Insurance is a means of protection from financial loss.

It is a form of risk management, primarily used

to hedge against the risk of a contingent or uncertain loss.
An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter.
A person or entity who buys insurance is known as an insured or as a policyholder. The insurance transaction
involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the
insurer in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss
may or may not be financial, but it must be reducible to financial terms, and usually involves something in which
the insured has an insurable interest established by ownership, possession, or pre-existing relationship.
The insured receives a contract, called the insurance policy, which details the conditions and circumstances
under which the insurer will compensate the insured. The amount of money charged by the insurer to the
Policyholder for the coverage set forth in the insurance policy is called the premium. If the insured experiences
a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for
processing by a claims adjuster. The insurer may hedge its own risk by taking out reinsurance, whereby another
insurance company agrees to carry some of the risk, especially if the primary insurer deems the risk too large for
it to carry.

Life insurance
Life insurance provides a monetary benefit to a decedent's family or other designated beneficiary, and may
specifically provide for income to an insured person's family, burial, funeral and other final expenses. Life
insurance policies often allow the option of having the proceeds paid to the beneficiary either in a lump sum cash
payment or an annuity. In most states, a person cannot purchase a policy on another person without their
knowledge.
Annuities provide a stream of payments and are generally classified as insurance because they are issued by
insurance companies, are regulated as insurance, and require the same kinds of actuarial and investment
management expertise that life insurance requires. Annuities and pensionsthat pay a benefit for life are
sometimes regarded as insurance against the possibility that a retiree will outlive his or her financial resources.
In that sense, they are the complement of life insurance and, from an underwriting perspective, are the mirror
image of life insurance.
Certain life insurance contracts accumulate cash values, which may be taken by the insured if the policy is
surrendered or which may be borrowed against. Some policies, such as annuities and endowment policies, are
financial instruments to accumulate or liquidate wealth when it is needed.
In many countries, such as the United States and the UK, the tax law provides that the interest on this cash
value is not taxable under certain circumstances. This leads to widespread use of life insurance as a tax-efficient
method of saving as well as protection in the event of early death.
In the United States, the tax on interest income on life insurance policies and annuities is generally deferred.
However, in some cases the benefit derived from tax deferral may be offset by a low return. This depends upon
the insuring company, the type of policy and other variables (mortality, market return, etc.). Moreover, other
income tax saving vehicles (e.g., IRAs, 401(k) plans, Roth IRAs) may be better alternatives for value
accumulation.

Canara HSBC OBC Life Insurance

Launched in 2008, Canara HSBC is jointly owned entity by two of the most India’s
largest public sector banks- Canara Bank (51%) and Oriental Bank of Commerce(23%).
HSBC Insurance (Asia Pacific) Holdings Limited (26%) too have stakes in the
company. The company is one of the leading life insurance companies in India with
over 60 million customer base. The Company has access to around 60 million
customers and a pan-India network of over 8000+ branches of Canara Bank, HSBC
and Oriental Bank of Commerce.
For the company, life insurance business is all about providing its customers with social
security and protection. It was first to helm the Bancassurance model in India. Their
business strategy testifies thorough understanding of the market, especially with
veterans looking for bank partner or scaling up their Bancassurance channels.
 Interesting facts About Canara HSBC OBC Life
Insurance
 The Company launched a multi-lingual, interactive financial 'life stage' need assessment online tool
called Life Insurance Simulator (LIS) to create awareness about effective financial planning.
 In 2013-14, the company introduced the concept of online revival of the policy, enabling customers to
reinstate a lapsed policy and pay their premium online, thereby, making the complete process
convenient, faster and effortless.
 Canara HSBC Oriental Bank of Commerce Life Insurance Company is the first to launch the ‘Immediate
payout on death claim service, providing fund value immediately on registration of death claim under
unit-linked policies.

