to make partial withdrawals to meet any unplanned expenses.
- Shubh Labh Plan: The Shubh Labh plan is a unit linked, non-participating life insurance plan that provides a life cover, tax benefits, and opportunity for wealth creation. The policyholder is required to make a single premium payment. The plan provides the policyholder with the option of investing in 6 different funds that vary in asset class. The insured can manage their assets by making unlimited switches between funds during volatile movements in the market. After the 5-year lock-in period, the policyholder can make partial withdrawals to meet any unexpected expenditure.
- Future Smart Plan: This is a non-linked, non-participating life insurance plan that provides a long-term investment opportunity to build a substantial amount for the policyholder’s child. The term of the policy can be chosen by the policyholder based on the academic milestones of their child. Premium payments can be made either for a limited period or for the whole term of the policy. The policyholder can also make ‘Milestone Withdrawals’ to meet the expenses for the child’s higher education. In each of the last 5 years of the policy’s term, the policyholder will receive 15% of the fund value. The sum assured is paid on the death of the policyholder.
- Grow Smart Plan: This is a non-participating, non-linked life insurance plan that provides whole life protection. Policyholders have the flexibility to choose their premium payment term. At the end of the 15th year of the policy’s tenure, 1% of the fund value is allocated in additional units as loyalty additions. Policyholders have the option of investing in 6 different funds and can choose their equity exposure percentage. The sum assured can be increased or decreased during the policy’s term. The plan also permits the insured to make partial withdrawals to meet unexpected expenses.
|Plan||Basic Sum Assured||Policy Term|
|Titanium Plus Plan||
|Platinum Plus Plan||
||10 to 30 years|
|Smart Future Plan||
|Smart Goals Plan||
|Smart Life Long Plan||
||Up to age 99|
|Secure Bhavishya Plan||101% of the premium paid||
|Smart One Pay Plan||1.25X the single premium||5 to 25 years|
|Insure Smart Plan||
|Shubh Labh Plan||
||5 to 40 years|
|Future Smart Plan||
|Grow Smart Plan||
Canara HSBC Group Plans:
The group insurance plans offered by Canara HSBC Oriental Bank of Commerce benefit both the employee and the employer providing it. The following are the group plans available:
- Group Traditional Benefit Plan: This is a non-linked, non-participating fund based group plan that covers all employee benefits including leave encashment, gratuity, and retirement medical benefits. The fund is maintained by the company as a pooled fund at Master Policy level. The life cover provided is renewed on a yearly basis
- Group Superannuation Plan: The Group Superannuation plan is a variable insurance group product offered to employer-employee groups. Employers can use this plan to fund superannuation and pension benefits of their employees. Benefits of the plan are paid out to the insured on death, retirement, resignation, termination, and disability. The life cover can be renewed on an annual basis.
- Sampoorna Kavach Plan: This plan has been developed to provide a life cover for employees at an affordable rate. The plan also provides financial security to the families of the insured. The plan is simple and does not require the insured to undergo any medical test. The plan can be renewed on a yearly basis.
- Group Secure: The Group Secure plan is a non-linked non-participating group life insurance plan. This plan provides financial security for groups who provide loans to their customers. The plan meets the insurance and credit needs of the policyholder. The premium payments can be made on a single pay, limited pay or regular pay basis.
- Corporate Group Plan: This plan is beneficial to both the employer and employees. The administration process for this plan is simple and easy. The premium payment modes are flexible and premiums can be paid on either a monthly, quarterly, half-yearly and yearly basis. Family members and dependents of the policyholders receive financial protection through this plan.
- Pradhan Mantri Jeevan Jyoti Plan: This is a non-linked, non-participating group term insurance plan that provides the policyholder with a life cover at an affordable rate. The enrollment process is simple and does not require any medical examination on part of the policyholder. The plan can be renewed on an annual basis.
- Group Advantage Term Plan: The Group Advantage Term Plan that is renewable on an annual basis. The premium can be paid either wholly or partially by the employer. The plan comes with flexible premium payment options. The plan comes with 2 options: a level option and a reducing option. Coverage can also be provided to the spouse of the insured as well.
- Group Credit Secure Plan: This plan has been devised for individuals who administer and facilitate loans. The plan covers both existing borrowers and new borrowers. Policyholders can receive holistic coverage against death, critical illness, accidental death, and terminal illness. The term of the policy ranges from 2 years to 30 years.
|Plan||Basic Sum Assured||Group size (minimum)|
|Group Traditional Benefit Plan||Rs.1,000||10 members|
|Group Superannuation Plan||Rs.1,000||10 members|
|Sampoorna Kavach Plan||Rs.5,000||NA|
|Corporate Group Plan||
|Pradhan Mantri Jeevan Jyoti Plan||Rs.2 lakh||NA|
|Group Advantage Term Plan||
|Group Credit Secure Plan||Rs.5,000||50 members|
Canara HSBC Oriental Bank of Commerce Life Insurance Company has an insurance policy that is suited for almost every type of customer.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017