Canara HSBC Life Insurance Guaranteed Suraksha Kavach Plan

The Canara HSBC Life Insurance Guaranteed Suraksha Kavach Plan is a Non-Linked, Non-Participating Individual Life Insurance Savings cum Protection Plan designed to provide guaranteed benefits along with life insurance protection. It is meant to give you guaranteed rewards together with life cover. This plan allows you to choose between lump sum protection or guaranteed income, depending on your financial goals.

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17.3 Crore
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Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

Eligibility Criteria for the Canara HSBC Life Insurance Guaranteed Suraksha Kavach Plan

Category Parameter Details
Eligibility
Entry Age (As On Last Birthday) Minimum: 18 Years / Maximum: 55 Years
Maturity Age (As On Last Birthday) Minimum: 28 Years / Maximum: 70 Years
Premium Payment Term (PPT) & Policy Term (Years)
PPT: 5 Policy Term: 10 Years
PPT: 7 Policy Term: 12 Years
PPT: 10 Policy Term: 15 Years
PPT: 12 Policy Term: 17 Years
Premium (In Rupees)
Payment Timeline Minimum Maximum
Monthly Rs. 2,000 No Limits
Quarterly Rs. 6,000
Half-Yearly Rs. 12,000
Yearly Rs. 24,000
Premium Payment Mode Available Modes Yearly, Half-Yearly, Quarterly & Monthly
Guaranteed Sum Assured Determination Depends on age, nature of duty, Annualized Premium, Policy Term & Premium Payment Mode

Features of the Canara HSBC Life Insurance Guaranteed Suraksha Kavach Plan

Here are the key features of the plan:

  • Guaranteed benefits during policy commencement.
  • Whole life cover during the policy period.
  • Premium Protection Benefit (Future Suraksha)
  • Guaranteed Survival Income and Faithfulness Income (under Income Suraksha).
  • Flexible premium payment modes: Monthly, Quarterly, Half-Yearly, Yearly.
  • Loan facility once the value of the surrender is obtained.

You can choose the premium mode that aligns with your income flow and financial planning comfort.

Benefits of the Canara HSBC Life Insurance Guaranteed Suraksha Kavach Plan

Below are the benefits under each plan option:

  1. Future Suraksha

    Maturity Benefit:

    Guaranteed Sum Assured plus accrued Guaranteed Monthly Additions (GMAs) payable as a lump sum.

    Death Benefit:

    Higher of:

    • 10 times Annualized Premium
    • 105% of Total Premiums Paid
    • Guaranteed Sum Assured plus total Family Income Benefit

    In case of death:

    • Immediate lump sum payout
    • Monthly Family Income Benefit equal to 12% of Annualized Premium is payable from the next monthly anniversary after death and continuing until the end of the policy term (minimum 36 payouts even if it exceeds the policy term).
    • Waiver of future premiums
    • Maturity benefit continues as an in-force policy
  2. Income Suraksha

    Survival Benefit:

    Guaranteed Survival Income plus Loyalty Income payable during the selected income period (10 or 15 years).

    Maturity Benefit:

    Guaranteed Sum Assured on Maturity, expressed as a percentage of total premiums paid:

    PPT % Of Total Premiums Paid
    5 Years 50%
    7 Years 75%
    10 Years 100%
    12 Years 125%

    Death Benefit:

    Higher of:

    • Total Guaranteed Income on Death
    • 10 times Annualized Premium
    • 105% of Total Premiums Paid

    Accrued GMAs are paid immediately as a lump sum.

    If you are comparing structured protection-based options within the best investment plans in India, this plan provides clearly defined and guaranteed payouts.

Policy Details of the Canara HSBC Life Insurance Guaranteed Suraksha Kavach Plan

Here are the policy details of the Canara HSBC Life Insurance Guaranteed Suraksha Kavach Plan:

  1. Grace Period

    • 30 days for Annual, Half-Yearly, and Quarterly modes
    • 15 days for the Monthly mode

    The policy remains in force during the grace period.

