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Canara HSBC Life Insurance is a joint venture between Canara Bank, HSBC Insurance, and Punjab National Bank. They offer a wide range of insurance plans, such as term plans and savings plans, that offer insurance to around 60 million customers through their extensive network of 7,000 branches. Let’s understand more about the insurance company and the various plans offered by them.
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Canara HSBC Life Insurance provides comprehensive life insurance plans to people making sure their loved ones are protected in the event of the policyholder’s unfortunate death, as well as providing opportunities to invest and save for the future. The insurance company has a CSR (claim settlement ratio) of 99.01% in the financial year 2022-23. This reflects a stronger history of resolving customers’ claims and signifies the company’s trustworthiness and focus on customer service. Canara HSBC Life Insurance offers customizable coverage and policy term options, enabling customers to align their life insurance plans with their unique requirements and financial situations. Canara HSBC Life Insurance also provides high life cover at affordable premiums and the benefit of a tax exemption, as per applicable sections of the Income Tax Act, 1961.
Let’s learn more about Canara HSBC Life Insurance and the plans offered by the company here.
Note: Know more about what is term life insurance first before reading this article.
Term 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 99.18% for the 2021-22 financial year, indicating the high number of claims successfully settled.
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 a prudent choice for your insurance needs while enjoying tax advantages.
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 have the option to add various supplementary insurance covers and benefits to your Canara HSBC life insurance plans, such as coverage for accidental death and disability, critical illness, 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: Receive a return of total premiums paid if you voluntarily exit with the Special Exit Value, 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 their spouse can increase the Base Sum Assured of their Canara HSBC Life Insurance plan without additional underwriting.
Tax Benefits: Canara HSBC Life Insurance offers tax benefits under applicable sections of the Income Tax Act of 1961, enabling you to save up to Rs. 1.5 Lakhs annually.
The various life insurance policies in multiple segments offered by Canara HSBC Life Insurance are as follows:
Term Insurance Plans
ULIP Plans
Child Plans
Investment & Traditional Plans
Below are the Canara HSBC Life Insurance Plans:
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Following are the Canara HSBC Term Insurance Plans that provide protection to your family from financial uncertainties and help in securing their future in case of your absence.
| Plan Name | Entry Age | Maturity Age | Sum Assured | |
| Canara HSBC Young Term Plan | 18 - 45 years | 99 years | Rs. 25 Lakhs - 2 Crores | |
| Canara HSBC iSelect Smart360 Term Plan | 18 - 65 years | 99 years | Rs. 25 Lakhs - 2 Crores | |
| Canara HSBC Saral Jeevan Bima | 18 - 65 years | 70 years | Rs. 5 Lakhs - 25 Lakhs |
Premium refunds for voluntary surrender
Refund of all premiums if no claims
Waived premiums for Critical Illness or Disability
Extra lump sum for Critical Illness, Disability, or Accidental Death
Increased Sum Assured for child care
Premium rate locking and 100% coverage increase in 5 years.
Lifelong coverage up to age 99
Premium refund for no claims
Premiums waived for Critical Illness or Disability
Additional lump sum for Critical Illness, Disability, or Accidental Death
Enhanced Sum Assured for child care until age 21
Lock premium rate and increase coverage by 100% in 5 years
Accelerated Terminal Illness Benefit
Steady Income Benefit starting at age 60
Possible tax benefits per applicable laws.
Affordable insurance coverage
Financial protection for your family in unforeseen circumstances
Straightforward and stress-free purchase process
Various premium payment term choices
Potential tax benefits in accordance with current laws.
These are unit-linked insurance plans that help you save for your specific dreams. With these plans, you have the flexibility to pay premiums for a shorter duration, choose your life cover and your money is invested in unit-linked funds of your choice to take care of your long-term financial goals.
