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Canara Hsbc Life vs Acko Life Insurance Company

COMPANY DETAILS

Canara Hsbc Life

Acko Life Insurance Company

Rating	Rating 4.6	Rating 5
Number of life insurance plans and add-ons	No. of Plans -	No. of Plans -
Annual Premiums Collected (2024-25)	Annual Premiums Collected (2024-25) 027.46 crore	Annual Premiums Collected (2024-25) 36.52 crores
Payout Options	Payout Options Lump sum, regular frequencies, or a combination of both.	Payout Options -
Claim ratio	Claim ratio 99.43%%	Claim ratio 99.38%%
Solvency Ratio	Solvency Ratio 2.06	Solvency Ratio 2.36
Branches	Branches 100+	Branches -
Riders Available	Riders Available Accidental Death Benefit, Child Care/Child Support benefits, Accidental Total & Permanent Disability (ATPD), Accidental Total & Permanent Disability Premium Protection Plus, Terminal Illness Cover, and Block Your Premium.	Riders Available Accidental Death Benefit, Accidental Total & Permanent Disability, Critical Illness Benefit
Policy Term	Policy Term 5 to 40 years	Policy Term 5 to 40 years

Overview

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.

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

Riders

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.

Name of the Rider	Benefits
Acko Accidental Death Benefit Rider	Offers an additional sum assured if the policyholder dies due to an accident.
Acko Life Accidental Total Permanent Disability Benefit Rider	Provides the sum assured if the policyholder becomes partially or totally disabled due to an accident.
Acko Life Critical Illness Benefit Rider	Pays the rider benefit if the policyholder is diagnosed with any critical illness mentioned in the policy brochure.

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