Benefits of Canara HSBC OBC Life Insurance Plans

 Tax benefits under section 80C and 10(10D) applicable
 You can enhance the policy with optional riders
 Offers an array of life insurance product including ULIP plans, protection plans, group plans and
traditional plans.
 Minimum sum assured of Rs. 25 lakhs to Rs. 10 crore

ULIP Plans
Canara HSBC Oriental Bank of Commerce provides you with over 13 types of Unit Linked Insurance Plans that
provide you with risk coverage and various investment options. Different types of ULIP plans provided by Canara
HSBC Oriental Bank of Commerce are listed below:

Titanium Plus Plan

In this policy the investment risk in investment portfolio will be borne by the policyholder
UIN:136L063V01

Never settling for the second best option is your signature. So, your financial planning has to be
the best in class and provide you with the greatest value for your hard earned savings. Hence, we
present Canara HSBC Oriental Bank of Commerce Life Insurance Titanium Plus Plan - a savings
and protection oriented unit linked insurance plan, designed exclusively for preferred customers
like you.
 Claim Process of Canara HSBC OBC Life Insurance
Policy
The company offers you a quick and easy claim settlement process, thereby ensuring that your beneficiaries and
you receive the claim amount on time. Canara HSBC OBC Life Insurance was the first to launch ‘Immediate
payout on death registration’. The claim process at Canara HSBC OBC Life Insurance is explained below:

Step 1:Claim Intimation and Registration: The nominee or the claimant can fill the death claim form and send
it at the company’s brand office with a duly attested photo ID and address proof of the claimant. On receiving the
duly filled claim form, the company will register your claim.

Step 2:Fund value disbursement and documentations: On the registration of the claim, the company will
transfer the fund value and also send you a claims pack along with related forms.

You need to submit the below forms for the claim evaluation process:

 Death Claim Form (Form C): Filled by the claimant.

 Physician's Statement (Form P): A form filled by the medical practitioners who have attended the
deceased and the deceased's usual doctor / family doctor.

 Treating Hospital Certificate (Form H): This form has to be filled by the authorities of the hospitals where
the deceased was hospitalized.
 Employer Certificate (Form E) / School/ College Certificate (Form S): This form should be completed by
the deceased's employer. In case of a minor, this has to be completed by the school / college authorities.

Along with the duly filled forms, the following documents too have to be submitted:

 Original policy document

 Death Certificate issued by Municipal authorities
 Copy of Bank Pass Book/ Cancel Cheque
 Hospital / Other treatment records
 Photo Identification & address proof of the claimant
 Post-mortem & chemical viscera report (if performed)
 Physician's Statement.
 For unnatural / accidental deaths, the following additional documents are to be submitted:
 Police reports (FIR, Panchnama, Police investigation report)
 Newspaper cutting (if any)(Detailing the incident)

The certification/attestation of the KYC documents has to be done by any of the following:

 An agent of the Company

 A Relationship Manager of the Company
 A Branch Manager of a distributing bank
 A Bank Manager of a Nationalized bank with Rubber Stamp
  A Gazetted Officer
 A Head Master / Principal of a Govt. School
 A Magistrate
 Any employee of the company

In addition to this, the company reserves the right to ask for any additional documents/ information.

Step 3: Processing and settlement: On receiving the documents and forms, the company upon verification of
the documents releases the balance amount.

https://www.canarahsbclife.com/lifeinsurance/portal/canh/home/allplan/ULIPS

Types of Canara HSBC Oriental OBC Life Insurance

Plans

ULIP Plans
Canara HSBC Oriental Bank of Commerce provides you with over 13 types of Unit Linked Insurance Plans that
provide you with risk coverage and various investment options. Different types of ULIP plans provided by Canara
HSBC Oriental Bank of Commerce are listed below:

Platinum Plus Plan: A unit linked insurance plan that can be customized as per your goals and requirements.
The plan provides you flexibility in terms of payment- limited or regular, while also provided you with safety
coverage. The plan also offers you with multiple investment management options to reap maximum returns from
the policy. You also get flexibility of switching and redirecting between fund options to take advantage of market
movements or change in risk preference.

Growth Smart Plan: An affordable whole life unit linked plan which covers you throughout your life. This plan
requires you to pay premiums for a limited period of time and enjoy lifelong insurance cover. You can chose the
premium paying term (10 years or more) as per your earning capacity. The plan also lets you switch your money
from one fund to another and also enables you to redirect your premiums.

