Canara HSBC Life Insurance
- Customizable plans
- Guaranteed benefits
- Digital services
Canara HSBC Life Insurance, a prominent insurance company in India, was founded in 2008. It serves as a joint venture between Canara Bank (51%), HSBC Insurance (Asia Pacific) Holdings Limited (26%) & Punjab National Bank merged with OBC (23%). The company has a well-organized distribution network in Tier 1, 2, and 3 markets (including the rural areas).
Canara HSBC Life Insurance offers a range of life insurance products, including term, savings, investment, retirement, and child plans. As per the IRDAI Report 2022-2023, Canara HSBC Life Insurance has a CSR of 99.01, displaying their fast and hassle-free claim settlement process.
Canara HSBC Life Insurance Company ensures to look after your insurance needs by offering:
Wide range of plans
Affordable plans
Rider benefits
Good customer support
Tax savings
To get more insight into Canara HSBC Life Insurance Company's performance, take a look at the below key highlights that will help you to analyze the company based on its performance:
Canara HSBC Life Insurance has a Solvency Ratio of 2.7 as per the IRDAI annual report 2022-23. The solvency ratio helps the prospective policyholder assess the ability of a company to meet its financial obligations. As of now, IRDAI mandates maintaining a solvency ratio of 1.50 for every insurer.
There are multiple benefits of Canara HSBC Life Insurance Plans. Read below to understand the plethora of advantages provided by the insurer.
Canara HSBC life insurance offers long-term protection to the life insured to protect their family against all. In case of unfortunate demise to the policyholder financial assistance will be provided to the beneficiary.
Canara HSBC life insurance provides coverage against 40 different critical illness diseases. The coverage includes lumpsum benefits, regular guaranteed income, and much more.
Through their ULIP segment, Canara HSBC Life Insurance provides an option to invest in the equity market. The average return from the equity market is between (12 - 15%).
In case of emergencies, you can also apply loan against your Canara HSBC life insurance policies. Generally, the loan option will be available on 80% of your surrender value.
Whether you have become parents recently or just started your first job, Canara HSBC life insurance offers plans for every life stage, such as child plans, endowment plans, and retirement plans.
For premiums that you have paid for your Canara HSBC life insurance, you can avail of tax benefits for up to Rs. 1.5 lakhs in section 80C, or Rs. 2.5 lakhs under section 10(10D) and Rs. 50,000 under section 80C of the Income Tax Act, 1961.
Here are the rider options you can avail with Canara HSBC Life Insurance Plans to enhance your coverage:
Get an extra payout on top of base cover upon death due to an accident.
Upon accidental total & permanent disability to the policyholder, the future premiums will be waived, and the policy will continue till maturity.
Get an extra payout on top of the base cover lump sum in case of accidental total & permanent disability, and your future premiums will be waived.
If you are diagnosed with 40 pre-specified critical illnesses, your future premiums will be waived, and the policy will continue until maturity.
Get additional coverage if you are diagnosed with any 40-covered critical illness, and your future premiums will be waived, and the policy will continue until maturity.
If you are diagnosed with any covered terminal illness, lump sum benefit up to a maximum of Rs. 2 Crores shall be payable while you're alive.
Here is the list of documents required to buy the Bajaj Allianz Life Insurance Policy:
Photo ID Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.
Canara HSBC Life Insurance allows you to buy life insurance plans via two platforms. You can either buy the plan online from the official website of the company or through third-party intermediaries like agents, brokers, etc. Given below is a detailed explanation of both these types of buying processes.
Fill out the form given at the top of this page with the necessary details.
Select your income and city. Click on 'Proceed'.
Update your education and occupation details.
Choose your preferred plan and click on 'Buy this plan'.
Select the policy term, premium period, and riders (if required), and then proceed to make the payment. Once the payment is made, you will get a payment confirmation at your registered email address.
Go to the official website of Canara HSBC Life Insurance.
Click on 'Plan' on the navigation bar and select the category of plans you want to purchase.
Click on the 'Buy Now' button and fill in the required details.
Tap on 'Next' and select a plan as per your requirements.
Select the cover option you want and make your payment. Once the payment is made, you will get a payment confirmation at your registered email address.
Filing a claim for any of the Canara HSBC Plans is a simple and hassle-free task. You can easily submit your claims online or offline. To file a claim for Canara HSBC Plans, you need to follow the below-mentioned steps.
The nominee/claimant has to inform the company about the claim by filing a claim form. Submit the claim form to the head office or the nearest branch of the Canara HSBC OBC office along with the required documents such as photo ID and address proof.
You have to submit the necessary documents requested by the company to process the claim.
In case of natural death: death claim form, death certificate, original policy documents, claimant's identity & residence proof, medical records, and account details of the nominee.
In case of an accidental death: the same documents with two additional ones, FIR and post-mortem report.
Once the company has received all the necessary documents, it will process the claim for further verification. Upon successful verification process of the claim, the insurer will disburse the claim amount into the nominee/claimant's bank account.
To file a claim offline with Canara HSBC Life Insurance, you either have to visit its head office or any of its branches. Submit a duly filled claim form along with the required documents to the nearest bank branch, company head office, or any of their offices. The claim department processes the claim once they verify the documents. However, you can easily locate the nearest branch office using the Canara HSBC branch locator.
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Naval Goel is the Founder and CEO of PolicyX.com (IRDA- Approved Insurance Comparison Website). He is a CFA charter holder (USA) and FRM (GARP). He holds an MBA from IIFT, Delhi, and is also an Associate from the Insurance Institute of India. Naval is an avid investor and entrepreneur who has a deep understanding of the Indian equity market and insurance sector. He has been investing for more than 10 years now and is a CFA charter holder.
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