Canara Guaranteed Savings Plan

The Canara Guaranteed Savings Plan combines guaranteed benefits with flexibility. Choose your savings term, enjoy guaranteed benefits at maturity with full premium payment, and get life coverage for the entire term while paying premiums for a limited period. Customize with options like Double Protection and Premium Protection for added benefits like enhanced family protection and premium waivers in case of death, along with choosing a premium payment term that suits your budget and goals.

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Investing in your child's future:A wise decision & a loving choice
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What is the Canara Guaranteed Savings Plan?

The Canara Guaranteed Savings Plan is a life insurance plan offered by Canara HSBC Life Insurance. It provides a combination of guaranteed benefits and flexibility to suit your financial goals. You can choose a savings term that aligns with your needs, with multiple policy term options available.

There are three plan options available to further customize your coverage:

  • Guaranteed Savings Option

  • Guaranteed Savings with Double Protection Option

  • Guaranteed Savings with Premium Protection Option 

These options provide additional benefits such as enhanced protection for your family and waiver of future premiums in case of death. The plan also allows you to choose a premium payment term that fits your budget and lets you earn a higher benefit by making a larger premium commitment.

Features of Canara Guaranteed Savings Plan

Features of the Canara Guaranteed Savings Plan are: 

  • Guaranteed Maturity Benefit: Receive a guaranteed sum of money upon policy maturity, providing peace of mind for your future.

  • Life Cover: Enjoy life insurance protection for the entire policy term, even while paying premiums for a limited period.

  • Enhanced Family Protection: The plan ensures your family receives a lump sum benefit in case of your unfortunate demise. Additionally, all remaining premiums are waived off, and your loved ones still get the guaranteed benefits at maturity (with the Premium Protection Option).

  • Flexible Payment Options: Choose a premium payment term that aligns with your budget and financial goals.

  • Plan Your Savings Timeline: Select a policy term that matches your financial milestones, ensuring your savings mature when you need them the most.

  • Reward for Higher Premiums: Benefit from the High Premium Booster program, which grants you additional benefits for making a larger premium commitment.

  • Tax Advantages: Enjoy tax benefits on premiums paid and benefits received under the Income Tax Act.

People also read: Canara HSBC Child Plan

Eligibility Criteria for the Canara Guaranteed Savings Plan

Parameters Description 
Entry Age
Plan Options Minimum Entry Age  Maximum Entry Age 
Guaranteed Savings Option 0 years 60 years
Guaranteed Savings with
Double Protection Option
18 years 60 years
Guaranteed Savings with
Premium Protection Option
18 years  55 years
Maturity Age
Plan Options Minimum Entry Age  Maximum Entry Age 
Guaranteed Savings Option 18 years 75 years
Guaranteed Savings with
Double Protection Option
28 years 
Guaranteed Savings with
Premium Protection Option
28 years
Policy Premium Term and Policy Term
5 10,15
7 12,15
10 15,20
Premium Payment
Annual, Half-Yearly, Quarterly & Monthly modes are available
Sum Assured &
Minimum Sum Assured: Rs. 76,500
Maximum Sum Assured: No Limit

Investment Investment
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₹1 Crore*
*Standard T & C Apply

People also read: Child Education Plan

Benefits of the Canara Guaranteed Savings Plan

Below are the benefits of Canara Guaranteed Savings Plan: 

  • Guaranteed Maturity Benefit: Upon surviving the policy term and paying all premiums, you receive a guaranteed sum assured amount, along with accumulated guaranteed yearly additions and a loyalty addition. This ensures predictable and secure growth on your investment.

  • Death Benefit:  In case of the policyholder's unfortunate demise during the policy term, your beneficiary receives the sum assured on death, along with any accumulated guaranteed yearly additions. This benefit provides financial security for your loved ones.

  • Optional Double Protection Benefit:  An additional benefit (ADB Sum Assured) is payable in case of accidental death during the policy term if you choose the Guaranteed Savings with Double Protection Option. This offers enhanced financial protection for your family.

  • Loan Facility: The plan allows you to avail of a loan against the policy's surrender value to meet unexpected financial needs.

  • High Premium Booster: For those who choose to pay an annualized premium exceeding Rs. 30,000, the plan offers an increased sum assured through the High Premium Booster benefit.

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Invest ₹10K/Month YOU GET ₹1 Crores* For Your Child View Plans
Invest ₹8K/Month YOU GET ₹80 Lakhs* For Your Child View Plans
Invest ₹5K/Month YOU GET ₹50 Lakhs* For Your Child View Plans
Standard T&C Apply *

Policy Details of the Canara Guaranteed Savings Plan

  • Loan Availability: You can apply for a loan against the policy's surrender value. However, the policy document will be held by the company until the loan is repaid.

  • Free Look Period: You have 15 days (30 days for distance marketing) to review the policy and cancel it for a full refund (minus certain charges).

  • Grace Period for Premium Payment: You have a grace period to pay your premium:

    • 30 days for annual, half-yearly, and quarterly modes.

    • 15 days for monthly mode.

  • Accidental Death Benefit (ADB)

    • This benefit is payable if death results from an accident within 180 days of the accident, even if it occurs after the policy term ends.

  • Minor Lives:

    • For policies on minors, the policyholder and life assured are initially different.

    • Coverage begins immediately for the minor (life assured).

    • The policy automatically vests with the minor upon reaching 18 years old.

    • Until then, benefits are paid based on the minor's life, not the policyholder's.

