Aegon Life vs Canara HSBC
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Aegon Life vs Canara HSBC Life Insurance 2024

Aegon Life and Canara HSBC both are one of the top life insurance providers in India. Both the companies offer comprehensive life insurance plans offering life cover from 10 to 99 years of age. The product portfolio of both of them is vast and caters to unique needs of the customers. The claim settlement ratio of Aegon Life is 99.03% whereas Canara HSBC has 98.44% CSR for the FY 2022-23. The companies provide benefits such as high sum assured, flexible premiums, customizable coverage, rider benefits, options for premium payment terms, maturity benefits, online discounts, non-smoker discounts and various plan options to choose from.

PLAN DETAILS Edit Aegon Life

Aegon Life

Edit canara-hsbc-life

Canara HSBC

Number of life insurance plans and add-ons
Entry Age (Min-Max) 20-65 years 20-65 years
Policy Term 10-75 years 5 - 65 years
maturity Age (Min-Max) 75 years 23-70 years
Claim settlement ratio (CSR) 99.03% 98.44%
Asset under managment (AUM) 769.5 Crores 30204 Crores
Solvency ratio 3 2.8
Policy Type
  • Term insurance
  • Endowment policy
  • ULIP
  • Money back policy
  • Retirement plans
  • Savings plans
  • Child plans
  • Group Insurance plan
  • Term insurance
  • Whole life policy
  • Endowment policy
  • ULIP
  • Money back policy
  • Retirement plans
  • Savings plans
  • Child plans
  • Group Insurance plan
Coverage Amount
  • Minimum- 5 Lakh
  • Maximum- No Limit
  • Minimum- 3 Lakh
  • Maximum- No Limit
Optional Additional Riders
  • Critical illness riders
  • Accidental death benefit
  • Accidental and total permanent disability
  • Child support benefit
  • Premium waiver Rider
  • Critical illness riders
  • Accidental death benefit
  • Accidental and total permanent disability
  • Child support benefit
  • Premium waiver Rider
Number of term plans 10 3
Exclusions Suicide or self inflicted Injury Suicide or self inflicted Injury
Death Benefit Yes Yes
Survival Benefit Yes Yes
Claims procedure Both (Online+offline) Both (Online+offline)
Type of the insurer Private Private
Online buying facility for life plans Yes Yes
Premium payment options Single/limited/Regular Single/limited/Regular
Online claim facility Yes Yes

Life Insurance Companies

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Aegon Life Term Insurance Plans

Bandhan Life Saral Jeevan Bima

A standard pure protection plan with simple terms and conditions providing death benefit to the family of the policyholder.

Unique Features

  • Simple & easy to understand
  • Cost-effective plan
  • Flexibility to select policy term

Saral Jeevan Bima (Pros)

  • Bandhan Life AD Rider
  • Choose To pay Premium Once
  • Max Sum Assured 25 L

Saral Jeevan Bima (Cons)

  • No Maturity Benefit
  • No Surrender Benefit
  • No Survival Benefit

Saral Jeevan Bima (Other Benefits)

  • Spouse Cover
  • Suicide Cover After 12 Months
  • Policy Revival Within 5 Years

Saral Jeevan Bima (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - 5 L
  • Maximum Maturity Age - NA
  • Premium Payment Term - RP/SP/LP(5&10 Years)

Bandhan iTerm Comfort

A plan enriched with add-on riders for Accidental Death and Critical Illness, coupled with an assured life insurance cover that offers a lump-sum payout

Unique Features

  • Max Sum Assure 1.25 Cr
  • 105% Death Benefit
  • Special Exist Value At Age Of 55

iTerm Comfort (Pros)

  • Bandhan Life CI Care Rider
  • Bandhan Life AD Rider
  • Suicide Cover After 12 Months

iTerm Comfort (Cons)

  • No Maturity Benefit
  • No Surrender Benefit
  • No Loan Allowed

iTerm Comfort (Other Benefits)

  • Tax Benefit
  • Option to Attach or Detach Riders
  • Policy Revival Within 5 Years

iTerm Comfort (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - 25 L
  • Maximum Maturity Age - 70 Yrs
  • Premium Payment Term - 40 Years

Bandhan iTerm Prime

This comprehensive policy offers the flexibility to enhance life coverage and attach or detach riders, with a choice of 4 riders and coverage for 36 critical illnesses.

