LIC Life Insurance Vs Canara HSBC OBC Life Insurance Comparison is a comparison of two life insurance plans offered by LIC and Canara HSBC. LIC Life Insurance and Canara HSBC OBC Life Insurance are well known for their affordable plans. Both life insurance companies have similar features, but the policies are different in some ways. These policies are designed for people with different needs. Let’s take a look at the key differences between LIC and Canara HSBC OBC Life Insurance, and see which one is better suited for you.
PolicyBachat is an online insurance web aggregator that helps to calculate the advantages and disadvantages of the life insurance policy to buy the desired policy. It gives you the distinction between the carrier backgrounds, and incurred claim settlement ratio to configure the right insurance policy. Get the best life insurance quotes from top life insurers to distinguish the best life insurance plan in terms of premium, coverage, claim ratio, and holding experience in the insurance sector.
Canara HSBC OBC Life Insurance
Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited is a joint venture between Canara Bank and HSBC Insurance (Asia Pacific) Holdings Limited and Punjab National Bank. The company brings the trust and market knowledge together of two big public sector banks in India namely Canara Bank and Punjab National Bank combined with the global insurance expertise of HSBC.
Canara HSBC OBC Life Insurance is founded on 16 June 2008 and it is headquartered in Gurugram (Gurgaon), Haryana it has access to around 60 million customers and, the company has around 7000 branch offices across India. Canara HSBC OBC Life Insurance Company Ltd offers various types of insurance products to meet different needs.
Canara HSBC OBC Life Insurance Plans List
| Type of Plans |
Canara HSBC OBC Life Insurance Plans |
| Term Plans |
- Canara HSBC OBC Saral Jeevan Bima
- Canara HSBC OBC iSelect Star Term Plan
- Canara HSBC OBC Pos Easy Bima Plan
|
| Online Plans |
- Canara HSBC OBC Invest 4G
- Canara HSBC OBC iSelect Star Term Plan
- Canara HSBC OBC Health First Plan
- Canara HSBC OBC Guaranteed Savings Plan
|
| Savings Plans |
- Canara HSBC OBC Guaranteed Income4Life Plan
- Canara HSBC OBC Invest 4G
- Canara HSBC OBC Guaranteed Savings Plan
- Canara HSBC OBC Flexi Edge Plan
|
| ULIP Plans
|
- Canara HSBC OBC Invest 4G
- Canara HSBC OBC Titanium Plus Plan
- Canara HSBC OBC Smart Goals Plan
|
| Child Plans
|
- Canara HSBC OBC Smart Future Plan
- Canara HSBC OBC Jeevan Nivesh Plan
|
| Retirement Plans
|
- Canara HSBC OBC Smart Life Long Plan
- Canara HSBC OBC Secure Bhavishya Plan
- Canara HSBC OBC Smart Monthly Income Pla
- Canara HSBC OBC Smart Future Income Plan
- Canara HSBC OBC Pension4 Life
- Canara HSBC OBC Saral Pension Plan
|
| Health Plans
|
- Canara HSBC OBC Health First Plan
|
| Group Plans |
- Canara HSBC OBC Group Advantage Term Plus
- Canara HSBC OBC Group Advantage Term Plan
- Canara HSBC OBC Group Term Edge Plan
- Canara HSBC OBC Pradhan Mantri Jeevan Jyoti Bima Yojna
- Canara HSBC OBC Sampoorna Kavach Plan
- Canara HSBC OBC Credit Secure Insurance Plan
- Canara HSBC OBC Group Secure Plan
- Canara HSBC OBC Group Traditional Plan
|
Benefits & Key Features of Canara HSBC OBC Life Insurance
- Financial Protection: Canara HSBC OBC life insurance provides financial protection to your family at a low cost.
- Lifelong Coverage: The policy offers lifelong coverage and can be taken in a lump sum or as an income for your loved one.
- Low Premiums: Canara HSBC OBC life insurance offers life insurance plans at an affordable premium.
- Flexibility: You can pay your premium at your convenience monthly, quarterly, half-yearly, or annually premium paying option.
- Online Availability: Canara HSBC OBC life insurance offers a wide range of life insurance plans online which are available at discounted rates when compared to the other plans.
- Riders: Optional Riders are available in Canara HSBC OBC life insurance to enhance the policy.
- Tax Benefits: Canara HSBC OBC life insurance offers Tax saving benefits under Section 80C and 10(10D).
- Excellent Customer Service: Canara HSBC OBC Life Insurance puts its customer above everything else when designing the products. Some of the virtues include fairness, consistency, agility, and flexibility.
LIC Life Insurance
LIC Life Insurance of India is the largest government-owned life insurance and Investment Corporation for individual insurance needs and it is introduced on Sep 1st, 1956. LIC's main role is to invest in global financial markets and different government certainties after gathering funds from people through life insurance policies. The importance of LIC Life insurance is to provide individuals with financial cover against demise at affordable costs to rural areas and people who exist in poverty and less fortunate people.
LIC offers a range of life insurance products that can be customized to suit your needs. LIC Life insurance plans provide you the benefits of protection and savings, combined with financial support lifelong. LIC Life insurance consists of different types of policies such as Term insurance, Endowment Insurance, Annuity or Retirement Plans, Child Plans, Return of premium plans, etc.
