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Canara HSBC Life Insurance
Canara HSBC Life Insurance
Canara HSBC Life Insurance company is a joint venture between Canara Bank (51%), HSBC Insurance (Asia Pacific) Holdings ...Read More
What you get with Canara HSBC Life Insurance
The headline features and policy mechanics, at a glance.
Annual Premium 8,027.46 crore
Affordable premium options starting from entry-level to comprehensive whole-life protection.
99.43% claim settlement ratio
Industry-leading approval rate on eligible life insurance claims in the most recent fiscal year.
2.06x solvency ratio
Well above IRDAI's 1.5× floor — strong indicator of long-term claim-paying ability.
6+ optional riders
Extend a base policy with add-on covers — critical illness, accidental death, waiver of premium and more.
100+ pan-India presence
Branch offices and claim service centres across India for easy policy servicing.
Canara HSBC Life Insurance: Overview
Canara HSBC Life Insurance, a prominent insurance company in India, was founded in 2008. It is a joint venture between Canara Bank (51%), HSBC Insurance (Asia Pacific) Holdings Limited (26%), and Punjab National Bank (merged with OBC) (23%). The company has a well-organized distribution network across Tier 1, 2, and 3 markets, including rural areas.
Canara HSBC Life Insurance offers a range of life insurance products, including term, savings, investment, retirement, and child plans. As per the IRDAI Report 2022-2023, Canara HSBC Life Insurance has a Claim Settlement Ratio (CSR) of 99.01%, demonstrating their fast and hassle-free claim settlement process.
Canara HSBC Life Insurance Company ensures to look after your insurance needs by offering:
- Wide range of plans
- Affordable plans
- Rider benefits
- Good customer support
- Tax savings
Features of Canara HSBC Life Insurance Plans
Annual Premium:
This metric reflects the business volume, reputation, and growth of an insurance company. In the financial year 2022-23, Canara HSBC Life Insurance's annual premium was ₹7197.38 crores.
Claim Settlement Ratio:
This ratio indicates the percentage of claims settled by the insurer, which helps potential buyers determine a company's claim settlement ability. As per IRDAI's annual report for 2022-23, the claim settlement ratio of Canara HSBC Life Insurance stands at 99.01%, indicating timely settlement of claims.
Special Premium Rates for Women:
Some Canara HSBC Life Insurance Plans offer special premium rates for women to encourage life insurance coverage among women.
Choice of Plan Options:
Various Canara HSBC Life Insurance Plans offer diverse plan options, allowing you to select the level of protection that best fulfills your requirements.
Solvency Ratio:
The solvency ratio is a crucial factor to consider when selecting an insurance company. It measures a company's ability to meet its long-term financial obligations, such as debt and interest. IRDAI has made it mandatory for all insurers to maintain a healthy solvency ratio of at least 1.5. The Solvency Ratio of Canara HSBC Life Insurance was 2.7 as of FY 2022-23.
Benefits of Canara HSBC Life Insurance Plans
There are multiple benefits of Canara HSBC Life Insurance Plans. Read below to understand the various advantages provided by the insurer.
Long-term Protection
Canara HSBC Life Insurance offers long-term protection to the life insured. In the unfortunate event of the policyholder's demise, financial assistance is provided to the beneficiary.
Critical Illness Benefit
Canara HSBC Life Insurance provides coverage against 40 critical illnesses. The coverage includes lump sum benefits, regular guaranteed income, and more.
Build Long-term Wealth
Through its ULIP segment, Canara HSBC Life Insurance offers an option to invest in the equity market. Equity market returns typically range between 12-15%.
Loan Facility
In emergencies, policyholders can apply for a loan against their Canara HSBC Life Insurance policies. Generally, the loan option is available for up to 80% of your surrender value.
Plans for Every Life Stage
Whether you are a new parent or just starting your career, Canara HSBC Life Insurance offers plans for every life stage, such as child plans, endowment plans, and retirement plans.
Tax Benefits
Premiums paid for Canara HSBC Life Insurance plans are eligible for tax benefits up to ₹1.5 lakhs under Section 80C and tax-free maturity benefits under Section 10(10D) of the Income Tax Act, 1961.
Riders You Can Avail With Canara HSBC Life Insurance Plans
Enhance your life plan with optional add-on riders for broader protection.
Accidental Death Benefit
Get an extra payout on top of the base cover upon death due to an accident.
Accidental Total & Permanent Disability Premium Protection
If the policyholder suffers accidental total and permanent disability, future premiums will be waived, and the policy will continue until maturity.
Accidental Total & Permanent Disability Premium Protection Plus
Receive an extra lump sum payout in case of accidental total and permanent disability, and future premiums will be waived.
Critical Illness Premium Protection
If diagnosed with any of the 40 pre-specified critical illnesses, future premiums will be waived, and the policy will continue until maturity.
Critical Illness Premium Protection Plus
Receive additional coverage if diagnosed with any of the 40 covered critical illnesses, and future premiums will be waived, with the policy continuing until maturity.
Terminal Illness Benefit
If diagnosed with any covered terminal illness, a lump sum benefit of up to ₹2 Crores is payable while the policyholder is alive.
Documents required
For policy purchase and claim submission. Have these ready before you start.
Photo ID Proof Any one of the following
Passport, Aadhaar card, PAN card, Driving license.
Age Proof Any one of the following
Passport, Aadhaar card, PAN card, Driving license.
Address Proof Any one of the following
Utility bill, passport, voter ID, ration card.
Medical Records Medical records of the policyholder, if requested.
