Canara HSBC OBC Life Insurance is among the greatest partnerships in the Indian life insurance space, besides being one of the leading provider of life insurance solutions in India. The company was founded a decade ago, in 2008 following a 3-way joint venture between HSBC Insurance (Asia Pacific) Holdings Limited, the insurance subsidiary of HSBC which is a market leader in the global banking and financial services industry. With a country-wide network of more than 10,000 partner bank branches, Canara HSBC OBC Life caters to the insurance requirements of more than 115 million customers with the objective of making life insurance not only affordable but also accessible for a maximum number of people. The insurer currently retails a wide variety of individual insurance plans and group insurance plans such as traditional life insurance plans, (ULIPs), and online plans.
Canara HSBC OBC Life Insurance Online Premium Payment Options
To enable their customers to make premium payments in a hassle-free and secure manner, Canara HSBC OBC Life has set up various online payment methods. These methods of premium payment are especially convenient as they eliminate the need for one to physically visit a bank or insurer’s branch office to pay premiums. Customers can use any of these options to pay policy premiums or policy renewal premiums from the comfort of their house or office.
How To Pay Premiums Online On Canara HSBC OBC Website
- The very first step in the premium payment process is visiting the Canara HSBC OBC Life insurance website.
- Next, on the main page, click on the tab labelled ‘Manage Policy which will give you a drop down menu from which you must click on ‘Pay Premium’.
- On the following page, click on the tab labelled ‘Pay your Premium’, located right below the steps illustrating the process of premium payment online.
- On the next page, you will be required to input your Client ID, Policy Number/COI No. (Certificate Number), and Date of birth.
- After you have provided all the necessary information, click on ‘Pay Now’.
- Next, you will see a list of policies which you hold and select the one for which you wih to make the premium payment.
- After you have selected the policy, choose your premium payment method. You can pay premiums using your credit/debit card (MasterCard or Visa) or net banking.
- After you have made the payment, you will receive an acknowledgement receipt with a receipt number. Keep it safe for any future reference.
Payment via Credit/Debit Card
- Customers can make their premium payments using a credit or debit card.
- Visa, MasterCard, and Diners Club International credit cards can be used for premium payment.
- Debit cards issued by Visa, MasterCard, Maestro, and RuPay can be used to make premium payment.
- Premium payment can be made using PIN-protected debit cards issued by select partner banks like HDFC Bank, ICICI Bank, Standard Chartered Bank, Axis Bank, Federal Bank, Barclays Bank, GE Money Financial Services, SBI ATM-cum-debit card, and several more.
- Customers can also pay premiums using their preferred bank’s net banking platform.
- To make payment via net banking, visit the insurer’s website and click on the online premium payment option .
- Next, input all the necessary information, and choose net banking as your payment method.
- You will then be redirected to your bank’s net banking platform where you must log in.
- This facility for premium payment is available only with select partner banks like ABN AMRO Bank, Axis Bank, Bank of Baroda (Corporate & Retail), Bank of Bahrain & Kuwait, Bank of Maharashtra, Punjab National Bank, Corporation Bank, ICICI Bank, Deutsche Bank, IndusInd Bank, Kotak Mahindra Bank, Indian Overseas Bank, Oriental Bank, and several others.
Cash Cards or Prepaid Wallet
- Premium payment for Canara HSBC OBC Life policies can also be made using prepaid wallets or cash cards.
- This payment method can be selected at the appropriate stage during the online premium payment process.
- Currently, online premium payment can be done using select wallet/cash cards like ItzCash, OLA Money, JIO Money, Oxigen wallet, etc.
EMI (Equated monthly instalments)
- Customers who may find it financially challenging to make the entire premium payment in one go, can choose to do so in EMIs or equated monthly instalments.
- Under this option, the due premium amount is converted into EMIs which policyholders can pay using their credit card (MasterCard or Visa).
- The option to pay premium in instalments is only available with select partner banks.
Bharat QR Code
- Customers can also make premium payments from their preferred bank’s mobile app using the Bharat QR code.
- To make payment via this method, the policyholder must scan the Bharat QR code.
- Before making the payment, the user must ensure that their bank’s application is compatible with the Bharat QR code.
UPI (Unified Payments Interface)
Premium payment can also be made using the UPI option from the list of options available. To make payment via this method, the user needs to scan the barcode from their banking app on the insurer’s website or customer portal.
- The Insta Pay option is a unique facility wherein the policyholder can pay premium directly from their preferred bank’s website.
- This service is currently available only with select partner banks like Punjab National Bank, IDBI Bank, Saraswat Bank, Bank of Maharashtra, Canara Bank, Bank of Baroda, Central Bank of India, Dhanlaxmi Bank, HDFC Bank, Deutsche Bank, Standard Chartered Bank, Bandhan Bank, Oriental Bank of Commerce, Catholic Syrian Bank, State Bank of India, and several others.
- Customers can also pay policy premiums by providing standing instructions on their credit card.
- Under this option, the due premium amount is auto-debited from the user’s chosen credit card on the due date of payment.
- To avail this method of premium payment, the user will typically be required to fill up a standing instruction mandate and submit it to the insurer.
- It is advisable to contact the insurer to find out the documents you are required to submit along with the mandate form.
- This facility is especially useful for policyholders who have to make multiple premium payments in a month and find it challenging to keep track of the various payments.
IVR (Interactive Voice Response)
- Customers can also pay policy premiums using the IVR facility provided by the insurer.
- To use this facility, the need to call the insurer’s toll free numbers which are 1800-103-0003 or 1800-180-0003. NRI customers can call on 0124-4315200.
- Once the customer calls on the toll free number, they will be connected with a customer support representative who will guide them with the process of making the premium payment.
Other Payment Options
Besides the online payment options, customers can also choose from offline payment options for premium payment.
- Premium payment can also be made through Demand draft or cheque.
- If payment is being made by any of these two options, the instrument must be drawn in favour of "Canara HSBC OBC Life Insurance Co. Ltd".
- While making premium payment via cheque or demand draft, the policyholder must remember to write their name, mobile number, and policy number on the reverse of the demand draft/cheque.
- If making payment via demand draft, the policyholder must also send, along with the demand draft, their bank statement which reflects the premium amount.
- The cheque/demand draft for payment must be sent to the insurer’s corporate address i.e. Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited, Orchid Business Park, 2nd Floor, Sector-48, Sohna Road, Gurugram, Haryana, India - 122018.
Partner bank branches/HUB Offices
- Customers can pay due policy premiums at the insurer’s HUB offices which are located across the country.
- Payments at HUB offices can be made through Demand Draft, cheque, or by swiping your credit/debit card.
- Customers can also pay premiums at over the counter at partner bank branches.
- Payments being made at partner bank branches can be done through Demand Drafts, cheque, or by direct transfer wherein the premium amount is debited from the policyholder’s account.