"Spending a whole day looking for insurance is fun," said nobody, EVER!
  • Canara HSBC Oriental Bank of Commerce Term Insurance

     4.0 / 5.0   by 24 users
    Used this product? Write a review >>

    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited is jointly owned by three leading banks in India, i.e., Canara Bank with a holding of 51% stakes, Oriental Bank of Commerce with 23% stakes, and HSBC Insurance (Asia Pacific) Holdings Limited with 26% stakes. The company has a wide network of branches and more than 115 million customers.

    The accessibility of insurance products and distribution are enabled by the vast infrastructure of the bank locations. The in-depth market knowledge of the banks and robust distribution strength contributes to the specific needs of its customer base.

    Term Insurance Plans Offered by Canara HSBC Oriental Bank of Commerce Life Insurance:

    A term insurance plan is a form of pure protection that ensures the family of the policyholder is protected against his/her untimely death or permanent disability. It is also the most basic form of insurance and can be bought at a very low cost. Some of the term insurance plans offered by Canara HSBC Oriental Bank of Commerce Life Insurance are:

    Canara HSBC Oriental Bank of Commerce Life Insurance POS - Easy Bima Plan:

    This is a non-linked, non-participating, term insurance policy with return of premium facility. The plan is designed to offer hassle-free protection at an affordable cost to the customer.

    Key features of POS - Easy Bima Plan:

    Some of the significant features of the POS - Easy Bima Plan are as follows:

    1. The policy purchase process is hassle-free and has minimum requirements. Medical tests are not mandated as well.
    2. The life insurance coverage is doubled in the event of an accidental death.
    3. The total premium paid will be returned if the policyholder survives till the maturity of the plan. This includes modal loading but excludes GST and cesses.
    4. The policyholder can choose the premium payment frequency and policy term based on his/her requirements.
    5. The policyholder gets tax benefits on the premium paid and payouts received.

    Benefits of the POS - Easy Bima Plan:

    The benefits offered by the POS - Easy Bima Plan are as follows:

    1. Death benefit (non-accidental death) - In the event of death of the policyholder during the waiting period of 90 days from the date of policy commencement, the total premium paid is returned. If the policyholder dies after the waiting period expires, 100% of the sum assured at death is paid.
    2. Death benefit (accidental death) - Accidental death benefit sum assured is paid along with the sum assured at death.
    3. Return of premium at maturity - If the policyholder survives till policy maturity, the total premium paid will be returned, subject to the policy being in force.

    Canara HSBC Oriental Bank of Commerce Life Insurance Smart Suraksha Plan:

    This is a pure protection plan that offers life insurance coverage to the policyholder along with accidental disability/death coverage. The plan should be taken by individuals who are looking to protect the financial future of their families even in their absence.

    Key features of Smart Suraksha Plan:

    The significant features of the Smart Suraksha Plan are as follows:

    1. Life insurance coverage is priced very low.
    2. The policyholder can opt for accidental death or total disability cover.
    3. Premium rebates are offered to female customers.
    4. Customers are rewarded for leading a healthy lifestyle, i.e., non-smokers pay lower premiums or get higher sum assured.
    5. Tax benefits can be availed for the premiums paid under the plan.
    6. Customers can choose from three plan options, i.e., Life Cover, Accident Plus, and Disability Plus.
    7. Rebates are offered on premium rates for policies with high sum assured and online plans.

    Benefits of Smart Suraksha Plan:

    The benefits offered by the Smart Suraksha Plan under each of the options are as described below:

    1. Life Cover - The life insurance coverage has no limit on the sum assured.
    2. Accident Plus - Apart from the life insurance coverage, this plan offers Accidental Death Benefit as additional cover. If the life assured passes away in an accident, the additional sum assured will be provided to the nominee along with the sum assured.
    3. Disability Plus - This plan offers coverage for Accidental Total and Permanent Disability along with Accidental Death Benefit and life insurance coverage. The maximum sum assured that can be availed under this plan is Rs.1 crore.

    No maturity benefits will be paid under any of the plan options.

