Canara HSBC Term Insurance
  • Steady Income Benefit
  • Coverage against 40+ critical illnesses
  • Block your premium
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Canara HSBC Term Insurance Plans June, 2023

Canara HSBC term plans are designed to safeguard individuals and their families financially. These term plans offer high coverage and guarantee that your loved ones are financially secure in the event of your untimely demise. HSBC Canara term insurance policies offer variable policy periods and allow you to select between regular and limited premium payment alternatives. In addition to this, policyholders can supplement their coverage with add-on riders such as accidental death benefit, critical illness coverage, and premium waiver. The Canara term plans also offer tax benefits under the Income Tax Act, 1961.

Key Features of Canara HSBC Term Insurance

Before buying a best term insurance plan, it is important for you to check the company's performance. In the below section, we have mentioned some of the key features of the company and its performance during the financial year of 2021-22:

  • Annual Premium: The annual premium of the company showcases its growth. In the financial year 2021-22, the annual premium of the Canara HSBC Term Insurance company is Rs. 5,889.92 Cr.
  • Claim Settlement Ratio: The claims settlement ratios of the company helps you analyze its claim settling ability. It is important for you to check the CSR of the company to avoid confusion and delay or rejection at the time of claim settlement. As per the IRDAI annual report 2021-22, the CSR of the Canara HSBC Term Insurance company is 98.44%.
  • Solvency Ratio: The Solvency Ratio of the company helps you get an insight into the company's ability to pay its long-term debts. As per the annual reports of IRDAI 2021-22, the solvency ratio of Canara HSBC Term Insurance is 2.8.
Canara HSBC Term Insurance Key Features

Benefits of Canara HSBC Term Insurance Plans

  • Premium Block Option : Canara term plans offer premium block options wherein the individual is offered the option to block the amount of premium to be paid towards the term insurance plan for the first 5 years. During this period an insurance holder can increase their sum insured on an important milestone in life such as marriage, the birth of their first child, or purchasing their own home.
  • Individuals can opt for a steady income benefit : When purchasing a Canara Term Insurance individuals can avail of a steady income benefit on the attainment of 60 years. The benefit will offer a monthly survival income to the insurance holder from the time an individual attains the age of 60 years till the earlier of death or end of the policy term.
  • Higher Coverage at Affordable Premiums:A term plan from HSBC Life Insurance company offers comprehensive coverage to you and your loved ones at a very nominal price. For example, the iSelect Star Term Plan loaded with added benefits and features will cost almost Rs. 500 a month if you are 30 years of age.
  • Coverage for Long-Term:Unlike other types of insurance, Term Insurance allows you to ensure long-term financial safety for your family. Some HSBC term plans such as iSelect Smart 360 allow you to avail yourself of coverage up to 99 years of age.
  • Enhanced Coverage with Riders:The term plans offered by Canara HSBC allow you to enhance your protection by adding several riders available by the company. The riders such as critical illness cover, accidental death and disability cover, and premium waiver option can be opted by paying additional premiums.
  • Tax Benefits:Under sections 80D and 80C, the term plan offered by Canara HSBC provides you with tax benefits against the premiums paid.

Canara HSBC Best Term Plans

Canara HSBC offers two versatile term plans that guarantee the safety of your loved ones in your absence. The plans mentioned below are loaded with versatile features and benefits that will allow your family to achieve all their goals and maintain their lifestyle in the face of any unforeseen circumstances. Read below to know more about Canara term plans:

  • Canara HSBC iSelect Smart360 Term Plan
  • Canara HSBC Saral Jeevan Bima Term Plan

Canara HSBC iSelect Smart360 Term Plan

iSelect Smart360 Term plan is comprehensive term insurance that allows you to fulfill the needs of your loved ones. You can customize your plan by choosing any of the 3 available plan options.

Unique Features

  • Life cover till 99 years
  • Child Care Benefit option
  • Income Benefit after 60 years

Canara HSBC Saral Jeevan Bima Term Plan

A standard and affordable term insurance plan that offers a lump-sum amount to the beneficiary in case of the death of the policyholder.

Unique Features

  • Customize Premium Payment Term
  • Tax Benefits
  • Hassle-free buying process