Canara HSBC Life Insurance

Established in 2008, Canara HSBC Life Insurance Company Limited is a joint venture between Canara Bank (51 per cent), HSBC insurance (Asia Pacific) Holdings Limited (26 per cent) and Punjab National Bank (23 per cent). The company brings together the trust and Market knowledge of public and private banks i.e. Canara Bank and HSBC. With a combined experience of many years in financial services, the company aims to develop a business model which caters the need of the customers at competitive rates.

Canara HSBC Life Insurance has over 60 million customers and a healthy Pan-India distribution network of over 8000 branches of all the three shareholder banks. Canara HSBC Life Insurance profits from the unparalleled union of its shareholders’ financial strength, expertise and trust. The company boasts a healthy claim settlement ratio of 89.6 percent.

Financials

In its most recent financial results for the Fiscal Year 2020-21, Canara HSBC Life Insurance reported a total premium Income of Rs 3,038 crore and a profit after tax of Rs 217 crore. The company's assets under management (AUM) stood at Rs 18,844 crore as of March 31, 2021.

Some interesting facts related to Canara HSBC Life Insurance:

• This venture launched an interactive, multi-lingual financial 'life stage' need assessment online tool – Life Insurance Simulator. This tool is launched to create awareness about effective financial planning.
• During the year 2013 – 2014, the company also introduced any policy's online revival that helps the customers reinstate any lapsed policy and pay the premium online quickly. This eventually helps to make the entire process faster, convenient, and effortless.
• This joint venture is also the first one to launch 'immediate payouts on a death claim.' It also provides the fund value immediately on the registration of death claims under the unit-linked policies.

Benefits of Canara HSBC

• Tax benefits are applicable under the section 10(10D) and 80c.
• You have the opportunity to enhance the policy with optional riders.
• It offers several life insurance policies and products, including protection plans, ULIP plans, traditional plans, and group plans.
• The customers are assured with a minimum sum of 25 lakhs INR to 10 crore INR.

Canara HSBC Life Insurance Plans

Canara HSBC Life Insurance plans provide comprehensive protection to you and your family for any unforeseen event. The insurer offers various plans that promise optimum financial safety if the insured person's sudden demise. Therefore, in this manner, the plans help protect your child's future and offer a nest egg for securing your golden days. Canara HSBC Life Insurance plans are also highly affordable and protect the customers from any financial uncertainties while helping to secure their family's future in their absence.

Canara HSBC Term Plans

iSelect Smart360 Term Plan

It is a life insurance plan that works utterly online for providing financial protection and life coverage. The nominee of the plan also receives an assured sum as the death benefit, and thus you get to protect your loved ones in case of the policyholder's sudden and sad demise. Furthermore, this plan also has some added discounts for non-tobacco users and women. It is a pure Term Insurance coverage plan with higher life coverage, and the entire purchase process is more straightforward and hassle-free.

Canara HSBC Child plans

1. Smart Future Plan

This plan is helpful to let you build a stronger future for your child. This unit-linked plan also offers a long-term investment opportunity with a comprehensive life coverage sum. The assured sum is then paid on the policyholder's death or disability, and then the company funds the entire future premiums. Finally, at the end of the policy, you get paid the maturity benefit (called the fund value) for fulfilling your child's dreams.

2. Smart Junior Plan

This plan is perfect for helping secure your child's educational needs even when you are not around. It refers to a non-link participation savings cum protection plan that offers guaranteed payouts during the last five years of the policy that can be utilized to comprehend your child's educational milestones. This plan also provides comprehensive protection by paying a lump sum amount of the insured person's demise, and then the policy still stays continued. Then the benefits are paid as scheduled.

Canara HSBC ULIP Plans

Canara HSBC Life Insurance offers a Range of ULIP (Unit Linked Insurance Plan) plans that provide life Insurance Coverage along with investment opportunities. ULIP plans allow policyholders to invest in various funds based on their risk appetite and Financial goals. Here are the ULIP plans offered by Canara HSBC Life Insurance:

1. Invest 4G Plan

This plan offers four different Portfolio strategies to choose from based on your investment goals and risk appetite. It also provides the flexibility to switch between funds and make partial withdrawals.

2. Grow Smart Plan

This plan offers a choice of six different funds to invest in based on your investment goals and risk profile. It also provides the flexibility to switch between funds and make partial withdrawals.

3. Future Smart Plan

This plan offers a choice of six different funds to invest in based on your investment goals and risk profile. It also provides the flexibility to switch between funds and make partial withdrawals.

4. Smart Goals Plan

This plan is designed to help you achieve your long-term financial goals by providing the option to invest in up to five different funds based on your risk appetite and investment goals.

