Canara HSBC Life Insurance Promise2Secure

It offers waiver of premium on terminal illness, insta payout on claim intimation of death, premium deferment facility up to 12 months and complimentary health and wellness benefits.

Canara HSBC Life Insurance Promise2Secure Plan Overview

The Promise2Secure term plan offered by Canara HSBC Life Insurance Company covers the self and spouse under a single policy, with a choice between Level Cover and Increasing Cover. It comes with an in-built waiver of premium on terminal illness, a Block Your Premium option to lock the premium rate and raise cover later without fresh underwriting, and optional covers for accidental death, disability, critical illness, and child care.

Life Secure with Return of Premium option provides total premiums paid on survival till maturity and Life Secure option is pure life cover only. Both also include a free online will-writing service and health and wellness benefits, such as teleconsultations, diagnostic discounts and fitness subscriptions.

What are the Key Features of Canara HSBC Life Insurance Promise2Secure?

• Two plan options to choose from: Life Secure and Life Secure with Return of Premium

• Choice between Level Cover and Increasing Cover coverage options

• Option to change Premium Payment Term from Regular to Limited Pay without any charge

• Life Stage Enhancement option to increase sum assured on marriage, birth/legal adoption of child, or purchase of new house (Life Secure option only)

• Option to cover self and spouse (Working or Non-Working) under a single policy

• Increasing Cover option raises sum assured by 10% per annum (simple interest), capped at 100% of original sum assured, with no change in premium

• This term insurance plan offers Insta Payout on Claim Intimation of Death, where the higher of ₹1 lakh or 2% of Base Sum Assured is payable within 1 working day of claim registration, after completion of 3 policy years (subject to Base Sum Assured being at least ₹50 Lakhs)

• Lock in your premium rate with the Block Your Premium (BYP) option – increase your cover up to 100% of Base Sum Assured in the first 5 policy years, with no fresh underwriting needed

• Premium Deferment – after 5 policy years, you can defer payment of premiums for up to 12 months, without losing your life cover

• In-built Waiver of Premium benefit on diagnosis of Terminal Illness, with base policy coverage continuing

• Optional add-on covers: Accidental Death Benefit (ADB), Accidental Total & Permanent Disability (ATPD), Premium Protection or Premium Protection Plus, Critical Illness (CI, covering 40 specified conditions) and Child Care Benefit (CCB)

• Special Exit Value (Life Secure with Return of Premium option) – if you decide to surrender the policy voluntarily after 25 policy years (but not within the last 5 years of the term), you will get back the total premiums paid

• Maturity Benefit (Life Secure with Return of Premium option) – if you survive the entire policy term, you will receive 100% of the total premiums paid as maturity benefit

• Death Benefit Payout Option, chosen at policy inception: Lump Sum, Monthly Income, or Part Lump Sum + Part Monthly Income

• Free Health & Wellness Benefits (teleconsultations, discounted diagnostics, pharmacy & dental discounts, discounted ambulance services, fitness subscription perks, and chronic condition management support)

• Free online Will preparation service for legacy planning

• No policy loan facility is available under this plan

• Discounts available for Loyalty (existing customers), Staff, Salaried customers, Corporate policies, Spouse Coverage, and Female lives (3-year age setback)

Eligibility Criteria for Canara HSBC Life Insurance Promise2Secure

What are the Plan Variants of Canara HSBC Life Insurance Promise2Secure?

The plan comes with 2 plan options:

Life Secure

Under the Life Secure option, the Sum Assured on Death, as per the coverage option chosen, is paid on the death of the Life Assured or Spouse during the policy term, provided the policy is in-force at the time of death. Both the Life Assured and Spouse can be covered for the full contract term, and the life insurance policy terminates on the death of the last surviving covered member. No maturity benefit is payable on survival till the end of the policy term under this option.

Life Secure with Return of Premium

Under this option, the Sum Assured on Death is paid on the death of the Life Assured during the term of the policy and the policy terminates. On survival of the Life Assured to the end of the policy term, if the policy is in-force, the Sum Assured on Maturity, which is equal to 100% of the total premiums paid (excluding underwriting extra premiums, rider premiums, premiums for optional in-built covers and applicable taxes), is paid as a lump sum. The policy terminates thereafter.

What are the Benefits of Canara HSBC Life Insurance Promise2Secure?

Death Benefit:

The Sum Assured on Death payable is the highest of the following:

• 11 times the Annualized Premium;

• 105% of Total Premiums Paid up to the date of death (excluding premiums for optional in-built covers);

• or the Sum Assured as applicable per the coverage option chosen.

