Canara HSBC Term Insurance Calculator Plan 2024 Benefits Features Details Reviews

About Canara HSBC Life Insurance

In 2008, Canara HSBC Life Insurance Company was formed as a joint venture between Punjab National Bank, HSBC Insurance Holdings Limited, and Canara Bank. With over 20,000 partner bank branches, Canara Bank owns 51% of the company, followed by HSBC Insurance Holdings with 26% and Punjab National Bank with 23%.As a result, the business has the support of prominent financial institutions. The headquarters of the business are in Gurugram, and it has 40 branches in the major cities of India.

Most Popular Canara HSBC Oriental Bank of Commerce Term Insurance Plans

Are you looking for a term insurance plan that offers good coverage? If so, you’re in luck! According to Canara HSBC, the most popular term insurance plans offered by their Oriental Bank of Commerce (OBC) are the Accidental Death and Dismemberment (AD&D) and the Critical Illness (CI) plans. Check out the list of the most popular OBC term insurance plans below to see if one of them is right for you.

Protective life coverage is provided to the policyholder by term insurance, which is a type of life insurance. Term insurance only provides coverage for a predetermined amount of time. In the unfortunate event of the life assured’s death, the nominee receives a specific death benefit.

iSelect Star Term Plan

The iSelect Star Term policy is a pure risk policy that protects you and your family from life’s uncertainties. It is a highly adaptable term insurance policy with a variety of options that can be tailored to your insurance requirements and life stages. The following are the available plan options under the iSelect Star Term Policy:

Plan option life

In the event of the life assured’s death or diagnosis of a terminal illness, the sum assured on death will be paid. This option allows for coverage for the spouse and the life assured.

Plan option life with return of premium

On maturity, this option provides the total premium return. Sum assured on death is paid when the life assured dies or is diagnosed with terminal illness during the policy’s term.

Plan option life plus

This option covers you until you’re 99 years old. In the event of death or the diagnosis of a terminal illness, the sum assured on death is paid. However, if the life insured survives the policy’s term, all premiums paid will be refunded, and coverage will continue up to the age of 99.

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Highlighting Features of the plan

• The spouse can be covered by the same plan;
• the policy has multiple ways to pay for premiums, making it easier to make payments;
• the plan gives you the option to return premiums if the life assured dies before the policy ends.
• Benefits like accidental total and permanent disability, accidental death, and child support can be added to this plan’s coverage options.

Eligibility Conditions

POS Easy Bima Plan

If you’re looking for a simple and easy way to get started in the POS industry, look no further than the POS Easy Bima Plan. This program provides you with everything you need to get started, including a POS system, software, and support. Plus, it’s affordable and easy to use, so you’ll be up and running in no time. So what are you waiting for? Sign up today and start taking your business to the next level!

The POS Easy Bima plan is a straightforward term life insurance policy that offers the advantage of receiving a return on premiums at maturity. The purpose of this insurance plan is to provide cost-effective, hassle-free protection.

Highlighting Features of the plan

• In the event of an accidental death, this plan provides an additional death benefit.
• It also offers the option of flexible policy and premium payment terms.
• If the plan survives to maturity, all premiums paid are returned to the policyholder.
• While you are only required to pay premiums for a predetermined amount of time, this plan provides life insurance for the duration of the policy.

Eligibility Conditions

Benefits of buying Canara HSBC Oriental Bank of Commerce Term Insurance

Life can throw you a lot of curveballs, and you never know when something might happen. That’s why it’s important to have insurance in case of emergencies. But which type of insurance should you buy? If you’re wondering whether buying term insurance from Canara HSBC Oriental Bank of Commerce is the right decision for you, read on for some benefits that might justify the expense.

There are numerous advantages to Canara HSBC Oriental Bank of Commerce term insurance plans. Among these advantages are the following:

Align your plan as per your needs-

Canara HSBC Oriental Bank of Commerce term insurance lets you customize the plan to meet your needs by offering a variety of coverage, payout, and premium payment options.

Affordable price–

The insurance policies with the lowest premiums, term insurance plans, are the most cost-effective options. Canara HSBC Oriental Bank of Commerce also provides discounts for female lives at higher sums assured.

Financial protection–

In the event of your sudden death, a term insurance policy provides financial protection for your family. The family can use the policy’s benefit to reach their financial goals in your absence.

Protection against critical illnesses–

In the event of a diagnosis of a critical illness like cancer, heart attack, or kidney failure, term insurance policies provide additional payouts. if the critical illness rider is your choice

Extremely easy to buy-

A term insurance policy can be purchased fairly easily. Online policy purchases, renewals, and claims are all possible. The term insurance premium can also be calculated using the online term insurance calculator.

