Canara HSBC Life Insurance: Overview
Canara HSBC Life Insurance, a prominent insurance company in India, was founded in 2008. It is a joint venture between Canara Bank (51%), HSBC Insurance (Asia Pacific) Holdings Limited (26%), and Punjab National Bank (merged with OBC) (23%). The company has a well-organized distribution network across Tier 1, 2, and 3 markets, including rural areas.
Canara HSBC Life Insurance offers a range of life insurance products, including term, savings, investment, retirement, and child plans. As per the IRDAI Report 2022-2023, Canara HSBC Life Insurance has a Claim Settlement Ratio (CSR) of 99.01%, demonstrating their fast and hassle-free claim settlement process.
Why Choose Canara HSBC Life Insurance?
Canara HSBC Life Insurance Company ensures to look after your insurance needs by offering:
- Wide range of plans
- Affordable plans
- Rider benefits
- Good customer support
- Tax savings
Features of Canara HSBC Life Insurance Plans
- Annual Premium: This metric reflects the business volume, reputation, and growth of an insurance company. In the financial year 2022-23, Canara HSBC Life Insurance's annual premium was ₹7197.38 crores.
- Claim Settlement Ratio: This ratio indicates the percentage of claims settled by the insurer, which helps potential buyers determine a company's claim settlement ability. As per IRDAI's annual report for 2022-23, the claim settlement ratio of Canara HSBC Life Insurance stands at 99.01%, indicating timely settlement of claims.
- Special Premium Rates for Women: Some Canara HSBC Life Insurance Plans offer special premium rates for women to encourage life insurance coverage among women.
- Choice of Plan Options: Various Canara HSBC Life Insurance Plans offer diverse plan options, allowing you to select the level of protection that best fulfills your requirements.
- Solvency Ratio: The solvency ratio is a crucial factor to consider when selecting an insurance company. It measures a company's ability to meet its long-term financial obligations, such as debt and interest. IRDAI has made it mandatory for all insurers to maintain a healthy solvency ratio of at least 1.5. The Solvency Ratio of Canara HSBC Life Insurance was 2.7 as of FY 2022-23.
Exclusions of Canara HSBC Life Insurance Plans
- Death due to a pandemic is not covered by the company.
- Death due to adventure sports.
- Death due to consumption of drugs and alcohol.
- Death due to any pre-existing disease not declared at policy inception.
- If a policyholder commits suicide within the first 12 months of policy purchase, no death benefits are paid to the nominee.
Benefits of Canara HSBC Life Insurance Plans
There are multiple benefits of Canara HSBC Life Insurance Plans. Read below to understand the various advantages provided by the insurer.
Long-term Protection
Canara HSBC Life Insurance offers long-term protection to the life insured. In the unfortunate event of the policyholder's demise, financial assistance is provided to the beneficiary.
Critical Illness Benefit
Canara HSBC Life Insurance provides coverage against 40 critical illnesses. The coverage includes lump sum benefits, regular guaranteed income, and more.
Build Long-term Wealth
Through its ULIP segment, Canara HSBC Life Insurance offers an option to invest in the equity market. Equity market returns typically range between 12-15%.
Loan Facility
In emergencies, policyholders can apply for a loan against their Canara HSBC Life Insurance policies. Generally, the loan option is available for up to 80% of your surrender value.
Plans for Every Life Stage
Whether you are a new parent or just starting your career, Canara HSBC Life Insurance offers plans for every life stage, such as child plans, endowment plans, and retirement plans.
Tax Benefits
Premiums paid for Canara HSBC Life Insurance plans are eligible for tax benefits up to ₹1.5 lakhs under Section 80C and tax-free maturity benefits under Section 10(10D) of the Income Tax Act, 1961.
