Compare PNB MetLife Insurance and Canara HSBC Life Insurance to see how the two insurers perform in providing the best term insurance plans in India in 2026. This comprehensive comparison will include premium charges, claim settlement ratio, available plans, riders, solvency ratio, and suitability.
Both insurers are approved by the Insurance Regulatory and Development Authority of India (IRDAI). Your selection depends on your coverage needs.
Choose PNB MetLife: if you want quick claims with express payments within a single day, personalised protection plans, joint life insurance, and coverage up to 99 years.
Choose Canara HSBC Life: if you want term insurance plans that are flexible enough to include whole life protection, customisation, premium refunds, and spouse cover.
Both are known for reliability and variety. Final selection should depend on your personal protection goals.
Check out this comparison table for PNB MetLife vs Canara HSBC Life insurance based on publicly accessible disclosures:
| Features | PNB Met Life Insurance | Canara HSBC Life Insurance |
| Claim Settlement Ratio (FY 2024–25) | 99.57% | 99.43% |
| Solvency Ratio | 1.71 | 1.91 |
| Entry Age (Term Plans) | 18 – 65 years | 18 – 65 years |
| Maximum Coverage Up to | Up to 85 years | Up to 99 years |
| Riders Available | Accidental Death Benefit Rider Accidental Disability Benefit Rider Critical Illness Rider |
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.
The following section highlights the term insurance plans offered by PNB MetLife and Canara HSBC Life Insurance:
PNB MetLife Mera Term Plan Plus: Best for individuals who want coverage structures designed to support family financial protection through adaptable policy configurations.
PNB MetLife DigiProtect: Ideal for individuals seeking plans that provide different benefit settlement structures to suit the varying financial needs of beneficiaries.
PNB MetLife Saral Jeevan Bima: Suits those looking for a simple protection plan with defined coverage limits and simplified eligibility conditions.
PNB MetLife Aajeevan Suraksha Plan: Suited for individuals who want term protection policies structured for extended financial responsibility planning.
Canara HSBC Young: Ideal for those in their 20s to 30s who are the family's only provider and looking for an early-stage protection plan.
HSBC iSelect Smart360: Ideal for individuals seeking coverage structures that combine long-term protection with flexible benefit configurations.
HSBC Saral Jeevan Bima: Suitable for individuals with low incomes, people beginning their careers, and those who want to secure the future of their dependents in case of the untimely death of the policyholder.
Premium Comparison (Illustrative Example)
According to the existing online term insurance calculators, the comparison below provides the rough concept of the monthly premiums of the following sample customer profile:
Age: 23 years
Gender: Male
Smoker: Yes
Education: Graduate
Occupation Type: Salaried
Sum Assured: ₹1 Crore
Annual income: ₹8 lakh to ₹10 lakh
Policy Term: 60 years
| Insurer | Approx. Monthly Premium |
| PNB MetLife Digi Protect term plan | ₹594 |
| 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 ratio refers to the proportion of claims settled by an insurance company during a specific financial year.
PNB MetLife Insurance has maintained a strong and consistent claims track record, with a reported claim settlement ratio of 99.57% in recent disclosures.
Canara HSBC Life has also performed well in claims performance performance whereby there has been effective claims management as indicated by a CSR of 99.43.
Here's a quick guide for choosing between PNB MetLife and Canara HSBC Life:
You want flexible payout options like lump sum, monthly income, or a combination to support your family’s needs
You prefer highly customisable term plans with riders like critical illness, accidental cover, and waiver of premium
You are looking for long-term coverage options (up to age 99) with benefits like return of premium or spouse cover
You want modern term plans with flexible coverage and multiple premium payment options
You prefer plans that offer a wide range of riders and protection benefits for better coverage
You are looking for an insurer backed by strong bank partnerships (Canara Bank + HSBC) for trust and accessibility
Both PNB MetLife and Canara HSBC Life have good term insurance plans. PNB MetLife is also reputable because it has long-term income benefits and a high claim settlement history, and thus it is appropriate for people looking for secure but long-term family support. Canara HSBC Life, however, is the best option to choose in case you want to have flexible-term plans with additional features and add-ons.
˜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
+On the basis of your profile
+Rs. 410/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. 410/month (Rs.14/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 rounded off to nearest 10
+Rs. 245 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.
+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. 15/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. 504/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. 494/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. 636/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. 918/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. 1,286/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.
+Rs. 453/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.582/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. 786/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. 1,592/month 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.
+Rs. 525/month is the starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 68 years of age.
+Rs. 668/month is starting price for a 2 crore term life insurance for an 25 year-old male, non-smoker, with no pre-existing diseases, cover upto 45 years of age.
+Rs. 1,200/month is starting price for a 2 crore term life insurance for an 35 year-old male, non-smoker, with no pre-existing diseases, cover upto 55 years of age.
+Rs. 410/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.
+Rs. 577/month is starting price for a 1 crore term life insurance for an 18 year-old Male, self employed, 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. ₹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
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.
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