Canara HSBC OBS Life Insurance

Key Insights

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Claim settlement ratio (2019-20)

98.12%

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Inception

2008

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Presence

9,500 Branches

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Total death benefit paid

106.53 Crore

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Solvency ratio

4.01

About Canara HSBC OBS Life Insurance

Headquartered in Gurugram and established in 2008, Canara HSBC Life Insurance Company Limited is a joint venture between Canara Bank, HSBC Insurance (Asia Pacific) Holdings Limited and Punjab National Bank (51%, 26% and 23% respectively). Having a vast portfolio of insurance products and solutions, Canara HSBC Life Insurance Company offers various products across individual and group spaces. It includes life, health, online term plans, retirement solutions, credit life and employee benefit segments.

With Pazcare employers can provide their employees with a group term life insurance policy from Canara HSBC OBS Life Insurance company with ease. Get the best quotes for the Canara HSBC OBS group term insurance policy and manage the policy using Pazcare’s tech-enabled dashboard.

How to buy Canara HSBC group term life insurance from Pazcare?

These simple steps allow you to purchase your Canara HSBC OBS group term life insurance policy online from Pazcare.

Step 1: Visit https://www.pazcare.com/ and click on the products drop down and choose group term life insurance.

Step 2: You will see a form that asks for details like your name, phone number, work email address and the number of employees you wish to purchase Canara HSBC OBS Life group term life insurance.

Step 3: Once you submit this form, our insurance consultants will get back to you to understand what policy you want to offer your employees. We will also ask for the active employee data like the employee ID, the CTC, the designation, etc. to give you quotes.

Step 4: Once the data is submitted, we will get back to you with the best quotes for the group term life insurance policy from Canara HSBC corporate Life Insurance company.

Step 5: You can accept the terms and conditions of the policy and pay the premium quoted for that particular year. The policy gets activated immediately after the purchase.

Step 6: Our team will help you with the whole process and also take you through the Pazcare dashboard where you can manage the Canara HSBC OBS group term life insurance policy.

For further information, write to us at support@getpaz.com or call our customer care at +91 78291 11300. Alternatively, connect with us on Whatsapp using the number +91 81973 79596.

Canara HSBC OBS group term life insurance plan

Canara HSBC group term edge plan for employees is a fully customisable group term life insurance plan. The premiums paid are much lower than those of other retail term insurance plans. The plan comes with add-ons  like

  • Flexibility to change the sum assured
  • Option to backdate the Master Policy

These are the add-on options available for your Canara HSBC OBS group term insurance policy. The add-ons can be purchased according to the terms and conditions of the policy.

Canara HSBC OBS group term insurance renewal

The Canara HSBC OBS group term insurance can be renewed easily with Pazcare at end of the policy term. Here is how you can renew your group term life insurance policy.

Step 1: Get in touch with Pazcare. Submit the form containing details like your name, name of the company, number of employees you wish to insure, work email address and phone number.

Step 2: Once the form is submitted, our life insurance consultants will get in touch with you and request you to submit the following documents.

  • Active data of the employees - name, age, gender, designation, CTC, Covid status and vaccination report, etc
  • Claim history of the last 3 years along with the reason for the death of the employees (if any)
  • Policy copy

Step 3: After submitting these details you can choose any additional riders to the policy at your convenience. These riders are critical illness riders, accidental death benefit riders, accidental death and dismemberment rider etc. Once you decide, we will get back to you with the best quotes for your Canara HSBC OBS group term insurance policy.

Step 4: The next step is to agree to the terms and conditions of the policy and pay the premium for your Canara HSBC OBS group term life insurance policy.

Step 5: The policy gets activated immediately after paying the premium. Our team will guide you through the whole process and help you with the onboarding process too.

We make sure that your Canara HSBC OBS term insurance experience will be seamless using our Pazcare dashboard. Your employees can access their policy using Pazcare’s employee app which is available on both the app store and the play store.

Canara HSBC OBS Life Insurance claim settlement ratio

The claim settlement ratio is the percentage of the claims settled by the Canara HSBC OBS Life insurance company during a particular financial year. Hence, the higher the claim settlement ratio, the better chances of the claims getting settled.

In the financial year, 2020-21, the claim settlement ratio of Canara HSBC OBS Life Insurance is 98.12%.

Canara HSBC OBS group term insurance premium

The Canara HSBC OBS group term insurance premium depends on various factors like

Designation & CTC of the employee

The designation and the CTC of the employee determine the premium of the group term insurance. For instance, some organisations choose the term insurance plan based on the CTC of the employees. So, higher CTC means a higher sum assured, hence the premiums may increase. Similarly, you can also give it based on designations. For example, 10 lacs for the executive level and 50 lacs for directors.

