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Our Insurance Plans

We provide a wide range of life insurance policies to meet your insurance and saving needs. Our insurance plans are tailor-made for various life stage needs to help you secure the future of your loved ones and stay financially independent. Explore different types of life insurance policies offered by Canara HSBC Life Insurance and buy the best insurance plan online.

Online Life Insurance Plans

Meet various life needs such as protection, retirement, savings, child education, and health with the right life insurance plan online.

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Term Insurance Plans

Buy a term insurance plan for the financial security of your loved ones. Secure your family’s lifestyle, today and tomorrow.

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Saving Plans

Build a disciplined savings approach with steady returns to help you achieve your life goals with a savings plan.

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Unit Linked Insurance Plans

Choose the right funds and asset class to generate returns from a ULIP while protecting the future of your loved ones.

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Tax-Saving Plans

Start planning your taxes with the right life insurance plan to save tax under Income Tax Act.

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Retirement Plans

Plan for a comfortable retirement with the right corpus to take care of your post-retirement expenses.

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Child Insurance Plans

Provide everything your child needs to fulfil their dreams and aspirations with a child insurance plan.

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Health Insurance Plans

Get comprehensive coverage for your health to protect your savings in case of a medical emergency.

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Traditional Plans

Our traditional insurance plans help you experience fixed returns along with allowing you to time benefit payouts basis lifestage needs.

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Group Plans

Our group plans help employers or affinity groups to protect the interests of their employees/members and manage key liabilities.

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Why should you Buy Insurance Plans from us?

Canara HSBC Life Insurance is a joint venture of the three reputed financial institutions in India - Canara Bank, HSBC, and Punjab National Bank. Thus, the insurance company boasts of the expertise, trust and knowledge of the regional and global financial market brands.

  • 20000+ Serving Branches
  • Rs.25000 Cr.+ Assets Under Management as of March 2022
  • 98.57% - Life Insurance Claim Settlement Ratio for FY 2021-2022

The company offers life insurance products suited to specific financial needs starting from financial safety to legacy goals. The plans include both completely online variants and offline plans which you can buy through the branches.

The company is committed to transparent and supportive business practices. Thus, you can explore and learn about life insurance plans online. Learn about policy features, benefits available and estimate your premiums before buying.

You can invest in the following life insurance plans with Canara HSBC Life Insurance:

Pure Protection Plans Savings & Investment Plans Retirement & Income Plans Child Plans
iSelect Smart360 Term Plan Flexi Edge Guaranteed Income4Life Smart Goals Plan
POS – Easy Jeevan Bima Plan Guaranteed Savings Plan Pension 4Life Plan Smart Junior Plan
Saral Jeevan Bima Plan Titanium Plus Secure Bhavishya Plan Jeevan Nivesh
Health First Plan - - -

What is an Insurance?

Reasons to Buy a Life Insurance Plan

Insurance is a contract between an insurance company and the insured. The insurance company would agree to compensate the insured, in part or full, for a financial loss happening due to a covered event. On the other hand, the insured will agree to pay a premium cost for the cover.

For example, a ship insured by an insurer for the value of its goods loses some of it into a storm. The insurance company covering the goods may compensate the shipping firm. The shipping firm would have to pay a nominal cost for the coverage as a premium for the insurance policy.

While in non-life insurance the value of loss depends on the value of the goods lost, In the case of life insurance your annual income will define the insurance value.

Must Read - What is Insurance?

How does an Insurance Work?

Insurance is a financial product designed for the safety of the community at large from unforeseen and unpredictable events. For example, accidents, illnesses, calamities like fire, storm, etc.

Since insurance works as a financial product for the community, the risk event has to be widespread and not unique to a specific person or entity.

For example, a village may be exposed to the risk of flooding, which could damage or destroy a specific number of houses.

If so, all the homeowners of the village can get together and collect a sum to repair these houses every year. This sum will depend on the total number of homeowners in the village and the average number of buildings affected in the last few years.

For example, assume the village has 1000 similar houses which have similar repair and construction costs. Every year flooding damages about 10 of these houses, with an average repair cost of Rs 1 lakh.

If all the households contribute Rs 100 a year each, the repair costs of the scheme will effectively cover the repair cost of the damaged houses. Thus, Rs 100 will become the premium for the insurance cover of each house in the village.

This is an oversimplified example of how life insurance policies work. The real contract and insurance cost is based on a complex analysis of a large amount of historical data. Life insurance policies also work on this principle. However, life insurance considers mortality rates based on age.

Recommended Reading - What is Life Insurance Policy?

What are the Components of an Insurance Policy?

Insurance policy has multiple components which make up the policy features and workings. The components may change depending on the type of insurance policy you are buying. For general understanding classify insurance into life and non-life insurance policies:

1

Premium

Premium is the price you pay to secure the insurance cover for a specific event or a category of events. Every insurance policy provides a premium cost for annual coverage. However, you can secure insurance cover for more than one year under both life and non-life insurance plans.