Tax benefits–

Plans for term insurance offer double tax advantages. Sections 80C and 80D of the Income Tax Act allow you to deduct both the premiums you pay and the benefits you receive from the plan.

What is Covered in Canara HSBC Oriental Bank of Commerce Term Insurance?

Consider the following Canara HSBC Oriental Bank of Commerce term insurance plans‘ coverage advantages:

Natural death- 

Natural death is covered by a term insurance policy during the plan’s term. The nominee will receive a death benefit in the event that the life assured passes away from natural causes.

Health-related issues-

Common health problems like diabetes, kidney disease, heart disease, lung disease, and cancer are covered by term insurance plans.

Accidents–

Plans for term insurance provide protection against unintentional death. However, certain accidental deaths are permanently excluded from coverage.

Maturity benefit–

If the life insured survives the policy’s term, the term “survival benefit” applies. The Easy Bima plan and the iSelect Star Term plan both offer survival benefits.

Your liabilities-

In the event of a tragic death of a life assured, the family bears the financial burden. Term insurance plans’ benefits can be used to pay off any debts in such a situation.

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What is not Covered in Canara HSBC Oriental Bank of Commerce Term Insurance?

A term insurance policy typically covers all types of death. However, Canada HSBC Oriental Bank of Commerce term insurance policies do not cover some conditions. If the life insured dies, the sum insured will not be paid for the following reasons:

• Accidental deaths resulting from adventure sports like skiing, skydiving, rally racing, mountaineering, and others include driving under the influence of any kind of narcotic or alcoholic substance.
• Flying in an aircraft that does not carry passengers or does not have a license.
• taking part in a riot, strike, or firefighting activity Being exposed to biological, nuclear, or chemical radiation
• Accidental death as a result of a terrorist attack, war, or any other foreign attack Condition like HIV/AIDS, homicide, or natural disasters

How to Apply for Canara HSBC Oriental Bank of Commerce Term Plan?

Purchasing a term insurance policy with Canara HSBC Oriental Bank of Commerce is a breeze. However, before purchasing a term insurance policy, you must first evaluate the various policies offered by the company and choose the one that best meets your needs. You can proceed with your purchase once you have finalized the various aspects of the term plan you want to purchase. The following is a step-by-step guide for purchasing term insurance online:

Log on to the website

Go to the insurance provider’s official website. www.canarahsbclife.com

Select a plan

Select a term insurance policy you want to buy by clicking on “Life Insurance plan” after clicking on the link above.

Fill the details

Fill in the couple of subtleties, for example, your orientation, name, date of birth, portable number, email address, and so on.to begin the purchase of term insurance

Choose the policy term, the sum assured and premium paying mode

Choose the duration of the insurance policy and the amount of the sum assured you want to take advantage of. After that, choose the premium payment schedule that works best for you, such as quarterly, monthly, or annual.

Additional details and plan options

After that, you must provide additional information, such as your state, pin code, country, annual income, occupation, educational background, and so on. Under the terms of the policy, you will be required to select one of the many plan options. You can select your coverage options and optional in-built coverage, such as benefits for permanent disability and accidental death, among other options.

Pay the premium

Any of the insurance company’s payment options are available for paying the premium.

Canara HSBC Oriental Bank of Commerce Term Insurance Claim Process

The claim settlement procedure offered by the insurance company is straightforward, simple, and convenient. The following is a breakdown of each step in the claim settlement process:

Claim Intimation

After the life assured passes away, the first thing you need to do is notify the insurance company. You can complete the death application form and send it, along with the claimant’s properly attested address and identification, to the insurance company’s head office or the closest bank branch.

Submission of documents

In the case of Natural Death

• Original policy document
• Death claim form that has been fill out
• signed A certified copy of the local authority’s death certificate
• A certified copy of the claimant’s bank passbook, a cancelled check, the claimant’s identity,
• the life assured physician statement and treating hospital certificate

In the case of Unnatural or Accidental Death

• Original policy document Death claim form that has been filled out
• signed A copy of the death certificate issued by the local authority
• A copy of the claimant’s bank passbook and a cancelled cheque Identity proof of the claimant and the life assured
• A copy of the panchnama or FIR A copy of the post-mortem report and a copy of the charge sheet issued by the respective police Claim processing and settlement Upon receiving the form and the relevant documents, the insurance company will begin processing your claim. The insurance company will make a decision and inform you of it once the documents have been verified. You can call the insurance company at 18001030003 if you have any questions about the claim settlement process.

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The insurance company provides a wide range of individual and group products, including health, life, credit life, retirement options, and online term plans. The insurance company makes it a priority to meet the requirements and preferences of its clients by employing cutting-edge technology and a well-established evolution network. In its “Insta Promise” service initiative, the insurance company aims to approve death claims for up to one crore within one day of receiving them.

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