Income Proof Any one of the following
Bank statement, last three months' salary slips (if salaried).
How to Buy a Canara HSBC Life Insurance Plan?
Step-by-step guides for the four key moments in your policy lifecycle. Click a tab to switch.
- Visit the PolicyX.com website or the Canara HSBC Life Insurance official website to compare and choose a suitable life plan.
- Enter your personal details such as name, date of birth, gender, annual income, and smoking status to get a customised quote.
- Compare plan options — choose your sum assured, policy term, premium payment term, and any optional riders.
- Fill in the proposal form with your contact details, nominee information, and medical history accurately.
- Upload the required documents: identity proof, address proof, income proof, and recent photographs.
- Pay the first premium online via net banking, UPI, debit/credit card, or cheque.
- Complete the medical examination if required (depends on your age and sum assured).
- Receive your policy document via email and registered post after underwriting approval.
How to File Canara HSBC Life Insurance Claims?
Filing a claim for any of the Canara HSBC Plans is a simple and hassle-free task. You can easily submit your claims online or offline. To file a claim for Canara HSBC Plans, you need to follow the steps below.
Online Process
Claim Intimation
The nominee/claimant must inform the company about the claim by submitting a claim form. Submit the claim form to the head office or nearest branch of Canara HSBC Life Insurance, along with required documents (e.g., photo ID, address proof).
Document Submission
Submit the necessary documents requested by the company to process the claim.
For natural death: death claim form, death certificate, original policy documents, claimant's identity and address proof, medical records, and nominee's account details.
For accidental death: the same documents, plus FIR and post-mortem report.
Claim Settlement
Once the company has received all the necessary documents, it will process the claim after verification. Upon successful verification, the insurer will disburse the claim amount into the nominee/claimant's bank account.
Offline Process
To file a claim offline with Canara HSBC Life Insurance, visit its head office or any of its branches. Submit a duly filled claim form along with the required documents to the nearest branch office or company head office. The claim department will process the claim after verifying the documents. You can easily locate the nearest branch office using the Canara HSBC branch locator.
- Log in to the Canara HSBC Life Insurance customer portal or the PolicyX.com dashboard before your policy renewal date.
- Review your existing policy details — coverage, premium amount, and nominee information.
- Choose to continue with the same plan or upgrade your sum assured if eligible.
- Pay the renewal premium online via net banking, UPI, debit/credit card, or cheque.
- Download the renewed policy document from your registered email or the insurer portal.
Here's how to buy Canara HSBC Life Insurance online:
- Go to the official website of Canara HSBC Life Insurance.
- Click on 'Plan' on the navigation bar and select the category of plans you want to purchase.
- Click on the 'Buy Now' button and fill in the required details.
- Click 'Next' and select a plan according to your requirements.
- Select the cover option you want and make your payment. Upon successful payment, a confirmation will be sent to your registered email address.
What's covered — and what's not
The standard inclusions and exclusions across Canara HSBC Life Insurance plans. Specific plans may add benefits — always check the policy wording before purchase.
✗ Exclusions
- Death due to a pandemic is not covered by the company.
- Death due to adventure sports.
- Death due to consumption of drugs and alcohol.
- Death due to any pre-existing disease not declared at policy inception.
- If a policyholder commits suicide within the first 12 months of policy purchase, no death benefits are paid to the nominee.
Conclusion
Canara HSBC Life Insurance is one of India's top insurance providers. It offers a wide range of life insurance products, which includes term insurance plans, child insurance plans, savings plans, retirement plans, and group insurance plans that can be customized according to the requirements of its customers. To understand more about life insurance plans offered by Canara HSBC, you can contact us at PolicyX.com. One of our insurance experts will reach you shortly, understand your requirements, and help you choose a plan that best suits your needs.
Why Choose PolicyX.com?
Don't just take our word for it — check out what our happy customers say about us!
All my claims were rejected for 3 years. Then, I received a text from PolicyX team, who noticed that my claims hadn't been settled. They managed to get my claims settled, totalling ₹4.5 L. I really appreciate the efforts of the PolicyX advisors for their support in settling my claims.
Ravindra SinghI highly appreciate the help of the PolicyX team for settling my claim of Rs. 5 Lakhs with zero deductions. I took a policy online from them in March 2024. As a customer, it's been a great experience throughout the process.
Priti VarshneyI'm very satisfied because my claim of over ₹2 L has been settled as a result of your team effort. However, I was very upset with the insurer, who delayed the claim for almost 2 months. But with your support and interaction, the claim was settled within 30 days & I appreciate it a lot.
Nisha MaryI bought my health policy from PolicyX, and so far, it's been a very pleasant experience with the team. I really appreciate the help for renewing my health policy. I look forward to continuing my relationship with PolicyX and recommend it to everyone.
Ajay ShahPolicyX has been a savior during a medical emergency in my family recently. My wife was admitted in the hospital, and the insurance company declined my claim request. The PolicyX team handled the situation very well and I received the claim right on time.
Vijay RathodI purchased a health plan for the very first time and the support by PolicyX is commendable. They helped me with the paperwork, explained the policy details to me with patience and supported me at every step of policy buying. A big thanks to you guys.
Uma MahajanFrequently asked questions
The 10 most-asked questions about Canara HSBC Life Insurance, answered.
Customer satisfaction
Aggregate ratings from 932 verified PolicyX customers who bought a Canara HSBC Life Insurance plan.
Life Insurance Articles
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PolicyX content is researched in-house and reviewed by an IRDAI-certified insurance specialist before publication.
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