Riders Available with Canara HSBC Life Insurance Plans
| Name of the Riders |
Benefits |
| Accidental Death Benefit |
Get an extra payout on top of the base cover upon death due to an accident. |
| Accidental Total & Permanent Disability Premium Protection |
If the policyholder suffers accidental total and permanent disability, future premiums will be waived, and the policy will continue until maturity. |
| Accidental Total & Permanent Disability Premium Protection Plus |
Receive an extra lump sum payout in case of accidental total and permanent disability, and future premiums will be waived. |
| Critical Illness Premium Protection |
If diagnosed with any of the 40 pre-specified critical illnesses, future premiums will be waived, and the policy will continue until maturity. |
| Critical Illness Premium Protection Plus |
Receive additional coverage if diagnosed with any of the 40 covered critical illnesses, and future premiums will be waived, with the policy continuing until maturity. |
| Terminal Illness Benefit |
If diagnosed with any covered terminal illness, a lump sum benefit of up to ₹2 Crores is payable while the policyholder is alive. |
Documents Required to Buy Canara HSBC Life Insurance Policy
Here is the list of documents required to buy Canara HSBC Life Insurance Plans:
- Photo ID Proof: Any one of the following: Passport, Aadhaar card, PAN card, Driving license.
- Age Proof: Any one of the following: Passport, Aadhaar card, PAN card, Driving license.
- Address Proof: Any one of the following: Utility bill, passport, voter ID, ration card.
- Medical Records: Medical records of the policyholder, if requested.
- Income Proof: Any one of the following: Bank statement, last three months' salary slips (if salaried).
How to Buy Canara HSBC Life Insurance Online
Via Canara HSBC Life Insurance Website
- Step 1: Go to the official website of Canara HSBC Life Insurance.
- Step 2: Click on 'Plan' on the navigation bar and select the category of plans you want to purchase.
- Step 3: Click on the 'Buy Now' button and fill in the required details.
- Step 4: Click 'Next' and select a plan according to your requirements.
- Step 5: Select the cover option you want and make your payment. Upon successful payment, a confirmation will be sent to your registered email address.
How to File Canara HSBC Life Insurance Claims?
Filing a claim for any of the Canara HSBC Plans is a simple and hassle-free task. You can easily submit your claims online or offline. To file a claim for Canara HSBC Plans, you need to follow the steps below.
Online Process
Claim Intimation
The nominee/claimant must inform the company about the claim by submitting a claim form. Submit the claim form to the head office or nearest branch of Canara HSBC Life Insurance, along with required documents (e.g., photo ID, address proof).
Document Submission
Submit the necessary documents requested by the company to process the claim.
For natural death: death claim form, death certificate, original policy documents, claimant's identity and address proof, medical records, and nominee's account details.
For accidental death: the same documents, plus FIR and post-mortem report.
Claim Settlement
Once the company has received all the necessary documents, it will process the claim after verification. Upon successful verification, the insurer will disburse the claim amount into the nominee/claimant's bank account.
Offline Process
To file a claim offline with Canara HSBC Life Insurance, visit its head office or any of its branches. Submit a duly filled claim form along with the required documents to the nearest branch office or company head office. The claim department will process the claim after verifying the documents. You can easily locate the nearest branch office using the Canara HSBC branch locator.
How to Buy Canara HSBC Life Insurance Online via PolicyX.com
- Step 1: Fill out the form at the top of this page with the necessary details.
- Step 2: Select your income and city. Click on 'Proceed'.
- Step 3: Update your education and occupation details.
- Step 4: Choose your preferred plan and click on 'Buy this plan'.
- Step 5: Select the policy term, premium period, and riders (if required), and then proceed to make the payment. Upon successful payment, a confirmation will be sent to your registered email address.
Conclusion
Canara HSBC Life Insurance is one of India's top insurance providers. It offers a wide range of life insurance products, which includes term insurance plans, child insurance plans, savings plans, retirement plans, and group insurance plans that can be customized according to the requirements of its customers. To understand more about life insurance plans offered by Canara HSBC, you can contact us at PolicyX.com. One of our insurance experts will reach you shortly, understand your requirements, and help you choose a plan that best suits your needs.
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