Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited is a joint venture between Canara Bank, HSBC Insurance (Asia Pacific) Holdings Limited, and Oriental Bank of Commerce.
At some point in our lives, we all think about our family’s financial well-being in case of an unfortunate event.
It is essential to have a backup plan that can provide financial stability to our loved ones even when we are not there to support them.
This is where life insurance comes into the picture. However, with so many options available in the market, it can be overwhelming to choose the right one. In this article, we will discuss Canara HSBC Oriental Bank of Commerce Life Insurance and why it could be the best fit for you.
Canara HSBC Oriental Bank of Commerce Life Insurance
What is Canara HSBC Oriental Bank of Commerce Life Insurance?
Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited is a joint venture between Canara Bank, HSBC Insurance (Asia Pacific) Holdings Limited, and Oriental Bank of Commerce.
It offers a wide range of life insurance products that cater to the different needs of its customers. With a strong presence in the market, the company has earned a reputation for providing efficient and reliable services.
Why Choose Canara HSBC Oriental Bank of Commerce Life Insurance?
- Comprehensive Coverage: Canara HSBC Oriental Bank of Commerce Life Insurance offers a comprehensive range of life insurance products that provide coverage against various risks such as death, disability, and critical illness.
- Competitive Pricing: The company offers competitive pricing for its products, making them affordable for a wide range of customers.
- Flexible Premium Payment Options: The policyholders have the flexibility to choose their premium payment options, whether it is monthly, quarterly, half-yearly, or yearly.
- Tax Benefits: The premiums paid towards the policy are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. Moreover, the death benefit received by the nominee is also tax-free.
- Claim Settlement Ratio: Canara HSBC Oriental Bank of Commerce Life Insurance has a high claim settlement ratio, which means that it settles the claims promptly and efficiently.
Life Insurance Products offered by Canara HSBC Oriental Bank of Commerce
- Term Insurance: Canara HSBC Oriental Bank of Commerce Life Insurance’s term insurance plan provides financial protection to the policyholder’s family in case of his/her untimely death. The policy provides a lump sum amount to the nominee in case of the policyholder’s demise during the policy term.
- Whole Life Insurance: This plan provides coverage for the entire life of the policyholder. The policy pays the sum assured to the nominee in case of the policyholder’s death.
- Unit-Linked Insurance Plan (ULIP): A ULIP is a life insurance product that provides investment and insurance benefits. It offers the policyholder the flexibility to invest in different market-linked funds and get returns based on the market performance. The policy also provides life coverage to the policyholder.
- Child Plans: Canara HSBC Oriental Bank of Commerce Life Insurance offers various child plans that cater to the different needs of children. These plans provide financial assistance for their education, marriage, and other expenses.
- Pension Plans: Pension plans provide a regular income to the policyholder after his/her retirement. It offers the policyholder the flexibility to choose the premium payment term, retirement age, and the annuity option.
Conclusion
Life insurance is an essential financial tool that can provide financial stability to our loved ones in case of our untimely demise. Canara HSBC Oriental Bank of Commerce Life Insurance offers a comprehensive range of life insurance products that cater to the different needs of its customers. The company has a strong presence in the market and is known for its efficient and reliable services. With competitive pricing, flexible premium payment options, and high claim settlement ratio, Canara HSBC Oriental Bank of Commerce Life Insurance could be the best fit for you. So, why wait? Get in touch with the company’s representatives and secure your family’s financial future today.
FAQ:
A1. The premium is calculated based on various factors such as the age of the policyholder, his/her health condition, the sum assured, the policy term, and the type of policy.
A2. Yes, the policyholder can change the nominee in his/her policy by submitting a written request to the insurance company.
A3. If the policyholder stops paying the premiums, the policy will lapse, and the coverage will cease. However, some policies offer a grace period, during which the policyholder can pay the premium without any penalty and keep the policy in force.
A4. Yes, the policyholder can surrender his/her policy before the maturity date by submitting a written request to the insurance company. However, the surrender value will be less than the total premiums paid.
A5. The time taken to settle a life insurance claim depends on various factors such as the complexity of the claim, the documentation required, and the verification process. Canara HSBC Oriental Bank of Commerce Life Insurance has a high claim settlement ratio and settles the claims promptly.