Death Benefit Payout Options (chosen at inception, cannot be changed later):

• Lump Sum: Entire benefit paid as a one-time lump sum

• Monthly Income: Payable for 60 months; can be level or increasing annually at 5%/10% p.a. (simple interest)

• Part Lump Sum + Part Monthly Income: Split between 25%/75%, 50%/50%, or 75%/25% as chosen; the monthly income portion is payable for 60 months and can be level or increasing at 5%/10% p.a.

Maturity Benefit:

Maturity benefit is payable only under the Life Secure with Return of Premium option. Under this option, if the policyholder is alive at the end of the policy term, 100% of all premiums paid will be paid as a lump sum.

Waiver of Premium on Terminal Illness:

On diagnosis of Terminal Illness, all future premiums (excluding premiums for ADB, ATPD, CI, and CCB) of the impacted life are waived, while base policy coverage continues. All other optional in-built covers cease upon diagnosis.

Insta Payout on Claim Intimation due to Death:

An accelerated payout of higher of ₹1 lakh or 2% of Base Sum Assured shall be paid within one working day of claim intimation on submission of required documents. This benefit will be available after 3 policy years provided Base Sum Assured is a minimum of ₹50 Lakhs. The remaining balance of the death benefit is paid in the final claim settlement.

Premium Deferment:

After five years of the policy and payment of all due premiums, the policyholder can defer premium payment for a period up to 12 months without loss of life cover. The deferred premium amount shall be recovered out of any subsequent claim payout.

Special Exit Value:

Available only under Life Secure with Return of Premium option. Total premiums paid (excluding underwriting extra premiums and optional in-built cover premiums) are returned if the policy is surrendered in any policy year after year 25, excluding the last 5 policy years.

Health & Wellness Benefits (complimentary):

The plan offers free Health Benefits up to ₹51,000. Health Management services include Teleconsultations, Discounted Diagnostics and Screenings, Discounts on Pharmacy/Pathology/Radiology/Dental, Discounted Ambulance Services, Fitness and Wellness Subscriptions, Medical Records Repository, Personalised Health Risk Assessment, Chronic Disease Management and Personalised Diet and Nutrition Management.

Surrender Value:

For Limited Pay policies, surrender value is available after payment of all due premiums under the chosen Premium Payment Term. No surrender value is payable under Regular Pay policies except as an Unexpired Risk Premium Value or Special Surrender Value/Guaranteed Surrender Value as applicable to the plan option.

What are the Optional In-Built Covers under Canara HSBC Life Insurance Promise2Secure?

• Accidental Death Benefit (ADB): Pays ADB Sum Assured in addition to the Death Benefit on accidental death. Maximum ADB Sum Assured: ₹2 Crore.

• Accidental Total & Permanent Disability (ATPD) – Premium Protection: Waives all future premiums for the affected life on the occurrence of ATPD; other coverages continue.

• ATPD – Premium Protection Plus: Pays a lump sum ATPD Sum Assured immediately and waives future premiums. Maximum ATPD Sum Assured: ₹1 Crore.

• Child Care Benefit (CCB): An additional lump sum is payable if the child is between 0 and 21 years (last birthday) at the time of death of the impacted life. This benefit is available only with the Life Secure option. If not selected at policy inception, it can also be added within one year of the birth or legal adoption of the first child, provided the Life Assured or Working Spouse had no children when the policy was purchased.

• Block Your Premium (BYP): Locks the premium rate at inception for the first 5 policy years, allowing an increase in death benefit cover up to 100% of Sum Assured without fresh underwriting. Available with Life Secure option (Regular Pay, Level Cover) only.

Note: Only one of ATPD or CI can be opted for the same life. CCB and BYP are available only with the Life Secure plan option.

What are the Exclusions under Canara HSBC Life Insurance Promise2Secure?

Death Benefit: There are no exclusions other than the suicide clause. If the Life Assured/Spouse commits suicide within 12 months of policy commencement or revival, the benefit payable is 80% of Total Premiums Paid till the date of death, or the applicable early exit value/surrender value, whichever is higher.

How To Buy Canara HSBC Term Insurance Online from Policybazaar

Below mentioned are the steps to buy the Canara HSBC Term Insurance Plan:

Step 1: Visit the term insurance page of Policybazaar

Step 2: Fill in the required details like name, gender, contact information, and more

Step 3: Select the right options like smoking habits, occupation types, educational background, and annual income

Step 4: Choose a suitable Canara HSBC plan and proceed to pay

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