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To secure your family's future, careful planning is the most important step. The Canara 1 Crore term insurance plan provides a Rs. 1 Crore death benefit to your nominee if you pass away during the policy term, all at affordable premiums. This coverage ensures your loved ones are financially protected. Here are the details of the Canara 1 Crore Term Insurance plan.
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Canara 1 Crore Term Insurance Plan provides financial security to your family in the event of your sudden death. Hence, a 1 Crore term plan offered by Canara HSBC Life Insurance helps by providing a lump sum death benefit of Rs. 1 Crore so that you can make sure your loved ones have a financially protected future.
Term Plans
You should buy Term Insurance from Canara Life Insurance because of the following reasons:
| Canara Life Insurance Highlights | |
| Canara Life Insurance Claim Settlement Ratio (CSR) | 98.10% (FY 2023-24) |
| Canara Life Insurance Solvency Ratio | 1.78 (FY 2023-24) |
| Canara Life Insurance Riders | Accidental Death Benefit (ADB), Accidental Total & Permanent Disability (ATPD) Premium Protection, Accidental Total & Permanent Disability (ATPD) Premium Protection Plus, Critical Illness (CI) Premium Protection, Critical Illness (CI) Premium Protection Plus, Terminal Illness (TI), Child Care Benefit (CCB), Block Your Premium (BYP) Benefit |
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Here are some of the key benefits of buying the Canara Term Insurance plan for 1 Crore life cover:
Budget-Friendly Coverage: The 1 Crore term insurance plan by Canara Life Insurance is affordable, providing basic term plan benefits at lower premiums, starting at Rs. 676/month.
*Note: Result for 18-year old male buying Canara 1 Crore term plan for 20 year policy term.
Added Protection: The Canara 1 Crore term insurance plan includes additional benefits through riders, offering protection for risks like accidental death benefit, terminal illness benefit, critical illness benefit, and waiver of premium benefit.
Financial Support for Your Family: The Canara 1 Crore Term Insurance plan provides financial support for your family if you pass away, helping with loans, debts, and daily expenses.
Easy Online Purchase: You can easily buy the plan online through Policybazaar, avoiding the need to visit a branch or wait in line.
Flexible Payouts: You can choose to receive the death benefit as a lump sum or as monthly payments, allowing you to manage your expenses as needed.
Tax Benefits: This term insurance plan offers tax benefits under sections 80C and 10(10D) of the Income Tax Act, 1961.
*Note: You can use the term insurance calculator for estimating your term insurance premium. You can also use the HLV Calculator to find out the most suitable life cover for your family’s security.
The Canara 1 Crore Term Insurance that you can easily buy online from Policybazaar is Canara HSBC Young Term Plan.
The Canara HSBC Young Term Plan is a pure risk protection plan that provides secures your loved ones financially if you unfortunately die within the policy term. This term plan also covers against critical and terminal illnesses, or if your suffer accidental disability. With 2 plan variants to choose from, this term plan is one of the ways to make sure that your loved ones’ futures are taken care of. Let’s understand the features of the Canara HSBC Young Term Plan here:
Here are some reasons why you should consider buying the Canara DigiShield Plan:
Get comprehensive life cover for yourself and your family with this life insurance plan.
2 Plan Options to choose from:
Life Secure
Life Secure with Return of Premium
Under the Block Your Premium (BYP) Benefit, you can lock in your premium rate for the first 5 years and increase your death benefit by up to 25%/50%/75%/100%, without additional underwriting, regardless of age, as long as the policy is active.
Avail tax benefits upto Rs. 46,800 per year under applicable sections of the Income Tax Act, 1961.
The eligibility conditions to buy Canara DigiShield Plan are as follows:
| Criteria | Minimum | Maximum |
| Entry Age | 18 years | 45 years |
| Maturity Age | 99 years (80 years for non-working spouse) | |
| Policy Term | Life Secure: 5 years Life Secure with Return of Premium: 10 years | |
| Sum Assured | 25 Lacs | No Limit |
| Premium Payment Terms | Regular and Limited Pay | |
| Premium Payment Modes | Monthly, Quarterly, Half-yearly, and Yearly | |
Young individuals
Self-employed/Business Owners
People with loans/debts
Newly married individuals
Parents with children
Sole breadwinner
Here are the steps to buy a 1 Crore term insurance plan from Policybazaar:
Step 1: Visit Policybazaar’s official website and click on ‘Term Insurance’
Step 2: Fill in your basic details like Name, DoB, and contact number and click on ‘View Plans’.
Step 3: Answer questions regarding smoking habits, annual income, type of occupation, and educational qualifications. Do not forget to select 1 Crore as your life cover.
Step 4: A list of all available term insurance plans will be displayed. Select the Canara HSBC Term Insurance plan from the available list.
Step 5: Pay using your preferred payment method to complete the purchase.
You can contact the below mentioned helpline numbers:
To Buy New Policy:
To buy a new term plan, call Policybazaar's helpline at 1800-208-8787.
For Help Regarding Existing Booking:
To get assistance regarding existing book, call Policybazaar’s helpline at 1800-258-5970.
Claim Assistance Helpline:
For claim support, call Policybazaar's helpline at 1800-258-5881.
Manage your claims conveniently by logging into 'My Account' on the Policybazaar website.
Policybazaar App:
Download the Policybazaar app for prompt customer support. You can address any insurance-related questions directly through the app.
*Note: You can contact Policybazaar Insurance Advisor for any insurance-related help/guidance or to clear doubts/confusion.
Note: You should also check the term insurance benefits if you are planning to purchase the term insurance plan.
†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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