LIC Life Insurance Plans List
| Type of Plans |
LIC Life Insurance Plans |
| Term Life Insurance Plans |
- LIC’s TECH TERM
- LIC’s Jeevan Amar
- LIC’s Saral Jeevan Bima
|
| Whole Life Insurance Plans |
|
| Money-Back Plans |
- LIC’s New Bima Bachat
- LIC’s New Money Back Plan-20 Years
- LIC’s New Money Back Plan-25 Years
- LIC’s Jeevan Umang
- LIC’s New Children’s plan
- LIC’s Jeevan Tarun
- LIC’s Jeevan Shiromani
- LIC’s Bima Shree
- LIC’s Dhana Rekha
|
| Endowment Plans |
- LIC’s Bima Jyothi
- LIC’s Bachat Plus
- LIC’s New Endowment Plan
- LIC’s New Jeevan Anand
- LIC’s Single Premium Endowment Plan
- LIC’s Jeevan Lakshya Plan
- LIC’s Jeevan Lakshya Plan
- LIC’s Aadhaar Stambh Plan
- LIC’s Aadhaar Shila Plan
|
| Pension Plans |
- Pradhan Mantri Vaya Vandana Yojana
- LIC’s Jeevan Akshay - VII
- LIC’s New Jeevan Shanti
- LIC’s Saral Pension
|
| ULIP Plans |
- LIC’s NIVESH PLUS
- LIC’s SIIP
- LIC’s NEW ENDOWMENT PLUS
|
| Micro Insurance Plans |
- LIC’s Bhagya Lakhsmi
- LIC’s New Jeevan Mangal
- LIC’s Micro Bachat Plan
|
| Health Plans |
- LIC’s Cancer Cover
- LIC’s Arogya Rakshak
|
| Withdraw Plans |
- LIC’s Bhagya Lakhsmi
- LIC’s Jeevan Akshay - VII
- LIC’s New Jeevan Shanti
- LIC’s Saral Pension
- LIC’s Bima Jyothi
- LIC’s New Jeevan Mangal
- LIC’s Jeevan Arogya
|
| Group Plans |
- LIC's New Group Superannuation Cash Accumulation Plan
- LIC's New Group Gratuity Cash Accumulation Plan
- LIC's New Group Leave Encashment Plan
- LIC's Group Credit Life Insurance
- LIC's Single Premium Group Insurance
- LIC's New One Year Renewable Group Term Assurance Plan I
- LIC's New One Year Renewable Group Term Assurance Plan II
- LIC's One Year Renewable Group Micro Term Assurance Plan
- Group Immediate Annuities
- LIC’s Group Assurance plan
|
Benefits & Key Features of LIC Life Insurance
- High Coverage at low Premium: LIC life insurance is one of the most affordable life insurance policies available in the Indian insurance market. Life insurance plans from LIC life insurance are the cheapest in the market with high life coverage.
- Variety of Products: LIC Life Insurance offers an extraordinary range of life insurance products to its customers situated far and wide across the country.
- Tax Benefits: With LIC Life Insurance plans, the policyholders can avail of tax deductions under sections 80C and 10(10D) of the Income Tax Act 1961.
- Flexibility Options: LIC Life Insurance offers customized premium payment options to suit the capabilities of its customers. Thus, customers can choose the option they are most comfortable with and keep their policies in force.
- Excellent customer service: LIC Life Insurance believes in gaining the customer’s trust by providing quality services. The company has a customer-friendly insurance claim process.
Comparison Table of Canara HSBC OBC vs LIC Life Insurance
| Parameter |
Canara HSBC OBC Life Insurance |
LIC Life Insurance |
| Claim Settlement Ratio |
97.10% |
98.62% |
| Solvency Ratio |
3.27 |
1.76 |
| Availability |
Online/offline |
Online/offline |
| Life Cover |
Up to 99 years |
Up to 99 years |
| Number of Branches Available |
4000+ |
2048 |
| Inception |
2008 |
1956 |
| Types of Plans Available |
- Term Insurance Plans
- Online Life Insurance Plans
- ULIP Insurance Plans
- Child Insurance Plans
- Retirement Insurance Plans
- Savings Plans
- Health Insurance Plans
- Group Insurance Plans
|
- Term Plans
- Whole Life Insurance Plans
- Money-Back Plans
- Endowment Plans
- Pension Plans
- ULIP Plans
- Micro Insurance Plans
- Health Plans
- Withdraw Plans
- Group Plans
|
| Riders Available |
- Accidental Death Rider
- Critical Illness Rider
- Total And Permanent Disability Rider
- Child Support Benefit
|
- Accidental Death Benefit Rider
- Accidental Death and Disability Benefit Rider
- Critical Illness Benefit Rider
- New Term Assurance Rider
|
| Online Services |
- Pay Premiums
- Track Application
- Download Receipts
- Claim Settlement
- Buy Policy
- Renew Policy
- Update Information, etc.
|
- Update Information
- Claim Settlement
- Premium Payment
- Policy Status Checking
- Buy Policy
- Renewal Policy, etc.
|
Conclusion
The Life Insurance Corporation (LIC) and Canara HSBC OBC Life Insurance are two of the most popular life Insurance companies in India. They have a lot of features that are similar but there are some important differences between them. LIC is a public sector company whereas Canara HSBC OBC is a private company. LIC offers more tax benefits than Canara HSBC OBC because it is a government-owned company. While Canara HSBC only offers a wide range of plans and also offers life cover at affordable premiums. So, both life insurance companies have their pros and cons.
Check all the features and benefits of LIC life insurance and Canara HSBC OBC life insurance before concluding on the right insurance policy. Configure the premium with the benefits availed on LIC life and Canara HSBC OBC life insurance. Compare life insurance quotes for the best life insurance plans in India from top insurers online at PolicyBachat.com. Choose a life insurance plan as per your requirement by considering factors such as premium, coverage, claim settlement ratio, etc.