Canara HSBC Term Insurance
  • Affordable premiums
  • Pan India presence
  • 98.44% CSR
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About Canara HSBC Term Insurance Plans

Canara HSBC started its business as a joint venture between Canara Bank (India) and HSBC Insurance (Asia Pacific) in the year 2008 as a life insurance company. Canara HSBC term plans are designed to protect your dependents in tough times. These term plans offer high coverage and ensure that your loved ones will not suffer financially after your demise. The company also provides additional coverage with the help of riders such as accidental death benefit rider, critical illness rider, and premium waiver rider. Customers can customize their term plans according to their unique needs.

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Canara HSBC Term Insurance Plans

Canara HSBC Term Insurance Plans

Features of Canara HSBC Term Insurance

While purchasing a Canara HSBC term insurance plan, you must know the following features of them:

  • Annual Premium

     Annual Premium showcasing the company's trust among the customers; in the financial year 2021-2022, Canara HSBC has reported a total of Rs. 5,889.92 crores of premiums, with a growth of 8% from the last financial year.

  • Claim Settlement Ratio

     The company's claim settlement ratio showcases the company's claim-settling ability in the same financial year. The 2021-22 IRDAI annual report states that Canara HSBC life insurance has settled 98.44% of claims in the financial year 2021-2022.

  • Solvency Ratio

     The solvency ratio of the company showcases the company's long-term ability to handle debts. In the Annual report of 2021-2022, Canada HSBC has a solvency ratio of 2.8, which is far above the set benchmark of 1.5.

  • Pan India network

     Canara HSBC Life Insurance has more than 500+ branches available in every major city, town, and village in India, with more than 10,000 employees working day and night to fasten the claim settlement process and stand with customers in tough times.

Advantages of Canara HSBC Term Plans

Given below are some advantages of Canara HSBC term life insurance plans:

  • Premium Block Option

     The term plans by Canara HSBC provide premium block option to its customers. Through this, if the customer blocks the premiums for the first years of the plan, their basic sum assured will increase by up to 100%.

  • Individuals can opt for a steady income benefit

     Canara HSBC term insurance provides steady income benefit for their customers after the attainment of 60 years. Under this, the customer will get monthly survival income depending on the plan chosen at inception.

  • Higher coverage at affordable premiums

     Canara HSBC Term plans offer comprehensive coverage for their customer with affordable premiums so you can safeguard your family's future without impacting your monthly budget. A person aged 25 years can opt for a 20 lakh term plan at just Rs. 500/- Monthly premiums.

  • Coverage for long-term

     Canara HSBC term plans offer financial coverage for the long term to provide financial safety to your family. For Example, the Canara HSBC i-select 360 term plan will allow you to cover yourself up to 99 years of age.

  • Tax Benefits

     Customers can opt for tax benefits up to 1.5 lakh under section 80c of the Income Act 1961 for the premiums paid towards the Canara HSBC Term Plan.

Calculate the premiums of Canara HSBC Term Plans

Below is a premium illustration of a 35-year-old male who is a non-smoker, and opted for a 1 crore Young Term Plan - Life Secure.

Plan optionLife CoverAgePremium Amount (Monthly)
Young Term Plan - Life Secure1 crore351165

Exclusions Under Canara HSBC Term Life Insurance Plans

Let's have a look over the exclusion of Canara HSBC Term Plans

Suicide Exclusion

Only 80% of the total sum assured will be paid if the policyholder commits suicide within the first year of the policy purchase.

If the policyholder commits suicide after 12 months of policy commencement, a whole death benefit will be paid as per the plan.

Rider exclusions

For the critical illness rider, if any of the critical illnesses are diagnosed before the 48 months of the policy's inception, They will not be able to claim the benefits under the rider.

Any permanent/ partial disability caused by being involved in any sports or dangerous activities shall not be covered.

How To Purchase Canara HSBC Term Insurance Plan?

  • Visit the official website of Canara HSBC Life Insurance.
  • Select the desired term plan from the list of 'life insurance plans' tab present at the top of the page.
  • Now click on 'check premium' and provide the personal details required.
  • Tap on 'next' and check the details of the chosen plan as per your requirements.
  • Click the 'buy' button and make the payment of the policy.
  • A confirmation email along with the soft copy of the policy will be sent to your registered email Id.

**Only Canara HSBC iSelect+ Term Plan and Canara HSBC iSelect Star Term Plan are available for online purchase. You need to visit the nearest Canara HSBC life insurance branch to buy another Canara HSBC term insurance plan.