Unique Features

  • Bandhan Life AD Rider
  • Bandhan Life Disability Rider
  • Non-Smoker and Female Discounts

iTerm Prime (Pros)

  • Bandhan Life Women CI Rider
  • Bandhan Life CI Care Rider
  • Bandhan Life WoP Rider on CI

iTerm Prime (Cons)

  • No Maturity Benefit
  • No Loan Allowed
  • Policy Terminates Post Payment of Death

iTerm Prime (Other Benefits)

  • Surrender Benefit
  • Inbuilt Terminal Illness Benefit
  • Life Coverage Till the Age of 100 Years

iTerm Prime (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - 25 L
  • Maximum Maturity Age - 100 Yrs
  • Premium Payment Term - SP

Bandhan Life iTerm Plus Plan

This plan offers benefits for critical illness while offering a lump-sum payment in the event of demise, and comes with flexible premium payment.

Unique Features

  • 4 Plan Options
  • 50 Lakhs for Accidental Death
  • Non-smokers & Female Discounts

iTerm Plus Plan (Pros)

  • Terminal Illness
  • Suicide Cover After 12 Months
  • Permanent Disability Cover

iTerm Plus Plan (Cons)

  • No HIV Cover
  • No Surrender Benefit
  • No Maturity Benefit

iTerm Plus Plan (Other Benefits)

  • Waiver of Future Premiums
  • 1 Cr Natural Death Cover
  • Coverage Option till the Age of 80 years

iTerm Plus Plan (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - 50 L
  • Maximum Maturity Age - 80 Yrs
  • Premium Payment Term - 50 Yrs

Canara HSBC Term Insurance Plans

Canara HSBC POS - Easy Bima Plan

Canara HSBC POS- Easy Bima Plan comes with a 'Return of Premium' benefit on surviving the policy tenure until maturity. The plan offers flexibility to select policy and the premium payment term.

Unique Features

  • Double life cover in accidental death
  • Customized your plan as per needs
  • Return of premium on survival

A Non-Linked, Non-Participating, Individual, Pure Risk plan that offers 3 plan options with steady income benefits.

Unique Features

  • Life cover till 99 years
  • Child Care Benefit option
  • Income Benefit after 60 years

iSelect Smart360 Term Plan (Pros)

  • 3 Plan Options & Spouse Cover
  • Accidental Death Benefit
  • Accidental Total & Permanent Disability

iSelect Smart360 Term Plan (Cons)

  • No Policy Loan Allowed
  • No Maturity Benefit
  • No Benefit On Revival

iSelect Smart360 Term Plan (Other Benefits)

  • Critical & Terminal Illness
  • Option To Block Your Premium
  • 5% Loyalty Discount

iSelect Smart360 Term Plan (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - 25 L
  • Maximum Maturity Age - 81 Yrs
  • Premium Payment Term - RP/SP/LP(5&25 Years)

Canara HSBC iSelect Star Term Plan

With in-built coverage such as Accidental Death benefits, Accidental Total and Permanent Disability benefits, the plan that allows you to customize your term plan as per your needs.

Unique Features

  • Add a spouse @discounted rates
  • Lifetime coverage available
  • Multiple options to receive benefits

Canara HSBC Saral Jeevan Bima Term Plan

A standard and affordable term insurance plan that offers a lump-sum amount to the beneficiary in case of the death of the policyholder.

Unique Features

  • Customize Premium Payment Term
  • Tax Benefits
  • Hassle-free buying process

Saral Jeevan Bima Term Plan (Pros)

  • Available for Online Buying
  • Choose to Pay Premium Once
  • High Sum Assured

Saral Jeevan Bima Term Plan (Cons)

  • No Survival Benefit
  • No Maturity Benefit
  • No Surrender Benefit

Saral Jeevan Bima Term Plan (Other Benefits)

  • Suicide Cover
  • Spouse Cover
  • Policy Revival Within 5 Years

Saral Jeevan Bima Term Plan (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - 5 L
  • Maximum Maturity Age - NA
  • Premium Payment Term - RP/SP/LP(5&10 Years)

Canara HSBC Young Term Plan Online

The plan offers whole life cover, cover for 40 critical illnesses and a Special Exit Value for added financial security

Unique Features

  • WOP On Diagnosis of CI
  • Return of Premium Benefit
  • Child Education Benefit

Young Term Plan Online (Pros)

  • 2 Plan Options & Spouse Cover
  • Accidental Death Benefit
  • Accidental Total & Permanent Disability

Young Term Plan Online (Cons)

  • No Policy Loan Allowed
  • No Pre-Existing Diseases Cover
  • No Benefit on Revival

Young Term Plan Online (Other Benefits)

  • Critical & Terminal Illness
  • Option To Block Your Premium
  • 5% Loyalty Discount

Young Term Plan Online (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 45 Years
  • Minimum Sum Assured - 25 L
  • Maximum Maturity Age - 99 Yrs
  • Premium Payment Term - RP/SP/LP(5 To 15 Yrs)

Life Insurance Articles

Life Insurance FAQs

Life Insurance FAQsSeptember, 2021

Naval Goel

Reviewed By: Naval Goel

Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.