2

Sum Assured/Insured

Sum assured or insured is the total benefit available to you in the case of the covered incident. The term sum assured is commonly used in life insurance plans while sum insured is more common with non-life insurance.
Sum assured means that the plan benefit is defined in the case of the event. However, the sum insured only shows the maximum limit of the benefit.

3

Policy Term

Policy term is the maximum tenure for which your insurance policy will continue for you. The policy term applies to both life and non-life insurance plans.

4

Deductible

A deductible is a contribution clause attached with non-life insurance plans. These plans cover a large part of the loss, but only if it exceeds the deductible amount. For example, car insurance may have a deductible of Rs 2000. Meaning, you will have to pay for losses up to Rs 2000 from your pocket before the insurer starts paying for the losses.

5

Premium Payment Term

Premium payment term (PPT) for life insurance policies may differ from the policy term. For example, you can pay all the premiums for a 20-year life insurance policy in a single instalment, in 5 years, or pay throughout 20 years. PPT cannot, however, exceed policy terms.

What are the Key Features of an Insurance Policy?

As we know, you can have two types of insurance policies in your portfolio. Both insurance plans serve a different purpose. Whole life insurance protects your dependents’ financial future, general or non-life insurance protects your own.

Thus, both insurance plans have different features. Here are the key features these plans offer:

1. Benefit Payment

Benefit payment for both life, as well as non-life insurance policies, differ in the following two ways:

Life Insurance Non-Life Insurance
A fixed sum payable upon the covered event taking place - A part of the loss/expense payable upon a covered event taking place
Premium and benefit amount once decided do not change for the policy term - Premium may change every year as well as the benefit amount
- Does not pay a survival benefit,
May have a maturity or survival benefit - No claim bonus as an increase in sum insured for the claim-free years
Insurance cover ceases after a full claim benefit payment - You can continue the cover even after the full sum insured claim

2. Maturity or Survival Benefits

Only life insurance policies may offer maturity or survival benefits. Life insurance policies like money back plans offer periodical cash back payments to the policyholder if the insured survives. Other life insurance policies like money back plans and guaranteed plans have a maturity value.

3. Option to Cover Additional Events

You can include additional benefits in the form of riders in both life and non-life insurance plans. For example, you can add critical illness health cover with your term insurance or Mediclaim insurance plans.

4. Mode of Benefit Payment

Life insurance plans usually pay the claim benefit amount to the nominees of the policyholder. A policyholder can only receive the survival benefits from a life insurance policy. General insurance policies, however, usually pay the claim amount to the policyholder.

Policies like Mediclaim insurance and vehicle insurance may pay the benefit amount directly to the vendor, i.e. hospital, service centre, etc. This is called cashless treatment or claim.

5. Option to Grow your Money

Life insurance policies can be participating and non-participating. Participating insurance plans offer additional growth for your money. Endowment plans, pension and retirement insurance plans are examples of such plans. Non-life insurance plans do not offer this feature.

6. Tax Savings

Most life insurance plans qualify for tax savings under section 80C. Only health insurance plans in non-life insurance qualify for a tax deduction under section 80D.

What are the Different Types of Life Insurance Policies?

You can divide life insurance plans into two major categories and further divide them into four different categories based on their purpose. The first two major divisions are:

1. Individual Life Insurance Plans

While individual and group life insurance plans have similar divisions, individual plans are more diversified across financial goals:

Pure Protection Plans Savings & Investment Plans Retirement & Income Plans Child Plans
Term and health insurance plans Guaranteed & safe investment plans Retirement savings & pension plans Child education plans
Offer large insurance cover at a nominal premium cost Offer long-term safety of invested capital Offer long-term growth and income generation options Aim to safeguard child’s future from your untimely death
Usually do not have maturity or survival benefit Offer survival and maturity benefits Offer high growth for the investment period Offer high growth for investment
- - Offer safe income stream as pension Protect the goal from your untimely demise

2. Group Life Insurance Plans

Employers, lenders, banking and financial institutions often use group life insurance plans for their employees and customers.

Group Term Life Insurance Group Gratuity Insurance Group Personal Accident Insurance Group Pension Insurance
Offers term life cover to employees and customers Covers employer’s liability for gratuity and leave salary payments Covers group members for accidental disability and death Offers retirement savings option for employees
Used by employers and home loans and other long-term lenders Used by employers for employee benefit schemes May cover workplace injuries to visitors and third parties Both employer and employee can contribute to employee retirement

Term life insurance, both as an individual and group plan, can carry a critical health cover. Critical health insurance will cover life-threatening illnesses such as cancer, renal failure or heart failure.

