Canara HSBC Term Insurance
  • 1 Cr Cover Rs. 751/ Month
  • Get 5% Online Discount
  • CSR 99.01% for FY 2022-23
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About Canara HSBC Life Term Insurance Plans

Canara HSBC offers 3 online term insurance plans: Young Term Plan, ISelect Smart 360 Term Plan, and Saral Jeevan Bima. Each plan is designed to cater to customers' needs, which helps secure your family financially in your absence. You can get a Canara HSBC young term insurance plan starting at just Rs. 751/ per month (T&Cs apply). 

Canara HSBC Term Insurance Plans offers range of
Benefits
that sets them apart.

  • Get life cover till 99 years of age,

  • 40 illness protection,

  • Return of total premium paid in case of no claim,

  • Block your premiums and increase cover by upto 100%,

  • Child care benefit,

  • High cover at affordable premiums,

  • Tax Benefits as per applicable laws,

  • In-built waiver of premium, etc.

 

  1. Solvency Ratio
    1.9
  2. Claim Settlement Ratio
    99.51
  3. Annual Premium
    25341.91 Cr
  4. Branches
    231+

Canara HSBC Term Insurance Plans

Canara HSBC Term Insurance offers you multiple term insurance plans based on the features, benefits, and eligibility criteria. Here are some of the term plans offered by Canara HSBC Term Insurance.

Plan Entry Age Tenure Min. Sum Assured Unique Features
iSelect Smart 360 Term Plan Minimum Age - 18 years Maximum Age - 65 years Single pay, yearly, half-yearly, quarterly & monthly Rs. 25 Lakhs
  • Child Care Benefit
  • Life Stage Benefit
  • Steady Income Benefit
Young Term Plan Plan Minimum Age - 18 years Maximum Age - 45 years Yearly, half-yearly, quarterly & monthly Rs. 25 Lakhs
  • Whole Life Cover
  • 40 Illness Protection
  • Return of Premium
Canara HSBC Saral Jeevan Bima Plan Minimum Age - 18 years Maximum Age - 65 years Yearly, half-yearly & monthly Rs. 5 Lakhs
  • Multiple Premium Payment Term
  • Tax Benefits as per laws
  • Affordable Premiums

Overview of Canara HSBC Term Insurance Plans

Here is a quick overview of the Canara HSBC Term Insurance Plans listed in the above table.

iSelect Smart 360 Term Plan

Canara HSBC Life Insurance iSelect Smart360 Term Plan is an online protection plan that offers a choice of 3 plan options. It includes life secure, life secure with income, or life secure with return of premium. Each plan option has added key features such as spouse cover, income options in case of death, return of premium at maturity, etc.

Here are the key features of the above plan
  • With spouse cover, you can add your spouse under the same plan and get coverage for two people.
  • The plan allows you to increase your sum assured later as you progress in your life under the life stage benefit.
  • Get all your premiums back once you survive till the end of the policy term.
  • The child care benefit feature offers an additional sum assured till your child attains 21 years of age.
  • Option to block your premium rate at inception and increase cover up to 100% of the base sum assured in the next 5 years.
  • Get a steady flow of income at the beginning of each month, starting from the policy anniversary.

Riders You Can Avail With Canara HSBC Term Insurance Plans

Accidental Death Benefit

Get an extra payout on top of base cover’s upon death due to an accident.

Accidental Total & Permanent Disability Premium Protection

Upon accidental total & permanent disability to the policyholder, your future premiums will be waived, and the policy will continue till maturity.

Accidental Total & Permanent Disability Premium Protection Plus

Get an extra payout on top of the base cover lump sum in case of accidental total & permanent disability, and your future premiums will be waived.

Critical Illness Premium Protection

If you are diagnosed with 40 pre-specified critical illnesses, your future premiums will be waived, and the policy will continue until maturity.

Critical Illness Premium Protection Plus

Get additional coverage if you are diagnosed with any 40-covered critical illness, and your future premiums will be waived, and the policy will continue until maturity.

Terminal Illness Benefit

If you are diagnosed with any covered terminal illness, lump sum benefit up to a maximum of Rs. 2 Crores shall be payable while you're alive.

Why Choose Canara HSBC Term Insurance

Canara HSBC Term Insurance is one of the most trustworthy and reliable insurer partners you can choose from. Here are the reasons why you should choose Canara HSBC Term Insurance Plans:

Maternity Benefit Rider

Vivid Plan
Options

Kotak Life offers you various plan options with different features and benefits. You can choose the one that best suits your requirements.

Maternity Benefit Rider

Affordable Premiums

Kotak Life offers you term plans at affordable premiums so that it does not affect your pockets.

Maternity Benefit Rider

Flexible Policy
Term Options

Kotak Term Plans offer you flexible policy term options to choose from as per your wish.

Maternity Benefit Rider

Healthy CSR

Kotak Life has a high CSR of 98.82%. It means you don’t need to worry about your claim settlement.