Canara HSBC Life Insurance Smart One Pay Plan

Smart One Pay is a single premium plan considered a unit-linked and non-participating Endowment Plan. The plan enhances wealth creation by Offering various investment options and providing live coverage and tax benefits. This insurance plan also allows an auto fund rebalancing option at zero added cost for maintaining the investments' allocation is certain proportion across the funds.

Canara HSBC Group Plans

1. Corporate Group Term Plan

This group term insurance plan is renewable annually and provides life cover at a lower cost. This plan is best for the employer-employee groups, and the group term cover is offered instead of the Employee Deposit Linked Insurance. This plan provides a rebate if the entire premium for a group exceeds 25 lakh INR and offers flexibility in the payment modes, monthly, quarterly, and semi-annually.

2. Group Secure

This plan is offered to the customers of any bank, financial institution, credit societies, co-operative banks, and other lending institutes which provide different types of loans like vehicle loans, housing loans, personal loans, educational loan, Business loans, and loans against property. This plan is mainly designed to ease the customers' worries by safeguarding their families' future and loan liability.

3. Sampoorna Kavach Plan

This is an affordable plan intending to meet and fulfil the life insurance requirements of your group members. This group term plan is available with a yearly renewable to safeguard your family members in case of your sudden demise. The members of this plan are not required to undergo any medical examination, and the plan also offers a more straightforward enrolment process.

4. Group Traditional Benefit Plan

This group plan is offered to empower employer-employee groups that can easily offer the employees some benefits, including post-retirement medical benefits or the gratuity leave encashment. Furthermore, according to the scheme's rules, the plan's benefits are also payable on various events, including death, resignation, termination, disability, or retirement. Each member also gets a live cover of a Flat 1,000 INR under the scheme. This is applicable every year at the mortality premium of Rupees 3 per mille per annum, exclusive of the service tax.

Canara HSBC Life Insurance Policy: Claim Process

This venture offers a more effortless and quicker claim settlement process and thus ensures that all of your beneficiaries and you receive the claim amounts timely. Its entire claim process is described here:

Step 1: Registration and claim intimation – The claimant or the nominee is allowed to fill the death claim form and send it directly to the brand office of the company along with the claimant's address proof and an attested and duly signed photo ID. The company registers the claim on receiving the duly filled claim form.

Step 2: Documentations and disbursements of the fund value – On registering the claim, the company transfers the fund value and sends you a claims pack with the related forms. You are then required to submit the below-mentioned forms to process the claim evaluation:

• Death Claim Form (Form C): Claimant must file this
• Physician's statement (Form P): The medical practitioners who attended the deceased and the family doctor or the dead's usual doctor must fill this form
• Treating Hospital Certificate (Form H): The hospital where the deceased was hospitalized must fill this form
• Employer Certificate (Form E) / School/ College Certificate (Form S): The deceased's employer must complete this form. In the minor's case, the school or the college authority must complete it

Apart from the duly filled forms, the below-mentioned documents must also be submitted:

• Policy document's original copy
• Death Certificate that the Municipal authorities issued
• Copy of Bank Pass Book or a Cancel Cheque
• Hospital or Other treatment records
• Claimant's Photo Identification and address proof
• Post-mortem and chemical viscera report (if performed)
• Physician's Statement.
• For unnatural or accidental deaths, the Police reports (FIR, Panchnama, Police investigation report) and the Newspaper cutting (if any with the detailing of the incident) must be provided.

Any of the following must do the attestation or the certification of KYC documents:

• Company's agent
• Company's relationship manager
• Distributing bank's branch manager
• A nationalized bank's branch manager with a rubber stamp
• Any gazetted officer
• The principal or headmaster of a government school
• Any Magistrate
• Company's any employee

Apart from this, the company also reserves the right to ask for any other added information or documents.

Step 3: Settlement and processing – After receiving the forms and documents, the company releases the balance amount after verifying the documents.

Canara HSBC Life Insurance Office Address

139 P Sector - 44, Gurugram - 122003, Haryana, India.

Customer Service

Toll Free: 1800-258-5899

Email: customerservice@canarahsbclife.in

Final Words

HSBC offers a detailed understanding of the market and a good insurance experience along with a broader range of products and Bancassurance capabilities. These all add up to make the company a leading life insurance company across India. The company also acquired financial strength and trust, thus adding to its popularity. With a total experience of over 300 years in financial services across the nation, the shareholder also understands the population's socio-economic needs. The bank acquired several awards, reflecting its overall success and the inherent strength of its bancassurance business model.