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A solid financial plan is essential for securing your family's financial well-being, especially during challenging times. The Canara 50 Lakh Term Insurance plan plays a vital role by offering a comprehensive death benefit of ₹50 Lakh, which can provide crucial support to your loved ones if something unfortunate happens to you.
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Upon buying the Canara 50 Lakh Term Insurance, you can gain peace of mind knowing that you are taking the most important step towards safeguarding your family's future.
Term Plans
Canara 50 Lakh Term Insurance Plan provides financial security to your family in the event of your sudden and unfortunate demise. Hence, a 50 Lakh term plan offered by Canara HSBC Life Insurance helps by providing a lump sum death benefit of Rs. 50 Lakh so that you can make sure your loved ones have a financially protected future.
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, 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 50 Lakh life cover:
Budget-Friendly Coverage: The 50 Lakh term insurance plan by Canara Life Insurance is affordable, providing basic term plan benefits at lower premiums, starting at Rs. 450/month.
*Note: Result for 18-year-old male buying Canara 50 Lakh term plan for the 20-year policy term.
Added Protection: The Canara 50 Lakh term insurance plan includes additional benefits through term insurance riders, offering protection for risks like accidental death benefit, terminal illness benefit and waiver of premium benefit. 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. However, it is important to note that the T&Cs regarding critical illness benefits are subject to change.
Financial Support for Your Family: The Canara 50 Lakh Term Insurance provides ₹50 Lakh to cover loans, debts, and daily expenses if you pass away, ensuring your loved ones remain financially stable.
Easy Online Purchase: Buy term plan from Canara HSBC Life Insurance online through Policybazaar without visiting a branch.
Flexible Payouts: Choose between a lump sum or monthly payments for the death benefit to suit your family's needs.
Tax Benefits: Enjoy tax deductions under Section 80C for premiums paid and tax-free death benefits under Section 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 the most suitable life cover for your family’s security.
The best Canara 50 Lakh Term Insurance you can easily buy online from Policybazaar is Canara HSBC Young Term Plan.
The Canara HSBC Young Term Plan offers financial protection for your family if you suddenly pass away during the policy term. The plan includes coverage for terminal illnesses, as well as accidental disabilities. You can choose the coverage that suits your needs with two flexible plan options. This plan provides affordable and reliable security for your family's future, ensuring they are well-protected and giving you peace of mind.
Here are some reasons why you should consider buying the Canara DigiShield Plan:
This life insurance plan provides comprehensive life cover for yourself and your family.
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 up to Rs. 46,800 per year under applicable sections of the Income Tax Act, 1961.
The eligibility conditions to buy the 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 50 Lakh term insurance plan from Policybazaar:
Step 1: Go to Policybazaar’s website and click on ‘Term Insurance.’
Step 2: Enter your name, date of birth, and contact details, then click ‘View Plans.’
Step 3: Provide details about smoking habits, income, occupation, and education, and select ₹50 Lakh coverage.
Step 4: Choose the Canara HSBC Term Insurance plan from the options available.
Step 5: Finalize your purchase by selecting your preferred payment method.
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 an 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.
†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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