Additional Benefits Offered By Canara HSBC Term Plans

Canara HSBC Term Insurance Plans offer various additional benefits to the policyholders.

Premium Block Option

Canara HSBC term plans come with an in-built premium block feature. In this feature, you can block the premiums for the first years of the plan, and your basic sum will increase by up to 100%.

Steady Income Benefit

With Steady Income Benefit, you'll get a steady flow of income at the beginning of each month, starting from the end of the policy anniversary. It offers monthly survival income depending on the plan chosen at inception.

Whole Life Option

As the name suggests, term insurance provides coverage for a specific period, but with a whole life option, you can stay protected with a life cover for up to 99/100 years.

Spouse Life Cover

Under this option, the spouse cover allows you to add your husband or wife to a single plan. It is the same as the joint life policy, which offers coverage for two people under the same plan.

Life Stage Benefit

With life stage benefits, you can increase your sum assured amount limit with their changing responsibilities at certain milestones, such as marriage, childbirth, or adoption.

Types of Canara HSBC Life Term Plans

There are various Canara HSBC term plans based on their features. 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 amount shall be payable to the nominee.

Term Plan with Return of Premium

Plan Name: iSelect Smart360 Term Plan or Young Term Plan

Get back all the 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 the beneficiaries in case the policyholder passes away during the policy term.

Term Insurance with Critical Illness

Plan Name: Young Term Plan

The plan comes with an inbuilt coverage against critical illnesses.

Documents Required to Canara HSBC Life Term Insurance Policy

Here are the documents required to buy a Canara HSBC Life Term Insurance Plan:

Photo ID Proof

Photo ID Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.

How to Buy a Canara HSBC Term Insurance Plan?

You can buy the Canara HSBC Term Insurance policy from Policyx.com or the Canara HSBC Term Insurance website.

Life Insurance
  • 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.

Life Insurance
  • 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.

Why Choose PolicyX.com?

Don't just take our word for it - check out what our happy customers say about us!

Seamless Support During Claim Settlement

I bought a health insurance policy from PolicyX, but all my claims were rejected for three years. I complained to the insurer and tried to resolve it on my own, but they still refused to settle my claims. Then, I received a text from Munish at PolicyX, who noticed that my claims hadn't been settled. PolicyX team fought for me and managed to get my claims settled, totalling ₹4,50,000. I really appreciate the efforts of the PolicyX team, especially Munish, for their support in settling my claims.

How to File a Canara HSBC Term Insurance Plans Claim

Canara HSBC term insurance made the claim process using both online and offline methods. To raise a claim in HDFC term insurance plans, the customer needs to follow the below steps:

Online Process

Your Occupation
1

Claim Reporting

The nominee has to inform the insurer about life-insured death as soon as possible and submit the filled-out Canara HSBC term insurance claims form with all the required documents attached.

Your Occupation
2

Claim Review

Once you submit the claim request, the insurer will verify all the details or documents and reach out to the nominee using the given contact details for further processing.

Your Occupation
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 the IRDAI, your claim will be settled within 30 days of raising the claim.

Offline Process

To file a claim offline with Canara HSBC Life Insurance, you either have to visit its head office or any of its branches. Submit a duly filled claim form along with the required documents to the nearest bank branch, company head office, or any of their offices. The claim department processes the claim once they verify the documents. However, you can easily locate the nearest branch office using the Canara HSBC branch locator.

Your Occupation
Life Insurance

More Queries?

If you have any more queries regarding Canara HSBC Term Insurance Plans, Renewals, or Claim Procedures, contact our insurance experts at:
1800-4200-269 now!

Canara HSBC Term Insurance: FAQs

1. What is the claim ratio for the Canara HSBC term plan?

The number of claims settled out of the total number of claims filed is known as the claim settlement ratio. Canara HSBC Life Insurance boasts a Claim Settlement Ratio of 99.01% for FY 2022-23.

2. Does Canara HSBC term plan offer whole-life coverage?

Under Canara HSBC Young Term Plan or ISelect Smart 360 Term Plan, you will get a whole life cover option. With a whole life option, you can stay protected with a life cover for up to 99/100 years.

3. 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.

4. Can I buy a Canara HSBC term plan in my 50s or 60s?

Yes, you can buy a Canara HSBC term plan till the age of 65. However, purchasing a term plan after 5 will be difficult because the Canara term plan has an entire age limit of 18 - 65 years.

5. What is the maximum maturity age in Canara HSBC term insurance?

Canara HSBC term plans, including the iSelect Smart360 or Young term plan, allow you to have a term life cover up to the age of 99.

6. Does Canara HSBC term life insurance cover accidental death?

Yes, some Canara HSBC term life insurance plans offer accidental death coverage. You can even add an accidental death benefit rider on your term and get an extra payout on top of the base cover in case of unfortunate death due to an accident.

7. Is the claim of your Canara HSBC term insurance policy considered valid if death occurs outside India?

Yes, Canara HSBC term insurance policy claims are not affected by the place of death.

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