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.
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Canara HSBC Term Insurance Plans
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.
Need to know all about Canara HSBC Term Insurance? Find complete details in one go!!
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 section 80 C of the Income Tax Act, 1961, the term plans offered by Canara HSBC provide the policyholders with tax benefits.
Canara HSBC Best Term Plans
Canara HSBC offers 3 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:
A Non-Linked, Non-Participating, Individual, Pure Risk plan that offers 3 plan options with steady income benefits.
Unique Features
Life cover till 99 years
Child Care Benefit option
Income Benefit after 60 years
iSelect Smart360 Term Plan (Pros)
3 Plan Options & Spouse Cover
Accidental Death Benefit
Accidental Total & Permanent Disability
iSelect Smart360 Term Plan (Cons)
No Policy Loan Allowed
No Maturity Benefit
No Benefit On Revival
iSelect Smart360 Term Plan (Other Benefits)
Critical & Terminal Illness
Option To Block Your Premium
5% Loyalty Discount
iSelect Smart360 Term Plan (Eligibility Criteria)
Entry Age -18 Years
Max Entry Age- 65 Years
Minimum Sum Assured - 25 L
Maximum Maturity Age - 81 Yrs
Premium Payment Term - RP/SP/LP(5&25 Years)
Standard Plan
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
Saral Jeevan Bima Term Plan (Pros)
Available for Online Buying
Choose to Pay Premium Once
High Sum Assured
Saral Jeevan Bima Term Plan (Cons)
No Survival Benefit
No Maturity Benefit
No Surrender Benefit
Saral Jeevan Bima Term Plan (Other Benefits)
Suicide Cover
Spouse Cover
Policy Revival Within 5 Years
Saral Jeevan Bima Term Plan (Eligibility Criteria)
Entry Age -18 Years
Max Entry Age- 65 Years
Minimum Sum Assured - 5 L
Maximum Maturity Age - NA
Premium Payment Term - RP/SP/LP(5&10 Years)
Standard Plan
Canara HSBC Young Term Plan Online
The plan offers whole life cover, cover for 40 critical illnesses and a Special Exit Value for added financial security
Unique Features
WOP On Diagnosis of CI
Return of Premium Benefit
Child Education Benefit
Young Term Plan Online (Pros)
2 Plan Options & Spouse Cover
Accidental Death Benefit
Accidental Total & Permanent Disability
Young Term Plan Online (Cons)
No Policy Loan Allowed
No Pre-Existing Diseases Cover
No Benefit on Revival
Young Term Plan Online (Other Benefits)
Critical & Terminal Illness
Option To Block Your Premium
5% Loyalty Discount
Young Term Plan Online (Eligibility Criteria)
Entry Age -18 Years
Max Entry Age- 45 Years
Minimum Sum Assured - 25 L
Maximum Maturity Age - 99 Yrs
Premium Payment Term - RP/SP/LP(5 To 15 Yrs)
Features of Canara HSBC Term Plans
1. Canara HSBC iSelect Smart360 Term Plan
Canara HSBC Life Insurance iSelect Smart360 Term Plan is your financial companion ensuring your family's financial safety in the face of adversity with three plan options namely, life secure, life secure with income and life secure
with return of premium. The plan offers a lump sum amount or regular income to the life assured. The plan is a Non-Linked, Non-Participating, Individual, Pure Risk Premium plan which comes as an all-in-one product.
Avail life cover till 99 years of age.
Individuals can avail of no-claim benefits wherein they have the option to get return of total premiums paid in case of no claims.
Terminal Illness Benefit Available.
Additional lump sum benefit is available in case the insured life is diagnosed with a critical illness, accidental death or accidental total or permanent disability.
Child Care benefit is available as an optional benefit.
Eligibility Criteria of Canara HSBC iSelect Smart 360 Term Plan
Entry Age
Minimum Policy Term
Premium Payment Term
Minimum Sum Assured
Minimum: 18 Years Maximum: 65 Years Single Premium: 40 Years For PPT of Up to 60 years: 55 Years Non-Working Spouse: 50 Years (40 Years for Single Premium)
5 Years
Yearly/Half Yearly/Quarterly/Monthly/Single
INR 25 Lakh Critical Illness: INR 5 Lakh
2. Saral Jeevan Bima
The plan is an easy and affordable plan for individuals that offers a lump sum benefit in case of death of the insured individual. It offers flexible basic sum assured, premium payment term, policy term, and premium payment frequency.
An affordable insurance cover.
Ensuring financial protection for your family in case of your absence.
Easy-to-understand and hassle-free purchase process.
Multiple premium payment terms offered to individuals such as single premium, 5 or 10 years limited premium payment, and payment throughout the policy term).
Avail of tax benefits under the plan.
Eligibility Criteria of Saral Jeevan Bima
Entry Age
Minimum Policy Term
Premium Payment Term
Minimum Sum Assured
Minimum: 18 Years Maximum: 65 Years
5 Years to 40 Years
Single/ Limited Payment - 5/10 year and Regular Payment - Equal to the Policy Term
INR 5 to 25 Lakh
Calculate Canara HSBC Term Insurance Premium
To get an estimate of premiums you need to pay under Canara HSBC term plans, we have provided the sample premium illustration, that will give you an insight into the premiums. Take a look:
Canara HSBC iSelect Smart360 Term Plan
Plan Option
Life Secure
Life Secure with Income
Life Secure with Return of Premium
Premium Payable (in Rs.)**
808
808
2,300
**Premiums shown for a 30-year-old non-smoker male, with a chosen Sum Assured of Rs. 1 Cr, and a policy term of 20 years.
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.
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.
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:
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.
Read what our customers have to say about Canara HSBC Term insurance company
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...
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.
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.
namita
Coimbatore
February 24, 2022
Good company with effectively packaged plans. Polite customer care team who are ready to help with every query
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.
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.
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