| Plan Name | Entry Age | Maturity Age | Sum Assured | |
| Canara HSBC Wealth Edge Plan | 18 - 50 years | 80 years | > 7 times the Annualized Premium | |
| Canara HSBC Invest 4G Plan | 0 - 65 years | 80 years | Single Premium - 1.25 or 10 times Single Premium basis Age at Entry Regular/ Limited Premium - 10 times Annualized Premium Regular/ Limited Premium- 10 times Annualized Premium |
|
| Canara HSBC Smart Goals Plan | 8 - 64 years | 74 years | For ages below 45: > 10 x Annualized Premium For ages 45 and above: > 7 x Annualized Premium |
|
| Canara HSBC Smart Future Plan | 18 - 61 years | 70 years | For ages below 45: Higher of (0.5 x policy term x Annualized Premium) OR 10 x Annualized Premium For ages 45 & above: 7 x Annualized Premium |
|
| Canara HSBC Smart Lifelong Plan | 7 - 65 years | — | For ages below 45: 0.5 X T X Annualized Premium (Where T=70-age at entry) For ages 45 & above: You can choose Sum Assured between 7-10 times of Annualized Premium |
|
| Canara HSBC Insure Smart Plan | 8 - 70 years | — | Min: 10 x Annualized Premium (for ages below 45) 7 x Annualized Premium (for ages 45 and above) Max: 35 x Annualized Premium subject to underwriting |
Grow your wealth through regular premium investments in selected investment funds.
Choose from various plan options: 'Invest Plus,' 'Premium Plus,' or 'Life Plus.'
Recurring income with Systematic Withdrawal Option (SWO) or Milestone Withdrawal Option (MWO).
Additional benefits like Return of Mortality Charges, Loyalty Additions, and Wealth Boosters to boost your fund value.
Flexibility to adjust premiums, premium payment term, policy term, and sum assured.
Avail applicable tax benefits.
Payment flexibility for the entire policy term, limited years, or a single payment.
Mortality Charges for Regular and Limited Premium policies added to Fund Value at maturity.
Three cover options for various life stages.
Premium Funding Benefit under the Care Option for assured savings contributions.
Loyalty Additions and Wealth Boosters for increased unit allocation.
Systematic Withdrawal Option for additional income.
Milestone Withdrawal Option for liquidity at set milestones.
Multiple Portfolio Management Options for tailored returns.
A selection of 8 funds to choose from.
Emerging Leaders Equity Fund focuses on long-term capital appreciation in mid-cap stocks.
Flexible Life Cover to match your protection requirements.
Premium Payment Term options to align with your earnings (5, 10 years, or up to 25 years).
Switching and Premium Redirection for market advantage or risk adjustments.
Partial Withdrawals available for financial emergencies after 5 years.
Sum Assured adjustments based on changing needs starting from the 6th policy year.
Auto Funds Rebalancing maintains fund allocation regardless of market shifts.
Safety Switch Option to shift to low-risk funds as policy maturity approaches.
The Emerging Leaders Equity Fund aims for long-term capital appreciation, focusing on mid-cap stocks.
Fund Switching allows you to transfer some or all investments between funds, with a minimum switch amount of Rs. 10,000.
Premium Redirection enables allocation adjustments for future premiums once a year.
Sum Assured changes are possible from the 6th policy year, with no impact on annual premiums, allowed once a year up to 3 times during the policy term.
Partial Withdrawals are available from the 6th policy year, with a minimum withdrawal of Rs. 10,000, ensuring the Fund Value remains above 120% of the Annualized Premium.
Auto Fund Rebalancing maintains predefined fund allocations every 3 months.
The Safety Switch Option offers a low-risk Liquid Fund shift in the last four policy years to safeguard your funds near maturity.
The Emerging Leaders Equity Fund focuses on long-term capital appreciation, particularly in mid-cap stocks.
This plan offers life coverage until the Life Assured reaches 99 years of age.
Premium Payment Term options (10 years or more) to match your income capacity.
Switching and Redirection for market advantage or risk adjustments.
Partial Withdrawal available from the 6th policy year for financial emergencies.
Sum Assured adjustments based on changing needs from the 6th policy year, within set limits.
Auto Funds Rebalancing maintains fund allocation regardless of market fluctuations.
India Multi-Cap Equity Fund aims for long-term capital appreciation through diversified equity investments.
Premium Options offer discounts on charges for ECS/Standing Instruction premium payments.
Fund Switching is available with a minimum switch amount of ₹10,000.
Premium Redirection can be adjusted annually for future premiums.
Sum Assured changes are allowed from the 6th policy year, up to 3 times during the Policy Term.
Partial Withdrawals are possible from the 6th policy year, or when a minor reaches age 18, with a minimum withdrawal of ₹10,000 and a safeguard to keep the Fund Value above 120% of the Annualized Premium.