How to Choose the Best Insurance Policy?

Often you may feel confused with the hundreds of insurance choices in the market. However, selecting the best insurance policy is not difficult if you stay focused on your needs. Here’s how you can find the best insurance policy for yourself:

1. What kind of Insurance do you Need?

Insurance is a financial instrument serving different financial needs for individuals and organisations. You can select different policies depending on your specific need. For example, if you are looking for long-term safety for your family term and health insurance are perfect for you. However, other goals will need other insurance plans:

  • Saving for Wealth Goal

    Unit Linked Insurance Plans (ULIPs) and participating endowment plans

  • Retirement Savings

    ULIPs and pension plans

  • Child’s Future Goals

    Child endowment and money back plans, child money back plans

  • Asset Insurance

    Home content insurance, car and two-wheeler insurance, etc.

2. Which Features and Benefits do you Need in an Insurance Plan?

As per the insurance plan you should list the features and benefits you are looking for in that plan. For example:

  • Zero depreciation cover for vehicle insurance
  • Regular income pay-out option for term insurance
  • Option to increase the life cover in term insurance with age or life stage
  • Burglary and theft coverage in home insurance
  • No claim bonus and higher limits for room rent in health insurance covers

3. What is the Sum Assured/Insured you Should Have?

Sum assured or insured depends on your annual income and total life and general cover need. In the case of life insurance:

  • Your total life cover can go up to 20 times your annual income.
  • A cover of 10-15 times your annual income is enough to provide your family with all their future financial needs.
  • If you already have a part of this coverage, opt for only the balance.

In the case of health insurance:

  • Coverage should be affordable
  • Annual premium should remain between 1-2% of your annual income

4. Should you Buy Insurance Online or Offline?

Although you may not find much of a difference between online and offline insurance plans, you can still choose to engage with a complete online plan. Online plans may allow you to avoid paperwork completely and offer lower premium costs.

5. Check Insurer Profile

Check a few facts and figures about the insurer before buying the plan to avoid disappointments at the time of claim. You should look for the following factors before buying from the insurer:

Number of branches Claim settlement ratio
Age of the brand Networked hospitals/service centres
Partner brands Solvency or credit rating of the insurer

What are the Tax Benefits on Insurance Plans?

Only life insurance and health insurance plans offer tax benefits for individual consumers. The available tax benefits apply as given below:

1. Life Insurance Plans

Sec 80C: Maximum tax benefit in the year of investment/Premium payment Rs 1.5 lakhs
Sec 10(10D): Taxability of maturity value and any payment from the insurance plans Fully Exempt*
Taxability of ULIPs
- The maximum limit for a tax deduction for investment & maturity values (maturity value will become taxable for ULIPs which receive investment over this amount in the year)
Rs 2.5 lakhs p.a.*

* the invested premium should not exceed 10% of the life cover amount of the policy

2. Health Insurance Plans

Sum assured or insured depends on your annual income and total life and general cover need. In the case of life insurance:

Deduction on premium payment available for - Health cover of self, spouse and children below 25 years of age
- Health cover for parents whether dependent or not
- Preventive health check-up expenses up to Rs 5000
Amount of deduction available:
- If senior-most insured falls below 60 years of age
- If the covered person is a senior citizen
- Rs 25,000
- Rs 50,000 (also includes expenses for specified diseases)

FAQ s About Insurance Policy

Financial stability is essential for long-term prosperity. Insurance helps you safeguard your long-term investments and dependent’s future goals from unforeseen bad events. Insurance will provide large financial assistance to your family or reimburse the cost of sudden expenses you had to incur. Thus, you can keep your long-term investments going and your family can continue on their journey without financial hiccups.

Also Read - Benefits of Insurance

Filing claim in insurance policies is easy. With a general insurance policy like health and vehicle insurance, you can visit a networked hospital or service centre to receive a cashless facility. That means, you only pay your part of the bills and the insurer takes care of the rest.

With life insurance, however, your family will need to complete the formalities and file a claim with proper documents.

Canara HSBC Life Insurance offers individual and group life insurance policies. Here’s a brief list of insurance products offered by the insurer:

Pure Protection Plans Savings & Investment Plans Retirement & Income Plans Child Plans
iSelect Star Term Plan Flexi Edge Guaranteed Income4Life Smart Goals Plan
POS – Easy Jeevan Bima Plan Invest 4G Pension 4Life Plan Smart Junior Plan
Saral Jeevan Bima Plan Guaranteed Savings Plan Secure Bhavishya Plan Jeevan Nivesh
Health First Plan Titanium Plus - -

Other than these the insurer also offers group gratuity and group term life insurance plans.

You can buy insurance policies online through the insurer’s website or visit the nearest branch of the insurance provider. In the case of an online purchase, you can connect with the insurer for any assistance you may need during the process.