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What is an Online Insurance Plan?
What is an Online Insurance Plan?

Online insurance plans are life insurance plans that can be purchased online from the convenience of your home. Rather than buying insurance policies by visiting your nearest life insurance branch, you can buy a life insurance plan with a click online.

Canara HSBC Oriental Bank of Commerce Life Insurance offers a wide range of online insurance plans including ULIPs, term plans, saving plans, retirement plans, and child insurance plans. Browse through the plans to understand their features and how they can be beneficial for different stages of your life.

Online Plans by Canara HSBC Oriental Bank of Commerce Life Insurance

Be it investment or protection plans; secure the future of your loved ones in just a few clicks. Choose from our most popular online plans for all your requirements.

iSELECT STAR TERM PLAN

Long-term financial protection for your family

Ensure regular income to your family in your absence

Pass-on the legacy to your grandchildren with 99 years of coverage

Default cover for terminal illnesses

Keep-up your term cover with your life’s growing needs

Invest 4G

Invest 4G

Invest in a diverse portfolio of stocks and bonds

Bonus unit additions for long-term investors

Stay with the market with automated portfolio management strategies

Option to protect your goal from your early death

Save tax on investment and tax-free partial withdrawals after the lock-in

Guaranteed Income4Life Plan

Guaranteed Income4Life

Option to receive guaranteed income till the age of 99

Guaranteed loyalty additions of more than 10 times the annual premium

Option of single or regular premium payments

Enhanced income pay out for higher premiums

Premium protection option to safeguard the goal in case of your early demise

Guaranteed Savings Plan

Guaranteed Savings Plan

Guaranteed maturity value

Guaranteed bonus additions for long-term investors

Option to protect your goal from your early death

Customise the premium payment and policy term as per your goal

Save tax on investment and tax-free maturity value

Health First Plan

Health First Plan

Cover against minor conditions of Cancer or Heart Ailments

Adequate cover to take care of high treatment costs

Increasing cover to keep up with the rising medical & living costs

Income security to your family in the case of a major claim

Option to receive all premiums back in case of no claims within the policy period

Why should you buy Online Life Insurance Plans?

1
Easy to Buy

The purchase process of online life insurance plans is a step by step process. You can follow these steps using the online instructions or call customer service to assist you with the same.

2
Transparency

All plan features and benefits are provided along with the purchase steps. For details, you can also check the policy document and clarify with the 24x7 customer service.

3
Paperless Process

The online purchase process of life insurance plans is completely paperless. You can submit the form completely online and only need to submit scanned copies of the documents.

4
Complete the Application at Your Convenience

The online application details are saved by the system and you can access them again using your contact info. This way if you need to leave the process in the middle, you don’t need to start again.

5
Easy to Manage

The policies are easy to manage online using an electronic insurance account or EIA. This account allows you to even appoint administrators who can manage your policies without changing the contact and nomination details.

6
Secure

The online purchase process includes payment and document submission online and follows the high-standard online security protocols and certificates. Meaning, all the information travels securely to the company without any manual intervention.

How to find the best online insurance plan in India?

Buying a life insurance plan online is easy, straightforward and hassle-free. Knowing which plan to choose so that it can be of help in your future is crucial. The life insurance plan that you choose to buy will have an impact on the lives of your family members. Hence, consider the below mentioned factors to find the best insurance plan online:

Research thoroughly

There are a lot of insurance plans available online. Assess your financial milestones and current circumstances in order to find the best life insurance policy. Different plans offer different features. Shortlist all the plans that you may find suitable for you and then compare them to choose the best one.

Check the premium amount

There are online life insurance premium calculators available to help you determine the premium amount you are required to pay for the cover amount you have chosen. Calculate your premium before making the purchase to know if you can afford the premiums. If not, you can customise your plan and restart the process.

Check the claim settlement ratio

This is one of the most important factors to be taken into consideration while purchasing a life insurance online. A claim settlement ratio is the total claims settled by an insurance company in a particular year. The higher the ratio, the better it is. We have a claim settlement ratio of 97.1% in FY 2020-21.

Ask or raise queries

Before buying a life insurance plan online, research thoroughly about the plan and the insurance company. If you have any queries related to it, contact their customer care to get the right information. It is better to make an informed decision and reputed companies help their customers in this process.

Online Life Insurance Buying Process

Factors to be Considered while Buying Online Life Insurance Plan

Check for “https” in the URL

Check for a padlock symbol

Check for authenticity of the website

What is Electronic Insurance Account?

An electronic insurance account (EIA) is similar to a demat account for stocks. You can keep all your online life insurance policies securely in your EIA. EIA allows you to manage several life insurance policies and claims through a single window.

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Frequently Asked Questions on Online Life Insurance Plans

Anyone who meets the eligibility criteria of the plan chosen by them can buy the life insurance online.

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Select favourable plans as per your need. Once you have finalised about the plan, decide the policy term as it will impact the premiums you will be expected to pay. Fill in all the necessary details that will be asked to you in the online life insurance application form. Pay the premium online to complete the process.

If you do not feel like going ahead with the online insurance you have chosen, you can always cancel it within the free-look period to get a refund. A free-look period is the timeframe allowed within which a policyholder can cancel the life insurance policy without getting charged any penalty.

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Yes. You can buy multiple life insurance plans online from the same insurance provider or from different providers.

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