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.
| Plan Name | Entry Age | Maturity Age | Sum Assured | |
| Canara HSBC Invest 4G Plan | 0 - 65 years | 80 years | Single Premium - 1.25 or 10 times Single Premium basis Age at Entry Regular/ Limited Premium - 10 times Annualized Premium Regular/ Limited Premium- 10 times Annualized Premium |
|
| Canara HSBC Smart Future Plan | 18 - 61 years | 70 years | For ages below 45: Higher of (0.5 x policy term x Annualized Premium) OR 10 x Annualized Premium For ages 45 & above: 7 x Annualized Premium |
|
| Canara HSBC Jeevan Nivesh - Whole Life Insurance Plan | 18 - 55 years | 80 years | Min: Annual Mode ₹ 3,00,000 Monthly Mode ₹ 5,00,000 Max: No Limit |
|
| Canara HSBC Money Back Advantage Plan | 8 - 55 years | 71 years | Min: ₹ 1,00,000 (for entry age from 8 to 50 years) ₹ 2,00,000 (for entry age from 51 to 55 years) ₹ 3,00,000 (for entry age from 8 to 45 years) Max: No Limit |
|
| Canara HSBC Smart Junior Plan | 18 - 50 years | 70 years | Min: Annual Mode: ₹ 3,00,000 Monthly Mode: ₹ 5,00,000 Max: No Limit |
Payment flexibility for the entire policy term, limited years, or a single payment.
Mortality Charges for Regular and Limited Premium policies added to Fund Value at maturity.
Three cover options for various life stages.
Premium Funding Benefit under the Care Option for assured savings contributions.
Loyalty Additions and Wealth Boosters for increased unit allocation.
Systematic Withdrawal Option for additional income.
Milestone Withdrawal Option for liquidity at set milestones.
Multiple Portfolio Management Options for tailored returns.
A selection of 8 funds to choose from.
The Emerging Leaders Equity Fund aims for long-term capital appreciation, focusing on mid-cap stocks.
Fund Switching allows you to transfer some or all investments between funds, with a minimum switch amount of Rs. 10,000.
Premium Redirection enables allocation adjustments for future premiums once a year.
Sum Assured changes are possible from the 6th policy year, with no impact on annual premiums, allowed once a year up to 3 times during the policy term.
Partial Withdrawals are available from the 6th policy year, with a minimum withdrawal of Rs. 10,000, ensuring the Fund Value remains above 120% of the Annualized Premium.
Auto Fund Rebalancing maintains predefined fund allocations every 3 months.
The Safety Switch Option offers a low-risk Liquid Fund shift in the last four policy years to safeguard your funds near maturity.
Lump-sum payout at maturity with guaranteed savings.
Lifelong protection, including coverage beyond the Policy Term.
Settlement option for converting Maturity Sum Assured into 15-year annual payouts with a 5% compounded increase (under the Endowment option).
Customize savings and financial goals with multiple Policy Term options.
Choose flexible premium payment terms that align with your savings horizon.
Enjoy a steady fund build-up for financial goals, including lump-sum benefits from annual bonuses and final bonus.
High sum assured rebate for added benefits with higher premium commitments.
Tax benefits on premium payments and benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961, as per amendments.
Fulfill lifestyle needs like home renovation and vacations.
Meet life-stage milestones, such as education and marriage.
Money Back Advantage provides payouts and a lump sum.
Ensure family protection for 16 years.
Opt for a short 10-year payment term.
Guaranteed Money Back with three payouts.
Receive a lump sum at maturity.
Enjoy premium rebates for higher Sum Assured.
Tax benefits available under Section 80C and Section 10(10D) of the Income Tax Act.
Enhanced Triple Protection combines life insurance with premium flexibility and Guaranteed Annual Payouts for education.
Guaranteed Education Payouts ensure annual payments aligned with your child's educational needs.
Customize your savings with a suitable policy term for your child's education goals.
Flexible Premiums offer payment terms that match your savings plan.
Build Education Funds with regular bonuses and a Final bonus for steady fund growth.
Premium Benefits include a high sum assured rebate for added value with higher premiums.
Tax Benefits are available under the Income Tax Act, 1961.