    Canara HSBC Oriental Bank of Commerce Life Insurance iSelect Term Plan:

    This is a pure term insurance policy that offers protection to the life of the policyholder. The plan also offers terminal illness coverage and cover for accidental disability/death.

    Key features of iSelect Term Plan:

    The most prominent features of the iSelect Term Plan are as indicated below:

    1. The policy offers enhanced protection in the form of death cover and terminal illness cover.
    2. The plan has optional coverage that can be purchased at an extra cost - Accidental Total and Permanent Disability and Accidental Death.
    3. The customer can choose from several options for benefit payout, i.e., the option to choose lump sum payout or a monthly income for a time period of 10 years/until end of coverage period is available.
    4. The plan enables the customer to choose from multiple coverage options, i.e., life insurance can be purchased for self only or for self and spouse.
    5. Non-tobacco users get special premium rebates under the plan.
    6. Female customers get premium discounts or higher sum assured.
    7. Tax rebates can be availed on benefits received or premiums paid towards the plan, under Section 80C and Section 10 (10D) of the Income Tax Act, 1961.

    Benefits of iSelect Term Plan:

    The benefits offered by the iSelect Term Plan are as follows:

    1. Death Benefit - The death benefit offered under the policy is the sum assured at death. This is based on the coverage option chosen by the policyholder.
    2. Optional built-in covers - The insurer provides optional covers that can be used to enhance the protection offered by the base policy. These are:
    • Accidental Death cover
    • Accidental Total and Permanent Disability cover

    Since this is a pure protection plan, maturity benefit is not offered under it.

    Canara HSBC Term Insurance FAQs:

    1. For the POS - Easy Bima Plan, what happens if I stop paying the premiums?

      If the premiums are not paid within the grace period in the first 2 years (for premium payment term of 5 years) and the first 3 years (for premium payment term of 10 years), then the policy will lapse when the grace period ends. The insurance coverage will cease immediately. If the life assured faces death during the grace period and a claim is raised, the insurer will deduct the unpaid premium (along with GST and cess) from the payable death benefit. No benefits are paid at the death of the life assured after the revival period has expired.

    2. For the POS - Easy Bima Plan, what is the free-look period?

      The policyholder can go through the terms and conditions of the policy documentation, and if found dissatisfactory, can return the policy back to the insurer within the first 15 days of receipt. This is referred to as the free-look period. If the policy was bought through distance marketing, the free-look period is 30 days. The insurer will cancel the policy that is returned within the free-look period and refund the collected premiums.

    3. Does the Smart Suraksha Plan allow policy loans?

      The policyholder cannot avail any loan under the Smart Suraksha Plan. In fact, customers cannot benefit from loans under any of the term insurance plans offered by the insurance company.

    4. What is the timeframe for the lapsation of the Smart Suraksha Plan?

      If the policyholder does not pay premiums during the grace period, the policy will lapse. No benefits are payable under the lapsed policy.

      The grace period is 30 days from the date of unpaid premium. It is possible for the policyholder to pay the pending premium amount within this time and reinstate the policy benefits. It should be noted that the grace period is 15 days for policies with monthly premium payment frequency.

    5. What is the Spouse Cover under the iSelect Term Plan?

      The Spouse Cover is an optional coverage offering under the iSelect Term Plan. This cover provides Rs.25 lakh for the life insurance of the spouse of the policyholder. This cover protects the spouse from terminal illness as well. The death benefit or terminal illness benefit is always paid as a lump sum amount.

      If the primary life assured passes away during the policy tenure, the spouse cover will continue as long as regular premiums are paid.

    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 Term Insurance Reviews

  • Page 1 of 2 1 2
    • Canara HSBC Oriental Bank of Commerce Life Insurance
      "Excellent"
      0.5 4.0/5 "Great!"
      Canara HSBC OBC life insruance policy is wonderful one for me and am using it from the last four years of time. I would like to say that the late payment charges are not applicable though the payment can be done after an years of time.
      Was this review helpful? 0
      , hubli
      Reviewed on Jun 28, 2018
    • 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
    Common Loader Icon
    Page 1 of 2 1 2

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.