Bandhan Life vs Canara HSBC Life Insurance

iTerm Prime

Premium starts ₹992/month

Max Coverage Upto

85 yrs

Claim Settlement Ratio

99.7%

Average Claim Trend

99.37%

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Young Term Plan - Life Secure

Premium starts ₹757/month

Max Coverage Upto

99 yrs

Claim Settlement Ratio

99.4%

Average Claim Trend

99.22%

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₹1 Crore Life cover starting from ⁺

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Young Term Plan Life Secure

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Compare Bandhan Life Insurance and Canara HSBC Life Insurance to check which insurance provider offers the best term insurance plan in India 2026. This comparison is made by considering factors such as claim settlement ratios, solvency ratios, premium rates, and personal insurance needs.

Which is Better - Bandhan Life Insurance vs Canara HSBC Life Insurance?

Both insurances are overseen by the Insurance Regulatory and Development Authority of India, or the IRDAI, and offer term insurance products and services that provide complete financial protection to policyholder’s families. Your selection depends on your coverage needs.

Choose Bandhan Life Insurance if you would prefer affordable term insurance plans with a fully digital purchase experience and hassle-free plans.
Choose Canara HSBC Life Insurance if your goal is strong, long-term financial security with higher coverage, particularly as a young earner or sole provider for your family.

Both companies provide reliable term insurance policy coverage. Bandhan Life Insurance (formerly Aegon Life Insurance) is the best choice for budget-conscious and tech-savvy customers. Canara HSBC Life Insurance is a great alternative for families looking for flexible term insurance plans with special features like spouse protection and premium rate locking.

Bandhan Life Insurance vs Canara HSBC Life Insurance - Comparison Table

The table which is given below provides a comparison between Bandhan Life Insurance and Canara HSBC Life Insurance.

Features	Bandhan Life Insurance	Canara HSBC Life Insurance
Claim Settlement Ratio (FY 2024–25)	99.73%	99.43%
Solvency Ratio	2.52	2.15
Entry Age (Term Plans)	18 – 65 years	18 – 65 years
Maturity Age	Up to 85 years	Up to 99 years
Riders Available	Accidental Death Benefit Accidental Death & Dismemberment Rider Critical Illness Rider Premium Waiver Terminal Illness Benefit	Accidental Death Benefit Accidental Total Permanent Disability Benefit Accidental Total Permanent Disability Premium Protection Plus Critical Illness Benefit Terminal Illness
Premium Payment Options	Yearly / Half Yearly / Quarterly/ Monthly	Yearly / Half Yearly / Quarterly/ Monthly
Online Purchase	Yes	Yes

Note: Information based on publicly available insurer disclosures and IRDAI reports.

Term Insurance Plans Offered

The following is a list of the term insurance plans offered by Canara HSBC Life Insurance and Bandhan Life Insurance:

Bandhan Life Term Insurance Plans

Bandhan Life iTerm Prime: Best suited for individuals looking for digital first-term insurance and wanting to have the benefit of Special Exit Value, by which they can exit the plan and receive a premium refund.
Bandhan Life iTerm Comfort: Suitable for those who are looking to purchase a protection plan with specific and simple requirements meant to be fulfilled.
Bandhan Life Saral Jeevan Bima: Ideal for individuals who are seeking a simple life insurance product with simple terms, conditions, etc., as offered in the standard IRDAI format.

Canara HSBC Life Term Insurance Plans

Canara HSBC Young Term Plan: Designed for policyholders who prefer extended protection up to 99 years along with spouse inclusion and the security of getting premiums back at maturity.
iSelect Smart360 Term Plan: Designed for policyholders who prefer extended protection up to 99 years along with spouse inclusion and the security of getting premiums back at maturity.
Canara HSBC Saral Jeevan Bima: A good choice for first-time buyers or those seeking simple, affordable life insurance with clear, regulator-defined coverage terms.

Premium Comparison (Illustrative Example)

Based on current online term insurance calculators, the following comparison presents an indicative view of monthly premiums for the following sample customer profile:

Age: 23 years
Gender: Male
Smoker: No
Sum Assured: ₹1 Crore
Policy Term: 60 years (Coverage till age 83)
Annual Income: ₹8 to ₹10 Lakhs
Occupation Type: Salaried
Education: Graduate

Insurer	Approx. Monthly Premium
Bandhan Life	₹658
Canara HSBC Life	₹784

*The real premium varies according to age, health status, policy duration, and chosen riders.