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.
| Plan Name | Entry Age | Maturity Age | Sum Assured | |
| Canara HSBC Invest 4G Plan | 18 to 65 years | 80 years | If the policyholder is less than 45 years of age, higher of: • 10 times the Annualized Premium; or • 0.5 * T * Annualised Premium If the policyholder is 45 years of age or above, higher of: • 10 times the Annualized Premium; or • 0.25 * T * Annualised Premium |
|
| Canara HSBC Smart Invest Pension Plan | — | — | — | |
| Canara HSBC Smart Lifelong Plan | 7 to 65 years | — | For ages below 45 years: 0.5 X T X Annualized Premium For ages 45 years and above: You can choose Sum Assured between 7-10 times of Annualized Premium |
Life Cover for financial protection in case of demise.
Customize the plan based on your life goals.
Return of Mortality Charges on Maturity under Benefit Option 1 (Life Option).
Loyalty Additions & Wealth Boosters for additional unit allocation to boost savings.
Choose from Investment Funds with 0% to 100% equity exposure.
Multiple Portfolio Management Options for optimizing policy returns:
Systematic Transfer Option (STO): Enter the equity market systematically.
Return Protector Option (RPO): Protect gains by moving them to a low-risk fund.
Auto Funds Rebalancing Option (AFR): Maintain allocation across funds regardless of market movements.
Safety Switch Option (SSO): Systematically move savings to a low-risk fund near maturity.
Liquidity option through partial withdrawals for unplanned contingencies.
Enjoy tax benefits on premium paid and benefits received under Section 80C and Section 10(10D) of the Income Tax Act.
Guaranteed Lifelong Income: Lock in your annuity rate now for a steady lifelong income.
Wide Range of Annuity Options: Choose from multiple annuity plans that suit your needs.
Flexible Premium Payment Term: Select from different premium payment terms for added flexibility.
Annuity Payout Frequency: Receive annuity payouts annually, half-yearly, quarterly, or monthly based on your preference.
Option to Defer Annuity Payments: Choose a deferment period equal to the premium payment term, plus 3 or 5 years.
Joint Life Annuity: Extend plan benefits to a loved one with joint life annuity.
High Premium Incentive: Enjoy an enhanced annuity with a higher annualized premium.
Long Term Protection: This plan offers life coverage until the age of 99 for the Life Assured.
Customizable Features:
Investment Funds: Invest in up to five fund options with equity exposure ranging from 0% to 100% to align with your risk and return preferences.
Auto Funds Rebalancing: Maintain your investment allocation across funds regardless of market movements.
Switching and Redirection: Choose to switch and redirect between fund options to respond to market changes or adjust risk preferences.
Premium Payment Term: Select a premium paying term (10 years or more) based on your earning capacity.
Premium Paying Mode: Flexibility to choose annual or monthly premium payment modes to align with your income stream. Change the payment mode anytime during the policy term.
Loyalty Additions: Benefit from loyalty additions during the policy term, receiving additional unit allocations to enhance your investments.
Liquidity: Opt for partial withdrawals to address unforeseen contingencies.
Tax Benefits: Potentially qualify for tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
Here is the claim settlement process of Canara HSBC Life Insurance:
Claim Intimation: To start a Canara HSBC Life Insurance claim after the policyholder's passing, the nominee should complete the Death Claim Form and submit it to the head office, a bank branch, a nearby office, or through email. Include an attested ID and address proof for the nominee along with the form.
Document Submission: The nominee/claimant must submit essential documents to Canara HSBC Life Insurance, including the original policy documents, a copy of the original death certificate, the Application Form for Death Claim (Form C), a canceled check with NEFT details, and the nominee/claimant's ID and address proofs.
Claim Settlement: Once Canara HSBC Life Insurance receives all the required documents and forms for the policy, they begin processing the claim. They review the documents according to their criteria and subsequently decide, subject to the terms and conditions. The company then informs the nominee/claimant about the claim status.
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 the information regarding your job type, annual income, qualifications, and smoking/tobacco consumption habits.
Step 4: Choose the Canara HSBC Term Life Insurance Plan from the list of term plans that appears.
Step 5: Pay using your preferred mode to complete the process.
*Note: You can use the term insurance calculator to calculate term life insurance premium amount of your Canara HSBC Life Insurance Plan.
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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