Covid status

The Covid-19 pandemic has caused a lot of deaths in recent times. Hence, the covid status and the vaccination status of the employee impact the premium of the Canara HSBC OBS group term life insurance plan.

Sum assured

Premium will also be based on how much sum assured the employer wants to offer.

Risk category

The nature of the job and the risks involved for the employees also determine the group premium.

Claim history

In case of renewals, the claims history for the last 3 years, the reason for the death of the employee also determines the premium of Canara HSBC OBS group term life insurance policy.

Canara HSBC OBS group term insurance benefits

Purchasing your group term life insurance policy for employees from Canara HSBC OBS Life Insurance company has the following benefits.

Tax benefits

As employers, when you pay the premium towards the Canara HSBC OBS group term life insurance policy, you are eligible to avail tax benefits under Section 37(1) of the Income Tax Act of 1961.

Choose cover options

You have the option to choose your coverage in the Canara HSBC OBS group term life insurance policy. The policy comes with the option to choose between Death only, death & terminal illness and death, terminal illness and Critical Illness.

Flexible premium payments

Canara HSBC OBS group term life insurance premiums can be paid in various timings that include yearly, half-yearly, quarterly or monthly.

Rebate in premium

There is a provision of rebate in case the total premium of the group exceeds Rs. 2 crores per scheme in a year.

Canara HSBC OBS group term insurance claim

1

Collect the necessary documents

Firstly, collect all the originals of the necessary documents that have to be submitted to raise a death claim.

2

Submit these documents

Submit the supporting documents along with the policy details of the deceased employee.

3

Claim settlement

Once the policy details are verified along with the supporting documents and the information looks credible, the claim is settled directly with the nominee or the employer.

4

Contact us for assistance

Contact Pazcare for any queries or guided claim assistance at support@getpaz.com or call our customer care at +91 78291 11300.

1

Collect the necessary documents

Firstly, collect all the originals of the necessary documents that have to be submitted to raise the rider claim.

2

Submit these documents

Submit the supporting documents along with the policy details of the insured employee.

3

Claim settlement

Once the policy details are verified along with the supporting documents and the information looks credible, the claim is settled directly to the insured employee.

4

Contact us for assistance

Contact us for any queries or guided claim assistance at support@getpaz.com or call our customer care at +91 78291 11300.

Documents required to claim Canara HSBC OBS group term insurance

Here are the documents that you require to claim the Canara HSBC OBS group term insurance policy

  1. Original policy documents
  2. Duly filled claim form
  3. Original Death certificate of the insured employee or attested copy (death claim)
  4. Photo ID proof of the claimant
  5. Current address proof of the claimant
  6. Cancelled cheque of the claimant
  7. Letter/confirmation from the employer
  8. NEFT mandate form attested by bank authorities  (a cancelled cheque or bank account passbook).

Why buy a group term life insurance
policy online from Pazcare?

  • Choose the suitable policy with our consulting approach
  • Custom-made plan with health and mental wellness add-ons
  • The tech-enabled Pazcare dashboard to manage endorsements
  • Integrate the dashboard with your HRMS tool
Pazcare DashboardPazcare app
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Canara HSBC OBS Life Insurance customer care number

For any queries or assistance, reach out to us at any time. We provide 24X7 customer assistance.

Canara HSBC OBS Life Insurance

Canara HSBC OBS Life group term insurance FAQs

What are the minimum and maximum group sizes for getting a Canara HSBC OBS group term life insurance?

The minimum group size for getting a Canara HSBC OBS group term life insurance is 10 and there is no limit for maximum group size.

What is the maximum entry age for Canara HSBC OBS group term life insurance?

The maximum entry age for Canara HSBC OBS group term life insurance is 80 years for death benefit and terminal illness benefit. For critical illness benefit. the maximum entry age is 69 years.

What is the minimum entry age for Canara HSBC OBS group term life insurance?

The minimum entry age for Canara HSBC OBS group term life insurance is 18 years.

How do I go about renewing my Canara HSBC OBS life insurance policy?

You can now easily renew your Canara HSBC OBS life insurance policy with Pazcare. Reach out to our insurance consultants. Make sure you submit all the required documents and decide on the riders you need. Team will get back with the best quote shortly. After you agree with terms & conditions, just pay the premium and your policy shall get activated.

How do I reach out to Canara HSBC OBS customer care department?

You can reach out to Canara HSBC OBS customer care at 1800-103-0003 or mail them at onlineterm@canarahsbclife.in