  2. Revival

    • Revival is possible within five years following the due date of the first unpaid premium.
    • The applicable revival interest rate for FY 2024–25 is 8.50% per year.
    • Upon revival, all benefits, including GMAs, are restored.
  3. Free Look Period

    If you don't agree with the terms and conditions, you can cancel the policy within 30 days after getting the policy copy. The refund will be less the risk premium, stamp duty, and medical costs (if any).

  4. Surrender

    • Guaranteed Surrender Value (GSV) after payment of at least 2 consecutive years’ premiums
    • Special Surrender Value (SSV) after completion of 1 full year

    The higher of GSV or SSV is payable.

  5. Fund Switching

    This is a non-linked plan. Fund switching is not applicable.

  6. Loan

    Loan facility is available once the policy acquires surrender value.

    • Minimum Loan Amount: Rs. 20,000
    • Maximum Loan Amount: 80% of surrender value
    • Loan interest rate for FY 2024–25: 8.50% per annum

    A loan is not available once the policy becomes paid-up.

Exclusions Under the Canara HSBC Life Insurance Guaranteed Suraksha Kavach Plan

Suicidal Cover

If suicide occurs within 12 months of policy commencement or revival, the higher of:

  • 80% of Total Premiums Paid
  • Surrender value available on the date of death

No other exclusions apply to the death benefit apart from this clause.

Explore various options under Canara HSBC Investment Plans and choose the best option available.

FAQs

  • 1. Can I change my plan option after purchase?

    No, the selected option at inception cannot be changed later.
  • 2. Are the benefits guaranteed?

    Yes, benefits are guaranteed provided all premiums are paid as and when due and the policy remains in force.
  • 3. When does the policy acquire a paid-up status?

    After payment of at least the first full year’s premium, if subsequent premiums are not paid within the grace period.
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Disclaimer: Policybazaar Insurance Brokers Private Limited does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 1274 Reviews)

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Canara HSBC Traditional Plans Reviews & Ratings

4.6 / 5 (Based on 1274 Reviews)
(Showing Newest 10 reviews)
Nishant
New Zealand, November 05, 2026
★★★★★
Overall Service Experience
Good experience with pb. Process was little slow but i am happy with my plan
Devang
Australia, November 05, 2026
★★★★★
Support for First-Time NRI Investor
This was my first time buying investment plan from abroad and policybazaar helped me. Good policy they gave me
Ayesha
Canada, November 02, 2026
★★★★★
Reviewing Policy Terms
Kotak einvest plus is what i picked after almost a week of comparing plans policybazaars comparison tool actually helped a lot saved me time no regrets so far
Tarun
UK, November 02, 2026
★★★★★
NRI Investment Enquiry
Policybazaar is a good place to compare different plans.
Kunal
USA, November 02, 2026
★★★★★
Good Communication
I got clear answers to my doubts. It was helpful to get guidance without visiting India. kudos
Prateek
Chennai, November 02, 2026
★★★★★
Savings While Working Abroad
I wanted to keep investing in India while working overseas. The online assistance was useful and helped me understand the process.
Sangeeta
Bhopal, October 31, 2026
★★★★★
Very Pleased With Service
Bharti axa efuture invest plan policybazaar advisor helped me understand fund allocation properly which i was struggling with on my own overall a good experience buying this ulip
Rohit
Ranchi, October 30, 2026
★★★★★
Fine Plan So Far
edelweiss life wealth plus rising star took it few months back too early to comment on returns but the buying process through policybazaar was quick and painless
Chitra
Indore, October 29, 2026
★★★★★
Amazing Support Throughout
generali central easy invest online plan works well for my monthly savings goal policybazaar advisor followed up even after purchase to check if everything is fine nice touch
Mohit
Argentina, October 28, 2026
★★★★★
Planning for Future Needs
I was looking for an investment option for future needs in India. I will recommend policybazaar for everyone who do not have any idea what to buy.

˜The insurers/plans mentioned are arranged in order of highest to lowest first year premium (sum of individual single premium and individual non-single premium) offered by Policybazaar’s insurer partners offering life insurance investment plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar Insurance Brokers Private Limited does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^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.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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