    • In case of the minor's death, all benefits are paid to the policyholder, and the policy terminates.

People also read: Child Investment Plans

Exclusions Under the Canara Guaranteed Savings Plan

  • Suicide Exclusion: If the policyholder (Life Assured) dies by suicide within 12 months of starting the policy or reviving a lapsed policy, the beneficiary will receive a limited payout. This is either 80% of the total premiums paid or the surrender value (whichever is higher).

  • Accidental Death Benefit Exclusions: The Accidental Death Benefit is not payable in the following cases:

    • Pre-existing Conditions: If the death is caused by a condition, ailment, or injury for which the policyholder had received medical advice/treatment within 48 months before the policy began or revival.

    • AIDS/HIV: If death results from Acquired Immuno-Deficiency Syndrome (AIDS) or Human Immunodeficiency Virus (HIV) infection.

    • Hazardous Activities: If death occurs while participating in hazardous sports like mountaineering, racing, bungee jumping, etc.

    • Flying: If death occurs while piloting an aircraft (except as a passenger on a licensed airline).

    • Self-Harm: If death is caused by self-inflicted injury, suicide, or drug/alcohol abuse.

    • Military Service: If death happens while serving in the military, air force, navy, or paramilitary forces.

    • War/Unrest: If death is a result of war, terrorism, civil commotion, or participation in strikes, riots, or illegal activities.

    • Radiation/Chemical Exposure: If death is caused by exposure to nuclear reactions, biological/chemical contamination, or radiation.

    • Physical/Mental Health: If the policyholder has a pre-existing physical handicap or mental illness (disclosed at the application stage), the Guaranteed Savings with Double Protection Option (which includes Accidental Death Benefit) will not be available.


  • Can I request the revival of my policy if it has lapsed?

    Yes, you can request the revival within 5 years from the due date of the first unpaid premium. The revival process follows the Company's Board Approved Underwriting Policy.
  • What happens after my policy is revived?

    Upon revival, all product benefits, including Guaranteed Yearly Additions, are reinstated as if the policy never lapsed.
  • How often are interest rates for revivals reviewed?

    The Company reviews interest rates annually on 31st December, effective from the following 1st of April. The interest rate for the financial year 2019-20 is 10% per annum.
  • What happens if my policy is not revived within the Revival Period?

    If not revived within the Revival Period, the policy will terminate.
  • Can I pay premiums in advance?

    Yes, you can pay advance premiums within the same financial year. If paid in advance from a previous year, the Company may collect for a maximum of three months in advance without accruing interest.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
~Source - Google Review Rating available on:-
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.

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Canara HSBC Child Plans Reviews & Ratings

4.5 / 5 (Based on 25 Reviews)
(Showing Newest 10 reviews)
Baran, March 02, 2021
Save your money
I saved my money when I bought the child insurance plan of canara hsbc. I believe it is one of the best decision I did for my daughter. She is right now 4 years old and till age 18 a great corpus will become and that will be used for her education. Thanks a lot team.
Anjar, February 19, 2021
Low premium and great investment
I have recently bought a child insurance plan of canara hsbc child. It was all done from the website of the policybazaar. The premium rate of child plan is less and the investment is high. It is risk-free. I am happy.
Bolpur, July 18, 2016
Claiming Is good
I have a child insurance plan which i buy from canara hsbc obc life insurance. The policy covers maximum expenditures occur in future and the future time is secured. Claiming is very easy because of quick service facilitate by the executives.
Khalikote, July 07, 2016
Child Plan
The child insurance i purchase for my son is good policy. Service provider behave so well and the customer service is 24X7. Policy cover maximum expenditure and future of my son is secure with this insurance policy. Good claims too.
Dangar, June 28, 2016
Nice Policy
My child plan which is very good in many ways. The premium is low and returns is good. Policy coverage is high and service facilitate by the company members is quick. Updates are regularly mailed and web service is easy to access. I'm tension free now for my child's future plans.
Darjeeling, April 11, 2016
Marvelous Plan
Policy coverage is high ~97% and the policy claims are even better. Premiums are low approx. 30 k quarterly per year. Nice child policy plan which i buy from canara hsbc life insurance, is good investment for future and it save taxes also. Service is very good which facilitate by the executives and staff members. Good job guys.
Bengaluru, April 11, 2016
Great Deal
Recently i bought a child insurance policy plan for my child from canara hsbc Life Insurance. The policy having great deals and low premiums. The policy coverage is approx. 89.5% and the services are even better and on time till now, rest see in future. The claims are the best. Really happy with the policy plan.
Adaspur, April 11, 2016
Service Is Bit Slow
I had child policy plan for my child through canara hsbc life insurance child plan. The policy is nice, Good policy coverage ~86% and claiming amount is Rs.29.9 L after policy get mature. But the service is bit slow, please improve it. And the behaviour of the executives and staff members are nice.
Srinagar, April 11, 2016
Good Future Investment
I found awesome child policy plan from canara hsbc life insurance. The claim is high and the policy coverage is 92%. Service you provided is fast and very quick. Daily updates are mail and texted to me. The policy is good for future investment and it saves taxes also.
Nilgiris, April 11, 2016
Fair Policy
I purchase child policy plan by canara hsbc life insurance. Policy coverage is 89% and the claims are high. Premium is low and the services are fast and with great response from executives and staff members of the company. I'm happy with my policy plan, nice job guys.
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