Canara HSBC Oriental Bank Of Commerce Life Insurance Plans

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: 

  • Online plans 
  • Term insurance plans 
  • Savings plans 
  • Unit linked insurance plans 
  • Group insurance plans  
  • Child insurance plans  
  • Retirement Plans 

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 + Term Plan 
  • Whole life cover 
  • Return of premium 
  • Multiple payout options 
  • Tax benefits 
  • Increase coverage options 
Invest 4G 
  • Life option and whole of life option 
  • Choose between 7 funds and 4 portfolios 
  • Option for partial withdrawals 
  • Can switch between fund options 
  • Return of mortality charge on maturity 
Health Plus Plan 
  • High coverage with affordable premiums 
  • Coverage against cancer, heart diseases, and other critical illnesses 
  • Return of premium option if no claim during policy term 

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 
  • Whole life cover 
  • Multiple payout options 
  • Return of premium 
  • Tax benefits 
  • Increase coverage option 
POS Easy Bima Plan 
  • Double life cover in case of accidental death 
  • Return of premium on maturity date 
  • Affordable premiums 
  • Flexible premium payment terms  
  • Tax Benefits 

Canara HSBC OBC Savings Plans: 

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

Policy Name  Policy Benefits 
Invest 4G Plan 
  • 7 different funds and 4 portfolios to choose from 
  • Wealth boosters and loyalty additions 
  • Can switch between fund options 
  • Can partially withdraw funds 
  • Return of mortality charge 
Guaranteed Savings Plan 
  • Premiums payable on maturity 
  • Flexible premium payment terms 
  • Life cover for entire term with premium payment for limited period 
  • Lumpsum benefit on death 
  • Extra benefit for higher premiums 

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 
Invest 4G Plan 
  • 4 portfolios and 7 different funds 
  • Can switch between funds 
  • Can partially withdraw funds 
  • Wealth boosters and loyalty additions 
  • Return of mortality charge 
Titanium Plus Plan 
  • Flexible premium payment – singular, regular, or limited 
  • Partial withdrawal of funds permitted 
  • Multiple portfolio options 
  • Switching options between funds 
  • Tax benefits 

Canara HSBC Group Plans: 

The comprehensive group insurance plans offered by Canara HSBC Oriental Bank of Commerce benefit both the employee and the employer. The following are the group plans available: 

Policy Name  Policy Benefits 
Group Advantage Term Plan 
  • Life protection at lower costs 
  • Additional protection through option of Accidental Death Benefit 
  • Tax benefits as per income tax laws 
  • Customised plans through Reducing Plan or Level option 
Group Traditional Plan 
  • Defined Benefit options such as post-retirement medical benefits, superannuation, leave encashment, and gratuity 
  • Defined Contribution option of superannuation 
  • Group size starting at 10 members with no upper limit 
  • Age from 18 to 79 years 
  • No medicals required 
  • Tax benefits 

Child Insurance Plans 

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

Policy Name  Policy Benefits 
Invest 4G Plan 
  • Protection and savings plan 
  • Maximize savings with return of Mortality charges 
  • Partial withdrawals to meet emergencies  
Smart Junior Plan 
  • Guaranteed payouts during last 5 years of policy 
  • Lumpsum amount paid on death of policyholder with remaining premiums not payable but policy continuing to be in force with benefits paid as scheduled 

Retirement Plans 

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

Policy Name  Policy Benefits 
Invest 4G Plan 
  • Life savings 
  • Tax savings 
  • Partial withdrawals for contingencies 
  • Multiple portfolio and fund options 
  • Switch between funds 
Pension 4Life 
  • Guaranteed income with annuity instalments in exchange of purchase price 
  • Multiple annuity options 
  • Family income option for NPS subscribers 
  • Flexible annuity instalment frequency 

FAQs 

  1. Is there tax benefit for all life insurance policies? 
  2. Yes, you can avail 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.  

  3. Is the money received as death benefit or maturity benefit from life insurance policies exempt from tax? 
  4. 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. 

  5. Why should I avail the riders offered on term insurance policies? 
  6. 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. 

  7. What is the best age to buy a life insurance policy? 
  8. 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. 

  9. Can I choose a renewal date for my policy according to my convenience? 
  10. 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). 

News About Canara HSBC Oriental Bank Of Commerce Life Insurance Plans

  • Profit of Rs.105 crore posted by Canara HSBC OBC Life Insurance for FY20

    For the financial year 2019-2020, Canara HSBC Oriental Bank of Commerce Life Insurance Company posted a profit of Rs.105 crore. New Business Premium (NBP) saw a growth of 7%.

    For the financial year 2019-2020, the NBP saw a growth of Rs.975 crore. In the previous financial year, the growth was Rs.915 crore. According to an announcement made by the company, the embedded value for this period was at Rs.2,907 crore. According to the Managing Director and CEO of the company, the growth of the company’s business was good until the coronavirus outbreak. He further added that the company will continue to focus on the simplicity in the business process and transformation in the coming year. The company is also looking to digitally integrate their partner banks. The Assets Under Management (AUM) of the life insurer was at Rs.15,374 crore and the solvency margin was at 365%. The persistency ratio of the 13th month is at 81% and the 61st month is at 50%. The company further added that the Operating Expense Ratio is at 13% for the fiscal year 2019-2020. Various digital initiatives are being focused on by the company for direct sales over bancassurance partnerships.

    22 June 2020

  • Partnership with Canara HSBC Announced by Rubique

    The leading digital lending, tech-driven, end to end fulfillment platform, Rubique has recently announced a collaboration with Canara HSBC Oriental Bank of Commerce. Staying in line with this collaboration, Rubique will soon start hosting the life insurance provider’s insurance products and policies on its platform. This will, in turn, allow the customers to have a smooth and convenient access to a wide range of life insurance products that offer long-term savings and protection covers against multiple uncertainties and financial adversities of life. Making a comment on the collaboration, the CEO and Founder of Rubique said ‘We are driven to bring the on demand & relevant suite of financial products for our customers and are glad to announce our partnership with Canara HSBC Oriental Bank of Commerce Life Insurance Company which has bouquet of products catering to multiple customer needs. We look forward to build intuitive & simple user journeys through our technology integration & are quite affirmative that our customers will appreciate easy access to life insurance products offering protection covers for various stages in life, in addition to prudent long-term savings’. The existing life insurance products by Canara HSBC will be spread across the platform of Rubique.

    23 April 2019

  • Canara HSBC Oriental Bank of Commerce life insurance launches guaranteed income plan

    Canara HSBC Oriental Bank of Commerce Life Insurance Company recently launched a Guaranteed Income Plan that offers guaranteed benefits to policyholders. It is a non-par and non-linked plan that offers payouts at different intervals during the policy tenure. The payout stages depend on the individual needs of customers.

    The managing director of Canara HSBC Oriental Bank of Commerce Life Insurance company stated that the Guaranteed Income Plan is their second product launch after the Guaranteed Savings Plan launched in Q3FY19. He mentioned that both the plans are designed to offer long-term benefits to policyholders. The plan also comes with added benefits on the payment of a higher premium. Multiple policy options allow consumers to choose the plan that suits their needs the best.

    5 February 2019

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