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About Canara HSBC Life Term Insurance Plans
Canara HSBC Life Insurance offers online term insurance plans, including Young Term Plan, iSelect Smart 360 Term Plan, and Saral Jeevan Bima. These plans are designed to provide affordable life cover and financial security for your family. You can get a Canara HSBC Young Term Insurance plan starting at just Rs. 751 per month (T&Cs apply). Buying a term insurance plan is a crucial step to secure your family's financial future.
Key Features of Canara HSBC Life Term Plans
- Life cover till 99 years of age
- Protection against 40 illnesses
- Return of total premiums paid if no claim is made
- Option to block premiums and increase cover by up to 100%
- Child care benefit
- High cover at affordable premiums
- Tax benefits as per applicable laws
- In-built waiver of premium benefit
Diverse Plan Options
Canara HSBC Life offers various plan options with different features and benefits. You can choose the one that best suits your requirements.
Affordable Premiums
Canara HSBC Life offers term plans at affordable premiums, ensuring they fit within your budget.
Flexible Policy Term Options
Canara HSBC Term Plans offer flexible policy term options to choose from as per your needs.
High Claim Settlement Ratio
Canara HSBC Life has a high Claim Settlement Ratio (CSR) of 99.31% for FY 2023-24, ensuring a smooth claim settlement process for your family.
Why Buy Canara HSBC Term Insurance Plans?
You should consider buying Canara HSBC Term Insurance for the following reasons:
- These plans provide a high sum assured at affordable premiums.
- They offer flexible payout options, including a lump sum or regular income, to suit family needs.
- These plans also provide a Return of Premium option, allowing you to get back 100–115% of premiums if no claim is made.
- They offer coverage up to age 99, unlike many basic term plans.
- Includes a premium waiver on disability, ensuring coverage continues if you become permanently disabled.
Eligibility Criteria for Canara HSBC Term Insurance Plans
To purchase a Canara HSBC term insurance plan in 2025, certain eligibility criteria must be met. Let's understand these criteria in detail.
Age
Individuals aged 18 to 65 are eligible to apply for a term life insurance plan. The policyholder's age is a key factor in determining the term insurance premium.
Health Condition
Since a Canara HSBC term insurance plan insures the policyholder's life, most insurers require a health examination to assess the applicant's current health and inherent risks. Honest disclosure of health conditions and medical history is crucial to avoid claim settlement issues.
Income
While there's no specified minimum income requirement for Canara HSBC term plans, insurers may request bank statements and salary slips to determine appropriate coverage.
Smoking Habits
Disclosure of smoking habits (past or present) is mandatory, as smokers face higher health risks like lung cancer.
Citizenship
Indian citizens can purchase a Canara HSBC term insurance plan in India. NRIs and PIOs can also avail the benefits of a term insurance plan in India.
Additional Benefits Offered By Canara HSBC Term Plans
Canara HSBC Term Insurance Plans offer various additional benefits to policyholders.
Premium Block Feature
Canara HSBC term plans come with an in-built premium block feature. This feature allows you to block premiums for the initial years of the plan, while your basic sum assured can increase by up to 100%.
Steady Income Benefit
The Steady Income Benefit provides a regular monthly income, starting from the end of the policy anniversary, based on the plan chosen at inception.
Whole Life Option
While term insurance typically covers a specific period, the Whole Life Option extends coverage up to 99 or 100 years.
Spouse Life Cover
The Spouse Life Cover allows you to add your spouse to the same plan, similar to a joint life policy, providing coverage for two individuals under one policy.
Life Stage Benefit
Life Stage Benefit allows you to increase your sum assured at key life milestones like marriage, childbirth, or adoption, aligning with changing responsibilities.
Types of Canara HSBC Life Term Plans
There are various Canara HSBC term plans available. You can choose the one that best suits your requirements.
Basic Term Plan
Plan Name: Saral Jeevan Bima
Upon the policyholder's demise during the policy period, the death benefit is payable to the nominee.
Term Plan with Return of Premium
Plan Name: iSelect Smart360 Term Plan or Young Term Plan
Receive all premiums paid towards the plan at maturity if you outlive the policy tenure.
Term Insurance with Monthly Income
Plan Name: iSelect Smart360 Term Plan
These plans provide a regular monthly income to beneficiaries if the policyholder passes away during the policy term.
Term Insurance with Critical Illness
Plan Name: Young Term Plan
This plan includes in-built coverage against critical illnesses.
Riders You Can Avail With Canara HSBC Term Insurance Plans
You can avail of the following riders with your Canara HSBC Term Insurance Plans.
| Name of the Riders | Benefits |
|---|---|
| Accidental Death Benefit | Get an extra payout on top of base coverage upon death due to an accident. |
| Accidental Total & Permanent Disability Premium Waiver | If the policyholder suffers accidental total and permanent disability, future premiums are waived, and the policy continues until maturity. |
| Accidental Total & Permanent Disability Benefit Plus | Provides an additional lump sum payout on top of the base cover in case of accidental total and permanent disability, and future premiums are waived. |
| Critical Illness Premium Waiver | If diagnosed with 40 pre-specified critical illnesses, future premiums are waived, and the policy continues until maturity. |
| Critical Illness Benefit Plus | Provides additional coverage if diagnosed with any of the 40 covered critical illnesses, and future premiums are waived. |
| Terminal Illness Benefit | If diagnosed with a covered terminal illness, a lump sum benefit of up to Rs. 2 Crores is payable while the policyholder is alive. |
Documents Required to Buy Canara HSBC Life Term Insurance Policy
Here are the documents required to buy a Canara HSBC Life Term Insurance Plan:
- Photo ID Proof: Passport, Aadhaar card, PAN card, Driving license.
- Age Proof: Passport, Aadhaar card, PAN card, Driving license.
- Address Proof: Utility bill, passport, voter ID, ration card.
- Medical Records: Medical records of the policyholder (if requested).
- Income Proof: Bank statement, last three months' salary slips (for salaried individuals).
How to Buy Canara HSBC Life Term Insurance Policy Online
- Step 1: Go to the official website of Canara HSBC Life Insurance.
- Step 2: Select a term plan in the "Life Insurance Plans" section.
- Step 3: Fill in details such as your name, gender, date of birth, email, mobile number, etc.
- Step 4: Proceed to pay via Net Banking, Debit, or Credit Card.
- Step 5: Once the transaction is complete, you'll receive a soft copy of the policy via email.
How to File a Canara HSBC Term Insurance Plans Claim
Canara HSBC term insurance offers both online and offline claim processes. To raise a claim for Canara HSBC term insurance plans, the customer needs to follow the below steps:
Online Process
1. Claim Reporting
The nominee must inform the insurer about the life-insured's death as soon as possible and submit the filled-out Canara HSBC term insurance claims form with all the required documents attached.
2. Claim Review
Once you submit the claim request, the insurer will verify all the details and documents, and will reach out to the nominee using the given contact details for further processing.
3. Claim Approval and Settlement
After successful verification, the decision will be communicated to the policyholder/nominee, and the claim will be processed accordingly. As per IRDAI regulations, claims are typically settled within 30 days of submission.
Offline Process
To file a claim offline, visit a Canara HSBC Life Insurance head office or any branch. Submit a duly filled claim form and required documents to the nearest branch or head office. The claim department processes the claim after document verification. You can locate the nearest branch using the Canara HSBC branch locator.
How to Buy Canara HSBC Term Insurance on 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 pay.
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