Information sourced from Policybazaar’s website

Claim Settlement Analysis

The claim settlement ratio is the percentage of claims that an insurance company has settled in a financial year.

The claim settlement ratio for Canara HSBC is quite strong at 99.43% as of FY 2024-25. The company has expertise in the field of banking, which helps them to provide quality claim settlement services with complete security for its clients.
Bandhan Life remains the leader with an extremely high claim settlement ratio of 99.73% in FY 2024-25, via "Express Claims", under which clear verification is done digitally and genuine claims are passed.

Who Should Choose Which Insurer?

The following general considerations may assist in identifying which insurer is most suited to your coverage preferences:

Choose Bandhan Life if:

You are looking for the most affordable term insurance plan available.
You would like to have a completely online experience with no need to visit a branch office.
You are seeking a straightforward "buy and forget" policy arrangement.

Choose Canara HSBC Life if:

You are seeking coverage that will last your lifetime (up to age 99).
You are interested in the "Block Your Premium" benefit to enhance coverage later in life without incurring the cost of age-related premiums.
You would like to include some coverage for your spouse in the same policy (Joint Life policy option).
You are interested in the trust and reputation that comes with Canara Bank and HSBC.

Final Recommendation

In India, Bandhan Life and Canara HSBC Life are both great options for term insurance. Bandhan Life is the best option for those who are looking for affordable and easy-to-use online insurance, and it is the best option for young professionals. Canara HSBC Life is the best option for those who are looking for comprehensive insurance plans that are feature-rich and provide flexibility for the long term.

FAQs

Q: Is Canara HSBC life insurance good or bad?

Ans: Canara HSBC Life Insurance is a reliable insurer that has a high claim settlement ratio (CSR), affordable premiums, and good customer service.
Q: Which is Better for term insurance - Bandhan Life or Canara HSBC Life?

Ans: Both Bandhan Life and Canara HSBC Life Insurance offer IRDAI-approved term plans. Bandhan Life is a simple, value-for-money term plan, whereas Canara HSBC offers more rider options and flexible coverage.
Q: Can I buy term insurance online from Bandhan Life and Canara HSBC Life?

Ans: Yes, both insurers allow you to buy term insurance online, with digital policy issuance and simplified purchase processes for many plans.

Term Plan Comparison

Term insurance is essential because it provides financial security for your loved ones in case of your untimely death. It ensures they can cover expenses like loans, education, and daily living costs, even in your absence. Comparing term insurance policies from different insurers helps you find the best coverage at the most affordable price, tailored to your specific needs.

When comparing term insurance policies from two of the top Indian insurers like Bandhan And Canara Hsbc Insurance Life Insurance, consider factors like the premium amounts, the sum assured, and the policy tenure. Look at the claim settlement ratios to understand how reliable each insurer is in paying out claims. Additionally, check for any riders or additional benefits offered, such as critical illness rider or accidental death benefits.

To simplify this process, you can use Policybazaar's comparison tool. This tool allows you to quickly and conveniently compare various term insurance policies side-by-side. It highlights key differences, benefits, and costs, helping you make an informed decision without the hassle of manually researching each policy.

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˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar 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

Rs. 400/month is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 400/month (Rs.13/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 230 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 12/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 497/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 487/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 626/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 905/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. ₹361/month is the starting price for a ₹1 crore loan cover with an 8% interest rate for an 18-year-old male, non-smoker, with no pre-existing diseases, loan tenure up to 20 years, rounded off to the nearest 10

+Rs. 1,267/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. 447/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.679/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 910/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,924month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

Women

+Rs. 400/month is Starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 461/month is the starting price for a 1 crore term life insurance for an 24 year-old female, non-smoker, with no pre-existing diseases, cover upto 54 years of age.

1,642/month is the starting price for a 1 crore term life insurance for an 44 year-old female, non-smoker, with no pre-existing diseases, cover upto 74 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

˜ Policybazaar Promise reflects the guarantee offered by insurers. Price assurance is based on certifications shared by insurers with us.