Documents Required During Claim Process

The documents that need to be submitted together with the duly filled form are as follows:

  • Original policy document.
  • Death Certificate issued by Municipal authorities.
  • Copy of Bank Pass Book/ Canceled Cheque.
  • Hospital/Other treatment records.
  • Photo Identification & address proof of the claimant.
  • Physician's Statement.

In the case of unnatural/accidental deaths, the following additional documents will be required by the company:

  • Police reports (FIR, Panchnama, Police investigation report & Viscera Report).
  • Newspaper cutting (detailing the incident, if any).

How to Settle a Claim for Canara HSBC Term Insurance Plan?

Filling a claim for the Canara HSBC Term plan is an easy 3 step process. Read along to find the easy and hassle-free process of settling claims:

Claim Registration

To register the claim, the beneficiary needs to intimate the insurer about the incident. (S)he can do the same in the following ways:

  • Either by filling the online claim intimation form, or
  • Calling on the toll-free number 1800-103-0003/1800-180-0003 or write at customerservice[at]canarahsbclife[dot]in, or
  • Locate the nearest branch/office from the official website of the company and submit the duly filled claim form along with necessary documents.

The insurer will provide some more forms to be filled that can be collected over email or from the respective branch.

Claim Verification

On receipt of your claim by the company, they will verify all the forms and documents according to the terms and conditions of the policy. The company may contact you for clarifications if any.

Claim Settlement

After successful verification, the decision will be communicated to the policyholder/nominee and the claim will be processed accordingly.

Canara HSBC Term Insurance: FAQs

1. Does Canara Term Plan provide flexibility to select a premium renewal date?

Yes, insurance holders can select their renewal premium date for Canara HSBC Term Plans purchased.

2. What are the documents required for the claim settlement process of Canara HSBC Term Insurance Plans?

The documents that need to be submitted together with the duly filled form are as follows:

  • Original policy document.
  • Death Certificate issued by Municipal authorities.
  • Copy of Bank Pass Book/ Canceled Cheque.
  • Hospital/Other treatment records.
  • Photo Identification & address proof of the claimant.
  • Physician's Statement.

In the case of unnatural/accidental deaths, the following additional documents will be required by the company:

  • Police reports (FIR, Panchnama, Police investigation report & Viscera Report).
  • Newspaper cutting (detailing the incident, if any).

3. Does Canara HSBC offer EMI options to pay renewal premiums?

Yes, Canara HSBC term plans can be purchased by providing EMI Options on renewal premiums to the insurance holders.

4. What is the claim settlement ratio for Canara Term Insurance?

Canara HSBC Term Insurance plans offer a high claim settlement ratio every year. For the financial year 2021-22, the claim settlement ratio for Canara Term Insurance Plan is 98.44% which indicates the brand's reliability and trust of its customers.

5. What are the various term insurance plans offered by Canara HSBC Life Insurance?

There are 2 versatile term insurance plans offered by Canara HSBC Life Insurance that are Canara HSBC iSelect smart 360 term plan and Canara HSBC Saral Jeevan Bima.

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Canara HSBC Term Insurance Reviews

Read what our customers have to say about Canara HSBC Term insurance company

Customer Review Image

Priyanshi Deewan

Hyderabad

July 6, 2022

I recently received the claim amount of the policy that my husband had brought for us. I am glad that the company understands the needs of its customers and their families. Well done Canara HSB...

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Rishabh Kumar

Delhi

July 6, 2022

I bought a term plan with Canara HSBC for the protection of my family and have been satisfied with the benefits received. It is simple and easy to buy their plans.

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Samarth Gaur

Chennai

July 6, 2022

I am very happy with the term plans offered by the Canara HSBC Life Insurance company. The plans offer comprehensive coverage and I am sure will support my family after my demise.

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namita

Coimbatore

February 24, 2022

Good company with effectively packaged plans. Polite customer care team who are ready to help with every query

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Barkha Khanna

Delhi

September 27, 2021

One of the best Life Insurance companies. Amazing company with amazing customer support. I would definitely recommend this company to others.

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Sunita Gupta

Dehradun

September 21, 2021

I found many options while going through the website of Policyx.com. But I chose the Canara HSBC Life Insurance. Great company, uncluttered and easy to understand.

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Anjana Pandey

Jaipur

September 20, 2021

Amazing company. got my claims settled quickly after my husband s death. Thank god he bought this policy. we have now money to fulfil our day to day needs

View All Canara HSBC Term Insurance Reviews

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