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To protect your family's future, having a solid financial plan is very important. The Canara 5 Crore Term Insurance plan is designed to provide financial security by offering a ₹5 Crore death benefit in the event of your sudden demise.
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This term plan by Canara HSBC Life Insurance provides high life cover at affordable premium rates. Let's understand the details of the Canara 5 Crore Term Insurance.
Term Plans
Canara 5 Crore Term Insurance Plan offers financial security to your family in the event of your sudden death. Hence, a 5 Crore term plan offered by Canara HSBC Life Insurance helps by providing a lump sum death benefit of Rs. 5 Crore so that you can make sure your loved ones have a financially protected future.
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You should buy Term Insurance from Canara Life Insurance because of the following reasons:
| Canara Life Insurance Highlights | |
| Canara Life Insurance Claim Settlement Ratio (CSR) | 98.10% (FY 2023-24) |
| Canara Life Insurance Solvency Ratio | 1.78 (FY 2023-24) |
| Canara Life Insurance Riders | Accidental Death Benefit (ADB), Accidental Total & Permanent Disability (ATPD) Premium Protection, Accidental Total & Permanent Disability (ATPD) Premium Protection Plus, Critical Illness (CI) Premium Protection, Critical Illness (CI) Premium Protection Plus, Terminal Illness (TI), Child Care Benefit (CCB), Block Your Premium (BYP) Benefit |
Here are some of the key benefits of buying the Canara Term Insurance plan for 5 Crore life cover:
Budget-Friendly Coverage: The 5 Crore term insurance plan by Canara Life Insurance is affordable, providing basic term plan benefits at lower premiums, starting at Rs. 2,634/month.
*Note: Result for 18-year old male buying Canara 5 Crore term plan for 20 year policy term.
Added Protection: The Canara 5 Crore term insurance plan includes additional benefits through term insurance riders, offering protection for risks like accidental death benefit, terminal illness benefit, critical illness benefit, and waiver of premium benefit.
Financial Support for Your Family: Offers ₹5 Crore to cover existing loans/debts, and daily expenses if you pass away, ensuring financial stability for your loved ones.
Easy Online Purchase: Buy term plan from Canara HSBC Life Insurance easily through Policybazaar, without needing to visit a branch.
Flexible Payouts: Choose between a lump sum or monthly payments for the death benefit to manage expenses as needed.
Tax Benefits: Enjoy tax advantages under sections 80C and 10(10D) of the Income Tax Act, 1961.
*Note: You can use the term insurance calculator for estimating your term insurance premium. You can also use the HLV Calculator to find out the most suitable life cover for your family’s security.
The best Canara 5 Crore Term Insurance that you can easily buy online from Policybazaar is Canara HSBC Young Term Plan.
The Canara HSBC Young Term Plan provides financial protection for your family if you die during the policy term. It also covers critical and terminal illnesses, as well as accidental disability. With two plan options, it’s a cost-effective way to secure your family's future.
Here are some reasons why you should consider buying the Canara DigiShield Plan:
Get comprehensive life cover for yourself and your family with this life insurance plan.
2 Plan Options to choose from:
Life Secure
Life Secure with Return of Premium
Under the Block Your Premium (BYP) Benefit, you can lock in your premium rate for the first 5 years and increase your death benefit by up to 25%/50%/75%/100%, without additional underwriting, regardless of age, as long as the policy is active.
Avail tax benefits upto Rs. 46,800 per year under applicable sections of the Income Tax Act, 1961.
The eligibility conditions to buy Canara DigiShield Plan are as follows:
| Criteria | Minimum | Maximum |
| Entry Age | 18 years | 45 years |
| Maturity Age | 99 years (80 years for non-working spouse) | |
| Policy Term | Life Secure: 5 years Life Secure with Return of Premium: 10 years | |
| Sum Assured | 25 Lacs | No Limit |
| Premium Payment Terms | Regular and Limited Pay | |
| Premium Payment Modes | Monthly, Quarterly, Half-yearly, and Yearly | |
Young individuals
Self-employed/Business Owners
People with loans/debts
Newly married individuals
Parents with children
Sole breadwinner
Here are the steps to buy a 5 Crore term insurance plan from Policybazaar:
Step 1: Visit Policybazaar’s website and click on ‘Term Insurance.’
Step 2: Enter your name, date of birth, and contact details, then click ‘View Plans.’
Step 3: Provide information on smoking habits, income, occupation, and education, and choose ₹5 Crore coverage.
Step 4: Select the Canara HSBC Term Insurance plan from the list of options.
Step 5: Complete your purchase by paying with your preferred payment method.
You can contact the below mentioned helpline numbers:
To Buy New Policy:
To buy a new term plan, call Policybazaar's helpline at 1800-208-8787.
For Help Regarding Existing Booking:
To get assistance regarding existing book, call Policybazaar’s helpline at 1800-258-5970.
Claim Assistance Helpline:
For claim support, call Policybazaar's helpline at 1800-258-5881.
Manage your claims conveniently by logging into 'My Account' on the Policybazaar website.
Policybazaar App:
Download the Policybazaar app for prompt customer support. You can address any insurance-related questions directly through the app.
*Note: You can contact Policybazaar Insurance Advisor for any insurance-related help/guidance or to clear doubts/confusion.
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+All savings provided by insurers as per IRDAI approved insurance plan. Standard T&C apply.
