Last Updated on August 8, 2019 by Gopal Gidwani
Why does everyone need life insurance?
Manoj is a 29 year old individual working in a manufacturing company. He is married and has a 6 months old daughter. His parents are retired and dependent on him. He has a home loan and car loan going on. Things are going on well for Manoj and insurance is the last thing on his mind. Do you co-relate to Manoj’s story?
If yes, you need to pause for a moment and think about this. What if Manoj meets with an unfortunate incident resulting in untimely death? Think about the answers to the below questions:
a) Who will take care of Manoj’s family’s living expenses?
b) Who will provide for Manoj’s daughter’s education and marriage?
c) Who will take care of Manoj’s wife’s retirement?
d) Who will pay the outstanding home loan and car loan?
Do the above questions worry you? Do the above questions raise more questions in your mind that providing any answers? Relax! Help is at hand. The single answer to all the above questions is life insurance. Life insurance, specifically term insurance can provide protection for all the above events.
Make Canara HSBC Life your life insurance partner
Manoj should approach an insurance advisor of Canara HSBC Oriental Bank of Commerce Life Insurance Company and buy a term life insurance cover immediately. If you are wondering why Canara HSBC Life, then we will give you not one but five strong reasons to do so.
1) Company is trustworthy and has the required expertise
Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited is an unparalleled union of financial expertise, knowledge, strength and trust. The Company has access to over 115 million customers and a pan-India network of over 10,000 branches of bank partners. The company’s primary focus while offering products is to ensure that customer needs are met through their life cycle.
2) Has a good claim settlement ratio which is further improving with every passing year
The claim settlement ratio (CSR) represents the number of claims paid / settled for every 100 claims received by the insurance company in that year. The CSR of any insurance company is an important parameter in deciding whether the company should be chosen for buying insurance from it. Canara HSBC Life is striving hard on settling maximum claims and is constantly improving its CSR with every passing year. In the last 5 years, the CSR of the company has improved as follows:
| Year | Claim Settlement Ratio (CSR) |
| 2013-14 | 86.76% |
| 2014-15 | 89.58% |
| 2015-16 | 92.99% |
| 2016-17 | 94.95% |
| 2017-18 | 95.22% |
3) Offers tailor-made solutions for all the different insurance needs of a customer
Canara HSBC Life offers comprehensive life insurance solutions. The company’s product suite caters to multiple customer needs spanning across:
a) Retirement accumulation & guaranteed lifetime income,
b) Savings for child education,
c) Comprehensive protection through online and offline plans,
d) Savings through guaranteed endowment plans and
e) Customised solutions for high net worth individuals (HNIs)
The first life insurance product that a customer should buy, ideally, should be a term life insurance plan. People buy term life insurance for various reasons like:
a) Protecting future income for family’s financial security,
b) Providing for child’s education and marriage,
c) Spouse’s retirement,
d) Repayment of loans in the event of untimely death etc.
Is your need one of the above or a combination of some of the above or all of the above?
If your answer is yes to any of the above questions, then the first step is to identify what is / are your need/s for buying term insurance. A Canara HSBC Life insurance advisor can help you identify your needs and suggest a customised insurance solution for those needs.
4) Offers term insurance plan with flexible features and affordable premium
Once your life insurance needs are identified, the next step is to choose a term insurance plan that is flexible enough so that it can be customised as per your needs.
With Canara HSBC Life iSelect Term Plan, you get to design your safety net so that you can protect your family’s future to ensure that they lead their lives comfortably without any financial worries, even in your absence.
The plan comes with flexible options to choose from, some of which include:
a) Choosing protection for only self or self and spouse
b) Choosing level cover or increasing cover
c) Choosing lumpsum pay out option or monthly income option
d) Choosing from optional riders
In case of iSelect Term Plan, for a 25 year old male (non-smoker) for a sum assured of Rs. 1 crore for 35 years tenure, the monthly premium is Rs. 583 (inclusive of taxes). This is less than the cost of dinner or the cost of watching a movie for two persons.
5) Offers convenience: The process of buying the product is simple, transparent and quick
You can buy iSelect online from www.canarahsbclife.com in a simple, transparent manner with just a few clicks. The system guides you step-by-step. You have to choose the policy features, based on which the system generates the premium. As a next step you have to fill your personal details, read and agree with the policy terms and conditions, pay the premium online and you are done with purchasing the policy.
If you start purchasing your policy along with having a cup of tea, then you will be done with purchasing the policy even before you finish your tea. It is as simple as that!
Conclusion
Choosing Canara HSBC Life as your insurance partner has numerous benefits. The company is trustworthy and has the required expertise. The company has been constantly improving its CSR from the last 5 years. The company’s comprehensive product suite caters to each and every need of the customer. The company offers iSelect Term Plan, which comes with an ideal combination of flexible features and affordable premium. The process of buying an insurance product is simple, transparent and quick.
So what are you waiting for? Meet a Canara HSBC Life insurance advisor today and identify your life insurance needs and get customised solutions. Once you buy life insurance from Canara HSBC Life, all your worries will be taken care of by your life insurance plan. You will be set free to go about enjoying your life to the fullest which is what everyone should do!