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Canara HSBC Oriental Bank of Commerce Life Insurance Company

Canara HSBC Oriental Bank of Commerce Life Insurance Company is a joint venture insurance company formed by the partnership of Canara Bank, Oriental Bank of Commerce and HSBC Insurance.

Canara Bank, undertaken by the government of India has been in the banking history for a century. With a huge network of 2800 branches across India, it is one India's largest banks. The HSBC group, spread over 80 countries, is one of the global leaders in banking and financial services. Oriental Bank of Commerce (OBC), also owned by the government of India, has more than 1500 branches all over India.

A collaboration of these three is a boon to the insurance sector because of their trustworthy and well-renowned background. They have a huge customer base of 3 efficient and well-known banks which gives already gives them an edge to sell their insurance products.

Where it all began

Commenced in June 2008, Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited is jointly owned by India's leading public sector banks:

  • Canara Bank (having shares of 51%),
  • Oriental Bank of Commerce (having shares of 23%), and
  • HSBC Insurance Holdings Limited for Asia Pacific (having shares of 26%).

The shareholders of their company understand the socio-economic needs of the society in and out because they have over 250 years of experience in financial services. They launched the first bancassurance model in India to manage every specific requirement of distribution banks. These requirements include training, operation support, service support, products, etc. This is one of the most low-cost and efficient distribution models in the entire country.

They have the edge over others!

They have the edge over others!
There are several key advantages of selecting an insurance plan with them. Some of them are listed below:

  • They are the fastest Indian life insurance company till date in the lighted premium income to cross Rs. 500 Cr, Rs. 1000 Cr, Rs. 1500 Cr and Rs. 2000 Cr benchmark.
  • They have a vast customer base of more than 6 Cr customers and a wide network of 6000 bank branches.
  • It has the exhaustive local market knowledge of Oriental Bank of Commerce, and Canara Bank joined with the product range, insurance experience and bancassurance efficiency of HSBC.  It is an unparalleled union of financial potency, proficiency and trust.
  • They have tied up with 3 RRBs, i.e., Rural Regional Banks - Pragathi Gramin Bank, Karnataka, South Malabar Gramin Bank and Shreyas Gramin Bank, Uttar Pradesh and to provide affordable insurance plans to the rural population.
  • They have a unique Resolution Centre (customer call centre) at their Head Office which handles the different kinds of needs of customers in 10 different languages.
  • Through their judicious investment strategies, they have always exhibited reliable fund performance. Across all fund, they are exceeding all benchmarks.
  • With a total capital base standing at Rs 950 crore, they have a brand name in the market.

Types of Solutions Offered and their Plan Details

Their different types of products

They have different types of plans for different kinds of needs.

1. ULIP Plans
If you’re looking for investment options with a good industry risk coverage, this is the category of plans you are looking at. They include the following plans:

  • Platinum Plus Plan
  • Grow Smart Plan
  • Dream Smart Plan
  • Future Smart Plan
  • Shubh Labh
  • Insure Smart Plan
  • Smart One Pay
  • Smart Goals Plan
  • Smart Lifelong Plan
  • Smart Future Plan
  • Secure Bhavishya Plan
  • iNVESTSHIELD Plan

2. Traditional Plans
Introduced with the aim of keeping their future ad money safe, these plans are their traditional life insurance plans. They include the following plans:

  • uSmart Stage Money Back Planu
  • uSmart Immediate Income Planu
  • uSamridh Bhavishya
  • uSmart Monthly Income Planu
  • uSmart Future Income Planu
  • uSmart Vriddhi Planu
  • uAssured Nivesh Planu
  • uSmart Junior Planu

3. Protection Plans
If you want to give yourself and your family financial safety, this is the category of plans you should be looking at. They include the following plans:

  • Smart Suraksha Plan
  • eSmart Term Plan

4. For Groups
The main objective of this category of plans is to help manage the interests and needs of their employees and also take care of key liabilities. They include the following plans:

  • Group Traditional Benefit Plan
  • Group Superannuation Plan
  • Sampoorna Kavach Plan
  • Group Secure
  • Corporate Group Term Plan

Product Plans

They offer a wide change of product plans categorized as the following:

  1. Canara HSBC Oriental Bank of Commerce Term plans

    eSmart Term Plan: A pure term insurance plan, this plan is available online and offline/ It provides a coverage of 5-40 years. A case manager is assigned to nominees’ for the facilitation of claims. The maturity benefits are not payable.

  2. Canara HSBC Oriental Bank of Commerce Child plans

    Dream Smart Plan: A brilliant plan to help save up for a child, this is a unit linked insurance plan. It allows you to make partial withdrawals after a 5 years period; this plan gives you a cover for 20 years. The premiums can be paid for a limited duration.

    Future Smart Plan: With the main objective of building a corpus fund for the child’s future, this is another unit-linked child plan. It is a long-term investment opportunity which offers comprehensive insurance cover for a secure future of the children. There is a sum insured on death and also a premium funding in case of disabilities and death.

  3. Canara HSBC Oriental Bank of Commerce Health Creation Plans

    Grow Smart: Proving an insurance cover throughout the life, this is a unit linked insurance plan. You are provided with an insurance cover lifelong by just paying annual premiums for a limited duration.

    Canara HSBC Oriental Bank of Commerce Life Insurance Smart One Pay Plan: This plan is a single premium insurance plan. It offers customers five different fund choices and unlimited free switches. After the sixth year of the policy, you can start making partial withdrawals too.

    Shubh Labh: Giving you a five investments funds option along with free switching and automatic fund rebalancing, this is another unit linked insurance plan. It is a single premium plan.

    Insure Smart: If you are looking forward to saving up for specific dreams, this ULIP is the right plan for you. It provides you with a life cover of 10 years, and you can pay premiums for 5 years. After the sixth year, you can make partial withdrawals. Fund switching is also available.

  4. Canara HSBC OBC Group Plans

    Group Superannuation: This is an appropriate plan for employee-employer groups. A non-participating and non-linked fund based not-fixed insurance plan, this plan provides various superannuation benefits.

    HSBC OBC Life Insurance Sampoorna Kavach: This plan is designed for the life protection needs of those insured in this group. It is a non-participating and traditional yearly renewable plan.

    Group Traditional Benefit Plan: This is another one the non-linked and non-participating fund based variable insurance group plan. It is provided to employers so they can give benefits like leave encashment, gratuity, post-retirement medical benefits, etc. to their employees.

    Corporate Group Term Plan: It is a group term insurance plan which is annually renewable. Its main objective is to help you provide life insurance to your employees.

    Group Secure: It is a group plan which is available for co-operative banks, credit societies, financial institutions, etc. It provides different kinds of loans such as vehicle loans, home loans, etc.

The following is a summary of a few of the popular insurance plans:

Plan Entry Age (years) Maturity Age (years) Policy term (years) Benefits
Grow Smart Plan 7-65 NA Throughout life Unit-linked plan
Whole life plan
Dream Smart Plan 7-60 80 20 ULIP plan
Future Smart Plan 18-60 70 10,15,20,25 Child plan
Enjoys benefits of ULIP too
Smart Stage Money back Plan 8-55 70 15 Traditional savings oriented plan
Money back plan
Smart  Monthly Income Plan 18-55 80 25 Traditional plan
Guaranteed monthly income benefit
Shubh Labh Plan 7-70 NA 5-40 Unit-linked plan
Single Pay plan
Smart Lifelong Plan 7-65 NA Up to 99 ULIP plan
eSmart Plan 18-70 75 5-40 Available Online
Enjoys benefits of a term plan
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