28th June 2020, GURUGRAM: Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd. is a leading insurance company in India. It is a joint venture between HSBC Insurance (Asia Pacific) Holdings Ltd (26%), Canara Bank (51%) and Punjab National Bank (23%). It offers a wide range of insurance products including the best joint term insurance plan.
The company brings together the expertise and trust of two public sector banks (PNB and Canara bank) along with the global insurance expertise of HSBC. The company is headquartered in Gurugram and has over 40 offices, India wide. The company also serves its customers through over 20,000 bank branches of its partners.
The company has a well set up distribution network in Tier 1 , 2 and 3 markets along with the rural belt. With new age tech servicing avenues, the company is dedicated to serve customers as per their needs.
The company has a well-diversified portfolio of insurance solutions and products, customized to the specific needs of customers. As of March 2020, it offered 32 products across Individual and Group space, consisting of Health plans, Life plans, Retirement solutions, Online term plans, Employee benefits etc. The focus of the company is to ensure that needs of customers are met all through their life cycle like education of children, long term savings, family protection and retirement solutions- all giving value for money.
The guiding principles of the company are bank assurance, openness, connectivity and dependability. “We are the insurance arm of our banks, extending highly competitive life insurance products for clients. We are honest, open, courageous and consistent in our communications. We are connected deeply with our customers, our banks, our regulators and each other. We are dependable because our activities are profitable, scalable and sustainable. We will do the right thing for our clients, our employees and our society. We are a meritocracy as we help develop talent across cadres and ranks. Also, we evaluate risk and reward as per our risk appetite,” explained an executive of the company.
The company offers iSelect+ Term Plan as a shield against the uncertainties of life. It is a popular and good term insurance plan. It is a highly flexible term plan that can be aligned to your life stage and needs by providing various options for not only coverage but also for benefits pay-outs and premium payment.
If you are the primary breadwinner of the family, it is good to include a life insurance policy in your investment portfolio. In case you are interested in investing in insurance, it will be good to consider a term plan.
Term insurance is a type of life insurance which offers a protective life cover to the policy holder. It is basically a legally binding contract between the insurer and insured. The person buying the plan promises to pay a premium amount to the insurer at regular periods or in lump sum. In return, the insurer promises to pay a protective financial cover over the life of the insured person.
The insurance cover is valid only for a particular term- hence, the name, term insurance. This term can range from 10 years to 30 years or more based on how old the buyer is. Term insurance is a simple investment option that delivers many benefits.
Firstly, it offers the opportunity for affordable premiums. A term plan is one among the most affordable types of life insurance as its premiums are the lowest, compared to other policies. Secondly, it is easy to purchase with the facility of online investment.
Thirdly, Term plans are highly flexible with multiple options for premium payment as suited to the needs of the policy buyer. You can either pay premium upfront or on periodic basis: monthly, half yearly or yearly.
Fourthly, there is the option of add-on riders. You can buy this extended coverage by payment of additional charges. Riders include waiver of premium, benefits for critical illness, benefits of accidental death as well as total and permanent disability benefits.
The iSelect + Term plan from Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited is protection against uncertainties of life. It is a highly flexible term plan which can be aligned to your life stage and requirements by providing various options not only for coverage but also for premium payments and pay-outs of benefits.
This Term Plan provides multiple options such as whole life coverage, covering spouse in same policy, multiple options for premium payments like 5 or 10 years or all through your working life (till 60 years). The Plan also offers an option to avail return of premium benefit wherein your premiums will be returned if you outlive the maturity period.
The policy has a number of useful features. It offers insurance cover at a price that will not pinch your pocket. You can choose from various options of premium payment, coverage and benefits in accordance with your personal needs.
There is the option to cover for your total lifetime or a specific period. It offers option to augment coverage through extra inbuilt coverages like Child Support benefits, Accidental death benefit, Permanent disability benefit etc.
There is the option of adding spouse in same policy with discount rates for the spouse. There are multiple payment options for premium like single bullet payment for total term or for a limited duration like 5/10/15/20/25 years or through your work term (till you hit 60).
There are multiple options to gain benefits: as monthly income/ lump sum/ part lump sum-part monthly income with the option of choosing both increasing/ level income. You can raise your life cover with changing stages of life and protection needs in same plan by enhancing cover at key life milestones.
There is the option of discount on premiums for higher assured sums and a loyalty discount for existing customers of the company. You can avail of tax benefits on benefits received and premiums paid as per prevailing tax laws.

About The Company: Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd is a reputed Indian insurance company formed by three bank majors: Canara Bank, Punjab National Bank and HSBC. It offers 32 insurance products via its 40 offices and 20,000 partner bank branches across India.