The joint venture of the three most trusted banks in India has emerged with a promise that it would become a significant player in the booming life insurance market, which has stood witness to the entry of numerous private insurers. There are almost 530 branches of Canara HSBC OBC networked all over the country, in order to cater to its customers. The company operates a bancassurance model that is exclusive to almost 60 million customers. Read the following article for a brief view on the policies and products offered by Canara HSBC OBC Co. Ltd.

Products

Individual Life Insurance Plans

Grow Smart Plan
This is a unit linked insurance plan where the premium is paid for a short duration and the cover is provided for life. The investment can be done in funds of your choice, as long as your financial responsibilities are protected. There is flexibility in increasing or decreasing the sum insured.

Dream Smart Plan
This policy is a unit linked insurance plan wherein you have the opportunity to pay small premiums and get a life cover for a maximum of 20 years. Money is again invested in funds of your choice. The age of the individual taking the insurance must be between 7 and 60. You can opt for a plan of 10 or 20 years.

Secure Smart Plan
This plan provides guaranteed benefits and attractive rebates on female lives, high sum insured and payment frequency. The benefits are sum assured additions for a 5 year period. On maturity, the sum assured along with sum assured additions will be paid. The premiums can be paid yearly, half-yearly or quarterly.

Pure Term Plan
This scheme protects your family from financial uncertainties and helps you secure their future. There is an option of choosing a single premium or a regular premium. The minimum sum assured is Rs. 10,00,000. An added advantage is that you get an attractive rebate on the premium rates if you are a female.

Future Smart Plan
This is a unit linked insurance plans which can cater to the needs of your child. It has a comprehensive cover to cover any unfortunate event. A sum is assured on death or disability. You can choose a period of 10 years or more and the insured must be aged between 18 and 60.

Insure Smart Plan
Here, you pay a premium for 5 years and get a life cover for 10 years. It offers a guarantee of the highest NAV (Nat Asset Value), over the fund's tracking period of 7 years, which assures gains at maturity. This plan offers only annual premium payment frequency.

Group Life Insurance Plans
Group Loan Protection Plan
The Group Loan Protection Plan is an insurance plan that pays a lump sum to meet the outstanding loan amount in case of any unfortunate events like death or permanent disability. You are allowed to choose from a level sum assured or decreasing sum assured cover. There is also a choice of death cover and a voluntary plan for members of the group.

Group Term Plan
This gives customers the flexibility of renewing their cover every year and provides tax benefits on the premium that is paid by each member of the group. The master policy holder can choose from only death benefit or death benefit + total and permanent disability benefit.

Group Traditional Plan
This is one of the most successful plans as it offers a cover on employee retirement and gratuity. It is a group savings plan that can be opted for by groups comprising of employee-employee, employer-employee or any other group as per IRDA guidelines. It covers schemes such as defined benefit and defined contribution.

Corporate Group Term Plan
This term plan is an annually renewable group term insurance plan which provides you life cover at a low cost. The policy can be offered to employer-employee group for Group Term, spouse of members covered and term cover given by EDLI. In case of death of any member, the death benefit is equivalent to the sum assured for that member and is payable to the nominee.

Contact Address
Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd,
Unitech Trade Centre, 2nd Floor,
Sushant Lok, Phase-1, Sector-43,
Gurgaon - 122 002
Haryana, India
Website: www.canarahsbclife.com