Life insurance is a type of insurance that covers the risk of death and can be used to protect against financial losses. It can also help you with estate planning, provide for your loved ones, and give you peace of mind. Without the proper coverage, people can be left with a huge burden in the event of death. Life insurance can provide for those who are left behind, and it can also cover funeral costs and other expenses related to death. It is important to take the time to consider what you need in your life insurance policy, and how much coverage you need.
The first step in the process of purchasing an insurance policy is to compare the different policies available. This article will help you compare two of the most popular life insurance plans in India- Canara HSBC OBC Life and Max Life Insurance. Canara HSBC OBC Life Vs Max Life Insurance are two of the most popular life insurance companies in India. Both offer a range of products to suit different needs and budgets. We will examine both the positives and negatives of each plan, as well as their prices so that you can make an informed decision about which one is best for you.
Canara HSBC OBC Life Insurance
Canara HSBC OBC Life Insurance is an insurance company in India. 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. The company has been in the insurance sector since 2008 and ranks amongst the top insurance providers in India today.
Canara HSBC OBC Life Insurance offers an exciting range of life insurance policies to its vast clientele situated across India. They offer life insurance and protection plans to individuals and businesses. Canara HSBC OBC Life Insurance has been in the industry for more than 15 years. They are one of the most trusted names in the industry. Their products include Protection Plan, Family Protection Plan, Super Saver Plan, Health Insurance Plans, Term Plans, etc. The company has also launched a range of innovative products like Smart Protect for senior citizens, and Personal Accident Cover for individual customers among others to meet customer needs better.
Canara HSBC OBC Life Insurance Benefits
- Financial Protection: Canara HSBC OBC life insurance provides financial protection to your family at a low cost.
- Flexibility to Choose Premium Payment Option: You can pay your premium at your convenience monthly, quarterly, half-yearly, or annually premium paying option.
- 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.
- 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).
- 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.
- Easy Policy Issuance: The policy issuance process in Canara HSBC OBC Life Insurance Company is very smooth and the policy would be issued within the least possible time, within 1 day in some cases.
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
|
Max Life Insurance
Max Life Insurance is a life insurance company that offers protection for families. Max Life Insurance offers different types of life insurance policies to meet the needs of its customers. They offer term life insurance, whole life insurance, group life insurance plans, endowment life insurance, Annuity insurance products, Child plans, Investment plans, Money-Back plans, ULIPs, Guaranteed Income Plans, etc. They are also one of the few companies that offer Guaranteed Issue Policies which means they will provide coverage even if you have a pre-existing condition. Max Life Insurance was founded in 2000, with the mission to provide affordable life insurance for everyone.
Max Life Insurance Benefits
- Affordable premium: Term insurance is one of the most affordable life insurance covers available in the Indian insurance market. Term life insurance plans from Max are the cheapest in the market with high life coverage.
- Easy Policy issuance: The policy issuance process in Max Life Insurance Company is very smooth and the policy would be issued within the least possible time, within 1 day in some cases. Max life has robust systems in place and is upgrading continuously to provide seamless service to its customers.
- Tax Benefits: Term insurance policies provide certain tax benefits under section 80C of the income tax act, 1961. Additionally, any amount received through the policy maturity, surrender, or on the death of the life assured is tax-exempt under Section 10 (10D) of the Income Tax Act, subject to provisions stated therein.
- Financial Security: Max Life Insurance products help the insured to provide financial security to their family and safeguard them against any type of eventualities.
- Excellent Customer Services: Max life insurance's customer service is good and it has been valued the most by buyers thus providing excellent customer support 24/7 and giving a hassle-free claim settlement process.
Max Life Insurance Plans List
| Type of Plans |
Max Life Insurance Plans |
| Term Insurance Plans |
- Max Life Smart Secure Plus Plan
- Max Life Smart Term Plan
- Max Life Online Term Plan Plus
|
| ULIPS Plans |
- Max Life Fast Track Super
- Max Life Platinum Wealth Plan
- Max Life Online Savings Plan - Variant 1
- Max Life Online Savings Plan - Variant 2
- Max Life Shiksha Plus Super
- Max Life Forever Young Plan
|
| Retirement Plans |
- Max Life Saral Pension Plan
- Max Life Forever Young Pension Plan
- Max Life Guaranteed Lifetime Income Plan
- Max Life Life Perfect Partner Super Plan
|
| Guaranteed Savings Plans |
- Max Life Savings Advantage Plan
- Max Life Monthly Income Advantage Plan
- Max Life Whole Life Super
- Max Life Assured Wealth Plan
|
| Guaranteed Income Plans |
- Max Life Term Plan with Return of Premium
- Max Life Smart Wealth Plan
- Max Life Online Savings Plan
- Max Life Long Term Plan
- Max Life Short Term Plan
- Max Life Cancer Insurance Plan
|
| Child Plans |
- Max Life Future Genius Education Plan
- Max Life Siksha Plus Super Plan
|
| Group Plans |
- Max Life Group Saral Suraksha Plan
- Max Life Group Term Life Platinum Assurance
- Max Life Group Credit Life Premier Plan
- Max Life Group Gratuity Premier Plan
- Max Life Group Super Life Premier in lieu of EDLI
- Max Life Group Super Life Premier
- Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana
- Max Life Group Credit Life Secure Plan
|
Comparison Table of Max Life Insurance vs Canara HSBC OBC Life Insurance
| Parameter |
Canara HSBC OBC Life Insurance |
Max Life Insurance |
| Claim Settlement Ratio |
97.10% |
99.35% |
| Solvency Ratio |
3.27 |
2.02 |
| Inception |
2008 |
2000 |
| Number of Branches |
4000+ |
277 |
| Availability |
Online/Offline |
Online/Offline |
| Life Cover |
Up to 99 years |
Up to 99 years |
| Types of Plans |
- 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 I Plans
- ULIP Plans
- Child Plans
- Online Plans
- Retirement Plans
- Savings Plans
- Health Plans
- Group Plans
|
| E-Services |
- Pay Premiums
- Track Application
- Download Receipts
- Claim Settlement
- Buy Policy
- Renew Policy
- Update Information, etc.
|
- Buying Policy
- Renewal Policy
- Update Information
- Pay premium payment
- Application Tracking
- Claim Settlement, etc.
- Premium Calculation, etc.
|
| Riders Available |
- Accidental Death Rider
- Critical Illness Rider
- Total And Permanent Disability Rider
- Child Support Benefit
|
- Accidental Death Benefit Rider
- Waiver of Premium Rider
- Term Plus Rider
- Critical Illness Benefit Rider
|
Conclusion:
Choosing the best life insurance company can be a difficult task. There are many factors to consider when choosing a life insurance company. There are many life insurance options available. The decision between these different types of life insurance is a difficult one because they all vary in their benefits and costs and there are many factors to take into account.
PolicyBachat is an insurance web aggregator that will help you to make the right decision on a life insurance company. Here you can compare life insurance plans from the top life insurance companies side by side to get the best life insurance policy. If you are looking for Canara HSBC OBC Life Insurance vs Max Life Insurance Comparison. Know all the features and benefits and choose a life insurance plan as per your requirement by considering factors such as premium, coverage, claim settlement ratio, etc.