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Canara HSBC Life Insurance is one of the most trustworthy insurers in the country. The company provides a variety of term insurance plans designed to meet the needs of different individuals and ensure their family's financial security in the unfortunate event of your sudden death. The Canara HSBC term plan offers key features such as illness protection, income options in case of death, long-term coverage, and tax benefits. Let’s understand more about Canara HSBC Term Plans in detail.
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Canara HSBC term insurance plans are perfect for individuals wishing to protect their family's financial future. With a Claim Settlement Ratio (CSR) of 99% in the financial year 2022-23, this insurance company offers a wide range of plans tailored to the diverse needs of customers, thereby ensuring financial security for your loved ones in case of unforeseen events. Key features of Canara HSBC term plans include protection from critical and terminal illnesses, affordable premiums, long-term coverage, tax benefits, etc.
Note: Know more about what is term life insurance first before reading this article.
Term Plans
Canara HSBC Life Insurance provides a wide range of term plans from which you can choose your ideal policy. You can also enjoy the premium block feature for the first 5 years of the policy, which allows you or your spouse to increase the Base sum assured without additional underwriting. Let’s learn about other reasons to buy Canara HSBC term plans:
While the critical illness rider is no longer offered by the insurers for new policies, the individuals with existing policy will still remain covered under the Canara HSBC critical illness rider. The Canara HSBC term insurance provides coverage for various life-threatening illnesses such as strokes, heart failure, kidney issues, and specific stages of cancer, etc. By adding the critical illness rider to your base term plan, you'll receive a lump sum benefit upon diagnosis of the illness. This payout can help cover treatment costs and hospital bills. Here's a list of critical illnesses covered by Canara HSBC term plans:
Canara HSBC term plan riders are extra benefits that enhance the coverage of your term life insurance policy. They protect you against various risks, such as terminal illness, accidental death, accidental total permanent disability, and premium waiver. You can include these riders in your base plan for a small additional premium along with your base premiums.
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HLV, or human life value, is the estimation of the life cover amount that is needed by the policyholder to support his/her family financially in the unfortunate event of his/her death. Usually, it should be around 10-15 times their annual income.
Let’s understand with the help of this example.
Sanjeev wants to buy term plan that will cover his family’s expenses in his absence. If his current age is 27 years and he earns 7 LPA, his ideal life cover should be 1.75 Crores. Use the below calculator to easily calculate the adequate sum assured.
Human Life Value Calculator is an online tool that can help you find the ideal life cover amount based on your age and yearly income. It's important to choose a term plan with the right life cover because this is the amount that your family will receive if something unfortunate happens to you. Therefore, make sure it's enough to meet their expenses and financial needs if you're not around.
Choosing the right life cover ensures your family can manage financially if you pass away unexpectedly, covering all the expenses and pre-existing debts. Here are sum assured options to consider for you and your family's needs.
Know more about Canara HSBC Term Plans
Note: You can easily calculate the term plan premium by using the term insurance premium calculator online tool.
Here are the key term insurance benefits of Canara HSBC Term Plans:
Financial Security: Canara HSBC Life Insurance offers pure life coverage to safeguard you and your family in unexpected circumstances like disease, disability, or death.
Budget-Friendly Premiums: Canara HSBC Life Insurance provides comprehensive plans, including term life insurance, at highly affordable premium rates, ensuring the financial well-being of your family without financial burden.
High Claim Settlement Ratio: Canara HSBC Life Insurance boasts one of the highest Claim Settlement Ratios amongst Indian insurers, standing at 99.18% for the 2021-22 financial year, indicating the high number of claims successfully settled.
Additional Tax Benefits: Opting for Canara HSBC Life Insurance plans can also qualify you for tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961, making it a prudent choice for your insurance needs while enjoying tax advantages.
Flexible Premium Payments: You can choose to pay term insurance premiums in a single instalment, over a few years (e.g., 5, 10, 15), or throughout the policy term of your Canara HSBC Life Insurance plan, with long-term policies offering a pay-till-60 option.
Additional Coverage: You can add various supplementary insurance covers and benefits to your Canara HSBC life insurance plans, such as coverage for accidental death and disability, child support, etc.
Benefit Payment Choices: Canara HSBC life insurance plans provide death benefits in multiple ways, including a lump-sum, regular monthly income, or a combination of both.
Special Exit Value: Receive a return of total premiums paid if you voluntarily exit with the Special Exit Value, excluding underwriting extra premiums and premiums for Optional In-Built Covers (if any).
Increasing Coverage: Canara HSBC Life Insurance plans offer flexible premiums and coverage to adapt to your growing responsibilities as you age, ensuring you're protected against illnesses and accidents.
Premium Block Feature: You can lock your premium for the first 5 years of the policy. During this period, the policyholder or spouse can increase the Base Sum Assured of their Canara HSBC Life Insurance plan without additional underwriting.
Tax Benefits: Canara HSBC Life Insurance offers tax benefits under applicable sections of the Income Tax Act, 1961, enabling you to save up to Rs. 1.5 Lakhs annually.
Young Individuals
Working Males & Females
People with Dependant Spouse
People with Children
Tax Payers
People with existing loans/debts
Retired Individuals
Step 1: Visit the official Policybazaar website and go to the Term Insurance section.
Step 2: Provide your name, contact details, gender, and DOB.
Step 3: Enter the information regarding your job, annual income, qualifications, and smoking habits.
Step 4: Choose the Canara HSBC term plan from the list of term insurance plans that appear.
Step 5: Pay using your preferred mode to complete the purchase.
Here is a list of all the points you need to consider before buying Canara HSBC term insurance plans:
Age: Your age significantly impacts the cost of term insurance premiums. The younger you are when you purchase a policy, the lower your premiums will be. It's advisable to buy a term plan as early as possible to ensure affordable coverage for your loved ones.
Claim Settlement Ratio: The claim settlement ratio (CSR) indicates how likely an insurance company is to settle claims. Higher CSR values suggest a better chance of your family's claim being settled in your absence. It's wise to choose a term plan from a company with a CSR of at least 95% or higher.
Solvency Ratio: A term insurance company's solvency ratio should exceed 1.5 or 150% to ensure it can fulfil all policy obligations in case of unexpected events.
Customer Experience: Before selecting a term plan, review genuine customer feedback to understand how the company treats its customers and their overall experience.
Available Riders: To tailor your coverage to your specific needs, consider adding riders to your base term plan. Review the available riders for each plan to ensure they align with your requirements.
Multiple Payout Options: Canara HSBC term insurance plans offer various payout options to serve as income replacements when needed. Choose from lump sum payouts, regular instalments, or a combination of the two.
Ease of Purchase: Canara HSBC term plans are straightforward to purchase online, allowing you to buy coverage from the comfort of your home within minutes without the hassle of visiting a company office or waiting in queues.
Canara HSBC Term insurance company offers you an easy way to file a claim online without going through any documentation process. The online claim procedure is simple and consists of 3 steps:
Claim Initiation: The nominee must inform the policyholder of the policyholder’s death as soon as possible and submit the filled-out Canara HSBC term insurance claims form with all the required documents attached.
Claim Assessment: The insurer will review the claim request and contact the nominee using the given contact details for further processing.
Claim Settlement: The company will pay the claim amount in the nominee’s bank account in case of successful verification of the provided details.
Suicide: If the life assured commits suicide within the first year (12 months) from the policy start date or revival date, the nominee won't receive the sum assured amount. Instead, they'll only get back the total premium paid once the policy is active.
Note: Check out the term life insurance in India and choose one that suits your requirements.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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