Future Smart Plan: Helping you build a strong future for your child, the Future Smart Plan is a unit linked plan
that provides with a long-term investment opportunity and a comprehensive life cover. Sum assured is paid on
death and on death or disability of the policyholder, all the future premiums are funded by the company. At the
end of the policy, maturity benefit, known as fund value is paid up t0 fulfill your child’s dreams.

Smart lifelong Plan: This plan enables you to save money and also provides with life coverage- uptill the age of
99 years. This plan is designed to help you fulfill your responsibilities by letting you chose from over five fund
options. You have the flexibility of choosing premium paying mode and also the premium payment term.
Insure Smart Plan: Ensuring you have adequate finance in place to enjoy your life through various stages,
Insure Smart Plan provides you with flexibility of paying premiums for 5 years and providing you with a life cover
for 10 years. The plan gives you the freedom to invest in over 5 funds depending on your investment needs. At
maturity, loyalty addition of 1% of your fun value is provided.

Subh Labh: An option of choosing from over 5 investment fund and a life cover, Subh Labh is a perfect blend of
protection and investment. The 5 investment options provided by this plan are: Equity II Fund, Growth Plus
Fund, Balanced Plus Fund, Debt Plus Fund and Liquid Funds. Loyalty Additions are added at the end of each
policy month, starting from 5th policy year onwards. The plan offers you one time premium payment option and
also gives Safety Switch Option which allows you to potentially safeguard your funds as the policy nears
maturity.

Dream Smart Plan: If you want to save money for accomplishing your specific needs, then this is the plan for
you. The Dream Smart Plan takes care of your future dreams by helping you invest your money in unit linked
plans of your choice. The plan offers you flexibility in terms of premium payment, while also offering you with life
cover for over 20 years. After a term of 5 years, the plan enables you to withdraw money through partial
withdrawals in case of emergency.

Smart One Pay: Smart One Pay is a single premium unit-linked non-participating endowment insurance plan.
The plan helps in wealth creation by giving you various investment options and also providing life coverage and
tax benefits. The plan allows you with auto fund rebalancing option (at no additional cost) to maintain allocation
of your investments in a specific proportion across funds, irrespective of market movement

Smart Goals Plan: Fund your goals without any compromises with Smart Goals Plan that offers you with
flexible features that help you meet your financial requirements. You can invest in up to five fund options -
ranging from 0% to 100% equity exposure. You have the option of flexible premium paying mode (annually or
monthly) and can also chose premium paying term of 5, 10 or upto 25 years.

Smart Future Plan: This plan helps you secure your family’s future financial needs on the account of your death
or total and permanent disability. In case of death or total and permanent disability, all the future premiums are
paid by the company. You family is paid lump sum amount on death. On maturity, fund value is paid.

Secure Bhavishya Plan: Helping you finance your future today for better tomorrow, the Secure Bhavishya Plan
lets you plan your retirement so that you have the freedom to do what you want. The plan provides the benefit of
equity participation to potentially enhance your retirement corpus, and at the same time offers 'capital protection'
to your retirement corpus. You have the option to choose your retirement age and also chose premium paying
mode and premium term.

iNVESTSHIELD Plan: The iNVESTSHIELD Plan is not only a value for money investment plan but also a
protection plan that protects you with its benefit options. Choice of Investment Funds range from 0% to 100%
equity exposure. Loyalty Additions are provided as additional allocation of units to boost your investments

Traditional Plans
The traditional plans by Canara HSBC help you keep your money and future secure with an array of over 9
different plans.

Smart Stage Money Back Plan:This is a traditional savings oriented life insurance money-back with profit-plan.
The plan provides financial protection to your family by offering life cover and also giving you milestone based
payouts through guaranteed money back and maturity benefits. The plan protects your family for 15 years
through payout of death benefit in case of your death and gives 3 Guaranteed Money Back payouts of 15% of
the Sum Assured each in the 4th, 8th and 12th policy year.

