Canara Hsbc Obc Life Insurance: What You Need To Know

Canara HSBC Life Insurance is an Indian life insurance company, established in 2008 as a joint venture between Canara Bank, HSBC Insurance, and Punjab National Bank. The company offers a diverse range of insurance plans, including term insurance, ULIP, child insurance, and retirement plans, serving around 60 million customers across 7,000 branches. Canara HSBC Life Insurance provides comprehensive life insurance plans to ensure loved ones are protected in the event of the policyholder's death and offers investment and savings opportunities for the future. The company has a strong claim settlement ratio, reflecting its commitment to resolving customers' claims and building trust.

Canara HSBC Life Insurance offers a wide range of insurance plans, including term plans, savings plans, health plans, and more

Canara HSBC Life Insurance is an Indian life insurance company, established in 2008, and headquartered in Gurugram. It was initially a joint venture between Canara Bank, HSBC Insurance, and Punjab National Bank, but in 2022, the company was renamed Canara HSBC Life Insurance after the exit of Punjab National Bank.

Canara HSBC Life Insurance offers a diverse range of insurance plans, including term plans, savings plans, health plans, and more, catering to the specific needs of its customers. The company has a well-diversified portfolio of insurance products, tailored to meet the requirements of different social and economic strata.

Term Insurance Plans

Canara HSBC offers term insurance plans that provide financial protection to the policyholder's family in case of their absence or any unforeseen events. These plans include:

• Canara HSBC Young Term Plan: Offers premium refunds for voluntary surrender, waived premiums for disability, and increased sum assured for child care.
• Canara HSBC iSelect Smart360 Term Plan: Provides lifelong coverage up to age 99, premium refunds for no claims, and enhanced sum assured for child care.
• Canara HSBC Saral Jeevan Bima: Affordable insurance coverage with a straightforward purchase process and various premium payment term choices.

Savings Plans

The savings plans offered by Canara HSBC help individuals create wealth for the future while also providing comprehensive life coverage. These plans include:

• Guaranteed Income4Life: A savings-cum-protection plan that offers guaranteed benefits and regular income to meet both long-term and short-term financial goals.
• Guaranteed Savings Plan: Allows individuals to choose from different plan options and customize the policy to align with their financial goals and requirements.
• Money Back Advantage Plan: Provides guaranteed money-back payouts during the policy term, along with a lump sum on maturity and bonuses.

Health Plans

Canara HSBC's health plans provide comprehensive health coverage, including critical illness coverage and other benefits. Their health plans include:

• ISelect Guaranteed Future Plus Plan: Offers life cover, guaranteed benefits, accidental death benefit, and premium protection cover.
• Secure Bhavishya Plan: A pension plan that helps build a retirement corpus with the benefit of equity participation, along with 'capital protection' for the retirement corpus.

Other Plans

In addition to the above, Canara HSBC Life Insurance also offers a range of other plans, such as:

• ULIP Plans (Unit-Linked Insurance Plans): These plans help individuals save for their specific dreams and financial goals by investing in unit-linked funds.
• Child Plans: Long-term investment plans that help build a bright future for children, along with comprehensive child insurance coverage.
• Retirement Plans: Provide long-term investment opportunities and comprehensive insurance coverage for a secure retirement.

The company is a joint venture between Canara Bank, HSBC Insurance, and Punjab National Bank, serving around 60 million customers

Canara HSBC Life Insurance is an Indian life insurance company, established in 2008 as a joint venture between Canara Bank (51%), HSBC Insurance (Asia Pacific) Holdings Limited (26%), and Punjab National Bank (23%). The company is headquartered in Gurugram and offers a diverse range of insurance products, including life, health, online term plans, credit life, and employee benefits.

Canara Bank, one of the oldest partners in this venture, brings a wealth of knowledge about the local market and the socio-economic needs of the population. This insight has helped Canara HSBC Life Insurance develop a well-diversified portfolio of insurance products tailored to meet the specific needs of different social and economic groups in society.

HSBC Insurance, another key partner, contributes its global expertise and experience, enhancing the joint venture's ability to provide comprehensive insurance solutions.

The joint venture between these three financial powerhouses has resulted in a strong and trusted insurance provider serving around 60 million customers. Canara HSBC Life Insurance offers a wide array of insurance plans, such as term plans, savings plans, child plans, and retirement plans, providing financial security and peace of mind to its customers.

In addition to its extensive range of insurance products, Canara HSBC Life Insurance also boasts an impressive claim settlement ratio of 99.01% in the 2022-23 financial year, underscoring its commitment to resolving customers' claims promptly and efficiently.

The company's strong financial performance is further evidenced by its consecutive years of profit, with a pre-tax profit of Rs 100 crore in the fiscal year 2022-23. The company's gross written premium and assets under management have also shown significant growth over the years.

Canara HSBC Life Insurance's customer-centric approach is reflected in its flexible premium payment options, customizable coverage, and the ability to align life insurance plans with unique requirements and financial situations. The company's high life cover and affordable premiums, coupled with tax benefits under applicable sections of the Income Tax Act of 1961, make it a prudent choice for individuals seeking comprehensive insurance solutions.

With its strong financial backing, diverse product offerings, and commitment to customer service, Canara HSBC Life Insurance is well-positioned to serve its extensive customer base and continue its growth trajectory in the Indian insurance market.

It offers comprehensive life insurance plans to protect families in the event of the policyholder's death and provides investment opportunities for the future

Canara HSBC Life Insurance is an Indian life insurance company, established in 2008, that offers comprehensive life insurance plans to protect families in the event of the policyholder's death and provides investment opportunities for the future. The company is headquartered in Gurugram and operates as a joint venture between Canara Bank, HSBC Insurance, and Punjab National Bank. Canara HSBC Life Insurance provides a wide range of insurance products, including term plans, savings plans, health plans, online term plans, credit life insurance, and employee benefit segments.

