What are the Types of Canara HSBC Life Insurance Plans

Below are the different types of life insurance plans offered by Canara HSBC Life Insurance Company. Take a look:

Canara HSBC Life Insurance Term Plan

The following are the Canara HSBC Term Insurance Plans, which provide protection to your family from financial uncertainties and help secure their future in case of your absence.

Canara HSBC Life Insurance ULIP Plans

These are unit-linked insurance plans that help you save for your specific dreams. With these plans, you can pay premiums for a shorter duration, choose your life cover and invest your money in unit-linked funds to take care of your long-term financial goals.

Canara HSBC Life Insurance Child Plans

Canara HSBC plan provides a long-term investment opportunity to build a bright future for your child and comprehensive child insurance coverage to protect against eventualities.

Canara HSBC Life Insurance Retirement Plans

Canara HSBC plan provides a long-term investment opportunity to build a bright future for your child and a comprehensive child insurance cover to protect in case of an eventuality.

What are the Benefits of Canara HSBC Life Insurance Plans

Here are the benefits of Canara HSBC Life Insurance 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 99.43% for the 2024-25 financial year, indicating the high number of claims successfully settled.

• Flexible Premium Payments: You can choose to pay term insurance premiums in a single installment, 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: If you voluntarily exit with the Special Exit Value, you will receive a return of the total premiums paid, 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 insured by their Canara HSBC Life Insurance plan without additional underwriting.

• 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 an ideal choice for your insurance needs while enjoying tax advantages

What is the Claim Settlement Process of Canara HSBC Life Insurance Company?

Canara HSBC Life Insurance follows a simple and transparent claim settlement process to help families receive their benefits quickly and smoothly. Here’s how it works:

Step 1: Claim Intimation & Registration
The nominee or claimant can initiate a claim conveniently by visiting a branch office, sending documents via email or courier, or using the Canara HSBC Life Mobile App for digital submission. The Death Claim Form must be filled out and accompanied by the nominee's basic KYC documents.

Step 2: Document Submission
The claimant must submit key documents, including:

• Original policy document (if available)

• Original or attested copy of the death certificate

• Death Claim Application Form (Form C)

• NEFT mandate form attested by the bank with a cancelled cheque or a passbook copy

• Nominee’s photo ID and address proof

Additional documents may be required depending on the cause of death, such as physician or hospital certificates for natural death, or FIR, post-mortem, and investigation reports for accidental or unnatural death.

Step 3: Claim Processing & Settlement
Once the insurer receives all documents, it verifies the details and processes the claim. If no further investigation is needed, the claim is settled within 15 days from the date of intimation. The settlement or rejection of claims requiring investigation is completed within 45 days. The decision is then communicated to the nominee or claimant.

How To Buy Canara HSBC Life Insurance?

Below are the steps to buy Canara HSBC Life Insurance:

Step 1: Visit the official Policybazaar website and go to the Term Insurance section.

Step 2: Provide your name, contact details, gender, and date of birth.

Step 3: Enter your job type, annual income, qualifications, and smoking/tobacco consumption habits.

Step 4: Choose the Canara HSBC Term Life Insurance Plan from the existing term plan list.

Step 5: Pay using your preferred mode to complete the process.

*Note: You can use the term insurance calculator to calculate the term life insurance premium amount of your Canara HSBC Life Insurance Plan.

How to Contact Canara HSBC Life Insurance Company?

Canara HSBC Life Insurance offers multiple ways for customers to connect, whether for policy queries, claims, or service support.

Customer Care Helpline (India)

• Toll-free: 1800-103-0003 or 1800-180-0003
  (Available Monday to Friday, 8:00 AM – 8:00 PM; Saturday, 9:00 AM – 6:00 PM)

• For new policy or sales enquiries: 1800-258-5899
  (Available all 7 days, 9:00 AM – 6:00 PM)

Email Support

• For general queries: customerservice@canarahsbclife.in

• For NRI customers: customercare.NRI@canarahsbclife.in

Head Office Address
Canara HSBC Life Insurance Company Limited
139 P, Sector 44, Gurugram, Haryana – 122003, India

For NRI Assistance (Call)
Phone: +91-124-4315200

Customers can contact the nearest branch by phone, email, or in person for assistance with policy servicing, claims, and related support.

What Are The Exclusions In Canara HSBC Life Insurance?

Here are the exclusions in the Canara HSBC Life Insurance:

Suicide: If the life policyholder commits suicide within 12 months (1 year) of buying term life insurance policy, the nominees will not be able to claim the Aditya Birla Sun Life Term Plan death benefit.

Note: Check out the best term life insurance in India and choose one that suits your requirements.

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