Smart Immediate Income Plan: A plan that lets you enjoy regular income flow post your retirement. With this
plan, you can enjoy your retirement with annuity installments provided throughout your lifetime. This plan is
specially designed to take care of your guaranteed lifetime payouts under the Reverse Mortgage Loan enabled
Annuity scheme. You have an option to receive regular payments as long as your partner is alive.

Samridh Bhavishya: Understanding the need of having financial protection in your golden years, the Samridh
Bhavishya plan provides you with annuity installments throughout your lifetime. You have an option to chose
annuity installment frequency- annual, semi-annual, quarterly and monthly. You have an option to receive
regular payments as long as your partner is alive.

Smart Monthly Income Plan: This plan provides you with guaranteed lifetime income to meet your lifestyle and
retirement needs. It provides you with a life cover for 25 years by paying premium only for 15 years. It helps you
create a pool of money by giving out lump sum benefits by way of annual and final bonus. You can also opt for
for loan flexibility to meet your contingent needs.

Smart Future Income Plan: Helping you plan your retirement well, The Smart Future Income Plan provides you
tax free monthly income for 15 years. It lets you enjoy life cover for 25 years and also helps you accumulate
lump sum money through annual and final bonuses.

Assured Nivesh Plan: A single plan that provides you with dual benefits of savings and protection. The plan
provides insurance coverage throughout the policy term and gives out death benefit on death of the policyholder.
Rebate is provided on high sum assured. The plan has a limited premium term of 7 or 10 years depending on
what suits your needs.

Smart Junior Plan: Helping you secure your child’s education needs even while you are not around, The Smart
junior Plan is a non-link participation savings cum protection endowment life insurance plan. The plan provides
guaranteed payouts during last 5 years of the policy which can be utilized to comprehend your child’s
educational milestones. The plan also provides comprehensive protection by paying a lump sum amount on
death of the insured and the policy continues to be in force and benefits are paid as scheduled.

Jeevan Nivesh Plan: This is a savings cum protection plan that provides life insurance cover and savings under
the ease of one single plan. You have the flexibility to convert your Guaranteed Sum Assured on Maturity as
annual payouts payable over next 15 years, with 5% compounded increase every year to take care of your
growing needs (under the Endowment option).

Money Back Advantage Plan: This is a traditional savings cum protection oriented, non-linked, participating,
limited premium payment endowment product. This product provides guaranteed money back payouts during
the policy term along with guaranteed lump sum on maturity and bonus(es) which can be utilized by the
customer to fulfill various planned milestones. The plan provides family protection for 16 years though payout of
death benefit in case of unfortunate death of the policyholder.

Protection Plans
The lets you protect your family by helping you build a safety net for them with its two types of protection plans.

iSelect Term Plan: This is a pure protection plan that provides you with life insurance cover along with an option
to cover yourself against accidental death/ disability. The plan rewards you for health lifestyle and provides
rebate on high sum assured. It rewards you for healthy lifestyle and rebates are offered to women.

Smart Suraksha: The plan gives you life insurance cover at low cost and also gives you an option to cover
yourself against death or/and total and permanent disabilities. It rewards you for healthy lifestyle and also gives
rebates on high sum assured.

Group Plans
Canara HSBC Oriental Bank of Commerce provides group plans to protect the interests of your employees and
manage key liabilities.

Group Traditional Benefit Plan: This is a group plan offered to employer-employee groups which can be used
to offer the employees with benefits like gratuity leave encashment or post retirement medical benefits. The
benefits of this plan are payable on various events viz. Resignation, Death, Retirement, Termination or Disability
as per scheme rules. A Life Cover of flat Rs 1,000 is provided to each member under the scheme on yearly
renewable basis at mortality premium of Rs. 3 per mille (exclusive of service tax) per annum.

Group Superannuation Plan:As an employer, this plan enables you to provide employee benefits i.e. funding
your superannuation/pension benefits.

Sampoorna Kavach Plan: An affordable plan that intends to meet and fulfill the life protection needs of the
members of your group. This yearly renewable group term plan safeguards your family members in case on an
unfortunate event. The members of the plan don’t need to undergo any medical examination and the plan has a
simple enrolment process.

