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Canara HSBC iSelect Smart360

ILM Ratings

ILM Ratings

Claims Experience:

Customer Service:

Product Benefits:

Introduction to Canara HSBC iSelect Smart360

Canara HSBC iSelect Smart360 is a term insurance policy offered by the Canara HSBC OBC company. Using a term insurance plan, you can get a large cover, for a very nominal premium (almost 1000X). The plan offers flexibility to tailor your coverage with features like increasing cover and multiple limited-pay options to finish premiums sooner. It also lets you customise how your family will receive the claim amount. While it does not include a critical illness rider, the plan does provide an accidental death benefit rider and waiver of premium rider for accidental disability.

Claims Experience:

Customer Service:

Product Benefits:

Quick Overview:

What's Good?

• Multiple Limited Pay options to speed up payments
• Option to automatically increase claim amount, with time
• Several options to customize claim payouts
• Option to exit the plan while active and get premium refund
• Additional payout option for accidental death
• Premium waiver option available in case of accidental disability

What's Not Good?

• Critical illness rider is not available
• No premium waiver option available if listed illness is diagnosed

Insurer Track Record

About Canara HSBC Life Insurance Co. Ltd.

JV Partners

Turnover (GWP)

Number of Policies

Number of Claims

Detailed Product Overview

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Did you know

Canara HSBC iSelect Smart360 is a term insurance policy offered by the Canara HSBC OBC Life Insurance Company. When you look forward to finding the perfect term insurance policy, you would mostly select the policy that provides you and your family with various benefits and fits perfectly with your requirements. The Canara HSBC iSelect Smart360 is one such policy that gives you a lot of customization options for claim payout and other features such as increasing cover and a few rider options. However, the insurer received a higher number of claim settlement and policy purchase complaints.

Here are some of the key benefits and features the Canara HSBC iSelect Smart360 Plan -

What are the key features of the Canara HSBC iSelect Smart360 Plan?

• Life cover benefit: The term plan pays an assured sum of money to your family if your death happens during the term of the policy. There is no maturity benefit in this policy - meaning, you don’t get anything back in case you survive the term of the policy.
• Cover duration: This product provides you the chance to choose a cover up to the age of 99 years, meaning you can get a cover for your entire life.
• Increasing cover: This plan gives you the chance to increase your cover automatically once you have finalized a suitable sum assured based on your family’s requirements. The Increasing Cover option boosts the cover by 10% annually from the 2nd year onwards, up to 2X the base cover.
• Early Exit Option: This option lets you opt out of the plan while it is still in force. You can do so during a specific time period set by the insurance company and you’ll get a refund of all the premiums you’ve paid up to that point. This plan offers the option for an early exit option.
• Limited pay option: You can opt for the limited pay feature and choose to finish paying off your premiums in larger and early instalments in 5, 10, 15, 20, 25 or up to 60 years.
• Claim payout option: This product allows you to customize how you want your nominee to receive the claim payout. Claim payout customization offers one-time, instalment and combined one-time + instalment options for claim payments.

What are the riders available with this plan?

The Canara HSBC iSelect Smart360 offers some additional benefits known as riders. The riders available with this plan include -

• Critical Illness Rider: If the insured is diagnosed with any of the critical illnesses listed in the policy during the term, this rider pays a fixed sum. Under the Canara HSBC iSelect Smart360, the Critical Illness rider is not available.
• Accidental death benefit rider: This rider provides your family with an additional amount of money in case you pass away as a result of an accident. The Accidental Death Benefit Rider provides coverage up to Rs 2 crores until age 75.
• Waiver of premium rider: You must always consider purchasing this rider with your base term insurance policy. With this add-on, you will not have to pay any further premiums if you get a serious disease or a disability. However, you can retain your cover until the end of the term.  The Waiver of Premium Rider covers accidental disability up to age 75, with no coverage for critical illness.

Every rider has a specific purpose. It is crucial to determine your personal needs and preferences before deciding to take any of the optional riders.

Why should you buy a policy from Canara HSBC OBC Life Insurance Company?

• Speed of claim settlement: The insurer has managed to settle 100% of its claims in less than 30 days. This shows that your family’s claims will be settled quickly once they submit all the necessary documents.
• Online tracking of claims: Further, your family will have the option to track the status of their claims online after they raise a claim under the term insurance policy.
• Claim Settlement Ratio: The Claim Settlement Ratio (CSR) measures the percentage of claims settled out of the total claims received in a financial year. The claim settlement ratio of Canara HSBC OBC is 99.43%.
• Length of the death claim form: This insurer's death claim form is short for added convenience.
• Personal Relationship Manager: Canara HSBC OBC provides a personal relationship manager to guide your nominee(s) through the claim settlement process.

What are the disadvantages of buying from Canara HSBC OBC?

Below are some of the disadvantages of buying from Canara HSBC OBC -

• Claim complaints: As per our in-house team's research, we were able to gather that the insurer has received a higher number of complaints during claim settlement when compared to other insurers. The company has received 0.12% of complaints on overall claims.
• Home pick-up for claims: The insurer does not provide the option to pick up the documents from home. This means that at the time of making the claim, your family/ nominee(s) will have to personally visit the branch to submit the documents.

How is the customer service of Canara HSBC OBC Life Insurance Company?

Canara HSBC OBC provides its customers with toll-free service and also responds to them via X (Twitter) handle.

• Response on Toll-free: Based on our research, we found that the response time on toll-free service is average. This may lead to some difficulty for the nominee or family in case they have to clarify some queries.
• Response on Twitter: The family or nominee can reach out to the insurer via X (Twitter). Our research suggests that the company has an average response time over the social media platform.
• Policy purchase-related complaints: Based on our research, Canara HSBC OBC Life Insurance Company has received 0.53% of complaints related to its after-sales service, which is higher than other insurance companies.

About the Insurer- Canara HSBC OBC

Canara HSBC OBC is a Life Insurance company in India. It offers Term Life Insurance, Traditional Savings and Unit Linked Insurance Plans. Founded in 2008, it is a joint venture between Canara Bank, HSBC Insurance Holdings Limited and Punjab National Bank. The company is headquartered in Gurugram and has over 11000 branches across India. The CEO/CMD of Canara HSBC OBC Life Insurance is Mr. Anuj Mathur.

Final review of Canara HSBC iSelect Smart360

Based on the 100+ parameters analyzed by our in-house research team across product benefits, customer service and claims experience, Canara HSBC iSelect Smart360 gets a MyInsureBuddy⭐Rating of 4.2/5.

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• Quick Overview
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