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.
Commenced in June 2008, Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited is jointly owned by India's leading public sector banks:
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!
There are several key advantages of selecting an insurance plan with them. Some of them are listed below:
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:
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:
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:
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:
They offer a wide change of product plans categorized as the following:
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.
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.
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.
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