One of the key strengths of Canara HSBC Life Insurance is its high claim settlement ratio, which stood at 99.18% for the 2021-22 financial year, reflecting its strong track record in resolving customers' claims. The company offers customizable coverage and policy term options, allowing customers to tailor their life insurance plans according to their unique needs and financial circumstances. Additionally, Canara HSBC Life Insurance provides high life cover at affordable premiums, ensuring that families can obtain the necessary financial protection without a heavy financial burden.

The insurance company also offers tax benefits under applicable sections of the Income Tax Act of 1961, enabling customers to save on their insurance premiums. Canara HSBC Life Insurance provides flexible premium payment options, giving customers the choice to pay in a single installment, over a few years, or throughout the policy term. Furthermore, customers have the option to add various supplementary insurance covers, such as coverage for accidental death, disability, and child support, providing enhanced protection and peace of mind.

Canara HSBC Life Insurance's range of life insurance policies includes term insurance plans, investment and traditional plans, child plans, and retirement plans. The company's term insurance plans provide financial protection for families, while its investment and traditional plans offer opportunities for savings and wealth accumulation. The child plans are designed to secure a child's future by combining long-term investment opportunities with comprehensive insurance cover. Lastly, the retirement plans help individuals build a retirement corpus and provide steady post-retirement income.

In summary, Canara HSBC Life Insurance is a trusted and customer-centric life insurance provider in India, offering a diverse range of insurance products to meet the varying needs of its customers. With its high claim settlement ratio, affordable premiums, tax benefits, and flexible coverage options, Canara HSBC Life Insurance ensures that families are protected during life's uncertainties while also providing opportunities for investment and financial security.

Canara HSBC Life Insurance boasts a high claim settlement ratio, reflecting its strong history of resolving customer claims and focus on customer service

Canara HSBC Life Insurance is a well-known life insurance company in India, with a strong focus on customer service and a history of successful claim settlements. The company boasts an impressive claim settlement ratio of 99.01% in the 2022-23 financial year, reflecting its commitment to resolving customer claims efficiently. This high ratio signifies the company's trustworthiness and emphasis on putting customers first.

Canara HSBC Life Insurance offers a diverse range of insurance products, including term plans, savings plans, health plans, online term plans, credit life insurance, and employee benefit plans. The company is dedicated to providing comprehensive life insurance coverage to protect individuals and their loved ones in the event of unforeseen circumstances, such as disease, disability, or death. Their plans offer financial security, ensuring peace of mind for their customers.

One of the standout features of Canara HSBC Life Insurance is its affordable premium rates. The company understands the importance of financial well-being and offers comprehensive plans, such as term life insurance, at highly competitive prices. This allows individuals to secure their family's future without incurring a financial burden.

The company also provides customizable coverage and policy term options, allowing customers to tailor their life insurance plans according to their unique needs and financial circumstances. This flexibility ensures that individuals can adjust their coverage as their responsibilities and situations change over time.

In addition to its high claim settlement ratio, Canara HSBC Life Insurance also excels in providing additional benefits to its customers. The company offers tax benefits under applicable sections of the Income Tax Act of 1961, enabling customers to save on their insurance premiums. The plans also provide flexible premium payment options, giving customers the choice to pay in a single installment or over several years.

Canara HSBC Life Insurance's strong history of resolving customer claims is further evidenced by its high individual death claims settlement ratio of 99.23% in FY 2023-24. The company's commitment to customer service is also reflected in its user-friendly policies, such as the introduction of an online revival feature in 2014, which allows customers to reinstate a lapsed policy and pay premiums online conveniently.

With its high claim settlement ratio, affordable premiums, flexible coverage options, and additional benefits, Canara HSBC Life Insurance stands as a trusted and reliable choice for individuals seeking comprehensive life insurance coverage and exceptional customer service.

The company provides tax benefits under applicable sections of the Income Tax Act, 1961, allowing customers to save on taxes

Canara HSBC Life Insurance offers tax benefits under the applicable sections of the Income Tax Act, 1961, allowing customers to save on taxes. The premiums paid for the policy qualify for a tax deduction under Section 80C of the Income Tax Act, 1961, up to ₹1.5 lakhs annually, subject to certain conditions. This means that customers can reduce their taxable income by claiming deductions on the premiums they pay for their Canara HSBC Life Insurance policy, up to a maximum of ₹1.5 lakhs per year.

Additionally, the funds withdrawn from the policy after the lock-in period and the maturity value received from life insurance plans are also tax-free under Section 10(10D) of the Income Tax Act, 1961. This means that customers will not have to pay any taxes on the money they receive from their life insurance policy, including the returns on their investment and the maturity amount.

The tax benefits offered by Canara HSBC Life Insurance make their insurance plans even more attractive and cost-effective for customers. By taking advantage of these tax benefits, customers can save a significant amount of money on their taxes while also securing their future and that of their loved ones.

It is important to note that the tax laws may change from time to time, and customers are advised to consult with a tax advisor to understand the latest tax implications and how they can maximize their tax savings by investing in life insurance plans offered by Canara HSBC Life Insurance.

Furthermore, Canara HSBC Life Insurance provides a range of insurance plans, including term insurance, ULIP, child insurance plans, and retirement plans, to meet the diverse needs of their customers. The company has a strong claim settlement ratio, reflecting its commitment to resolving customers' claims promptly and efficiently. With its comprehensive insurance solutions, Canara HSBC Life Insurance ensures that customers can find the right plan to protect their families and secure their financial future.

Frequently asked questions