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We Promise to stand by those afflicted by the Balasore Tragedy.  |   Pursuant to Prevention of Money Laundering (PML) Rules 2005, it is mandatory for all Customers to update the KYC records, within 30 days of any change in the KYC details.  |   We are now Canara HSBC Life Insurance - Your dependable partners. We would like to assure you that this will have no impact on your policy and terms and condition of your policy remain unchanged.  |   Please note that the Government has reduced the lien period applicable from the date of enrolment under Pradhan Mantri Jeevan Jyoti Bima Yojana from 45 days to 30 days w.e.f., June 01, 2021. Accordingly, general public is hereby advised to note the reduced lien period.  |  Claim FAQs & Process For COVID-19  |  List of Offices

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Why Choose Canara HSBC Life Insurance?

Partner Bank Branches


Partner Bank Branches

Backed by Canara Bank and HSBC Bank


Rs.30,204 Cr.+

Assets Under Management as of March 2023

Individual Death Claims Settled


Individual Death Claims Settled

In FY 2022-2023

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What is Life Insurance?

Life insurance policy is a versatile investment that ranges from the necessary plan for the financial safety of the family to your own. For example, term life insurance plans are important to ensure the long-term financial safety of your dependents, while retirement and pension plans ensure financial safety for you after retirement.

Life insurance companies provide multiple plans to serve your various important financial needs in life. You can buy a life insurance plan for pure financial protection, wealth building, retirement, wealth preservation and even for legacy goals.

Investment plans from life insurance companies are some of the best long-term wealth preservation investments. Due to their tax-exempt nature, the plans offer a perfect place to park your wealth for protection against inflation over long periods.

Insurance Guide


The life insurance premium is the cost of life insurance cover or plan that you agree to pay regularly for the plan. Life insurance premium amount for the protection plans like term insurance and critical illness covers comprise of majorly protection cost. Premium amount of other policies such as ULIPs, endowment and money back plans will carry a major part as investment premium.

Life insurance types in India comprise of protection plans, wealth preservation plans, retirement plans, child education plans, and wealth-building plans. Term life and critical health insurance plans are protection life insurance plans. Life insurance plans like endowment and money back plans are wealth preservation plans, while ULIPs are wealth building plans. Apart from these, you can also invest in legacy plans, which are also called whole life insurance plans.

Sum assured in a life insurance plan usually refers to the available guaranteed life cover or death benefit in the plan. While buying protection plans like term life insurance your sum assured or life cover should be at least 10 times your annual income. However, this should go about 15 times, if you are not investing in life insurance plans for important goals of your family like child education and marriage. This is to ensure that your child’s goals are still fulfilled even after your untimely demise.

Life insurance premium considers multiple factors which usually determine the risk of early demise for you. For example, your present and past medical history, lifestyle habits, occupation, hobbies, and more than anything else your age. The best way to calculate your life insurance premium is to use the online calculators provided for the specific plans.

The best age to buy a life insurance plan is as soon as you have started earning money. The minimum legal age to enter into a life insurance contract is 18 years. Thus, you can consider this as the lower limit for getting life insurance cover in India. However, life insurance is generally available only when you have an income, even if the interest income is from invested wealth. As a homemaker, however, you can get life insurance even without a direct income if your spouse agrees to pay the premium.

Canara HSBC Life Insurance is a joint venture of the three largest and trusted financial institutions in India. Also, Canara HSBC Life Insurance follows a digital-first approach to serving its customers. Thus, regardless of where you are in the world, you can always manage your policies or file claims with ease. InstaPromise® initiative of the life insurance company allows your family to receive death benefits from your term policy within a couple of days after a claim.

One important thumb rule that is widely followed in life insurance is about the total life cover an individual should have. As per this thumb rule, you should have a life cover of anywhere between 10 to 20 times your annual income. However, this is the total life cover. Thus, this will include your life cover under term life insurance plan, child plan, endowment or money back plans and retirement plans.

Also Read - Insurance Meaning

Yes, NRIs can buy life insurance plans in India. Apart from NRIs, even PIOs (persons of Indian origin) can also buy life insurance plans in India. NRIs buying life insurance plans in India also receive the tax benefits available under section 80C in India.

Our Philosophy

Our Philosophy

We are dedicated towards helping our customers safeguard their financial future. Our aim is to provide reliable and innovative insurance options that caters to the needs and goals of every customer. Keeping this in mind, we offer a range of insurance policies such as health insurance, term insurance, Unit Linked Insurance Plan, retirement plan, pension plan and child education plan along with additional benefits.

Our primary focus while offering these products is to ensure that customer needs and expectations are fulfilled through their life cycle. The financially affordable solutions cater to each of the customer segments and are backed by quality service with an unflinching resolve to remain engaged with the customer through our relationship. So, get insured today. Buy your plan online in just a few clicks.

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