Group Secure: A Group Secure plan can be offered to customers of financial institutions/ bank/ co-operative
banks/ credit societies/other lending institutions providing various types of loans like housing loans, vehicle loans
(Car, 2-Wheeler, commercial vehicle), education loans, personal loans, loan against property and business
loans. This plan is specifically designed to ease customer's worries by safeguarding their family's future from the
loan liabilities.

Corporate Group Term Plan: This is an annually renewable group term plan that provides life cover at low cost.
This plan can be offered to employer-employee groups and for Group Term cover offered in lieu of Employee
Deposit Linked Insurance (EDLI). This plan offers rebate if the total premium of the group exceeds Rs. 25 lakh
and it also offers flexibility in terms of payment modes- annual, semi-annual, quarterly and monthly.
Pradhan Mantri Jeevan Jyoti Bima Yojna: This plan enables you to secure your family’s financial future by
providing you life insurance coverage. This plan requires no medical examination and provides high coverage at
low premium rates.

Claim Process of Canara HSBC OBC Life Insurance

Policy
The company offers you a quick and easy claim settlement process, thereby ensuring that your beneficiaries and
you receive the claim amount on time. Canara HSBC OBC Life Insurance was the first to launch ‘Immediate
payout on death registration’. The claim process at Canara HSBC OBC Life Insurance is explained below:

Step 1:Claim Intimation and Registration: The nominee or the claimant can fill the death claim form and send
it at the company’s brand office with a duly attested photo ID and address proof of the claimant. On receiving the
duly filled claim form, the company will register your claim.

Step 2:Fund value disbursement and documentations: On the registration of the claim, the company will
transfer the fund value and also send you a claims pack along with related forms.

You need to submit the below forms for the claim evaluation process:

 Death Claim Form (Form C): Filled by the claimant.

 Physician's Statement (Form P): A form filled by the medical practitioners who have attended the
deceased and the deceased's usual doctor / family doctor.

 Treating Hospital Certificate (Form H): This form has to be filled by the authorities of the hospitals where
the deceased was hospitalized.
 Employer Certificate (Form E) / School/ College Certificate (Form S): This form should be completed by
the deceased's employer. In case of a minor, this has to be completed by the school / college authorities.

Along with the duly filled forms, the following documents too have to be submitted:

 Original policy document

 Death Certificate issued by Municipal authorities
 Copy of Bank Pass Book/ Cancel Cheque
 Hospital / Other treatment records
 Photo Identification & address proof of the claimant
 Post-mortem & chemical viscera report (if performed)
 Physician's Statement.
 For unnatural / accidental deaths, the following additional documents are to be submitted:
 Police reports (FIR, Panchnama, Police investigation report)
 Newspaper cutting (if any)(Detailing the incident)

The certification/attestation of the KYC documents has to be done by any of the following:
  An agent of the Company
 A Relationship Manager of the Company
 A Branch Manager of a distributing bank
 A Bank Manager of a Nationalized bank with Rubber Stamp
 A Gazetted Officer
 A Head Master / Principal of a Govt. School
 A Magistrate
 Any employee of the company

In addition to this, the company reserves the right to ask for any additional documents/ information.

Step 3: Processing and settlement: On receiving the documents and forms, the company upon verification of
the documents releases the balance amount.

Review of Canara HSBC OBC Life Insurance

The in-depth knowledge of the market and a good insurance experience coupled with product range and proven
bancassurance capabilities of HSBC make the company one of the leading life insurance companies in India.
The company is a perfect union of financial strength, expertise and trust. With a combined experience of over
300 year in the financial services space in the country, the shareholder have a sound understanding of the
socio-economic needs of the population. The bank has been presented with many awards that reflect its
inherent strength and success of the bancassurance business model. For the year 2017-2018, the company had
a claim settlement ratio of 95.22%.
The Company has access to around 60 million customers and a pan-India network of over 8000+ branches of
Canara Bank, HSBC and Oriental Bank of Commerce.