Bajaj Allianz vs Canara HSBC
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Bajaj Allianz Life vs Canara HSBC Life Insurance 2024

Bajaj Allianz 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 Bajaj Allianz is 99.02% 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 Bajaj Allianz

Bajaj Allianz

 Edit canara-hsbc-life

Canara HSBC
Number of life insurance plans and add-ons
Entry Age (Min-Max) 18-60 years 18-60 years
Policy Term 10-30 years 5 - 65 years
maturity Age (Min-Max) 28-75 years 23-70 years
Claim settlement ratio (CSR) 99.02% 98.44%
Asset under managment (AUM) 100000 Crores 30204 Crores
Solvency ratio 6.1 2.8
Policy Type
  • Term insurance
  • Whole life policy
  • 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- 20 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 5 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

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Bajaj Allianz Term Insurance Plans

Bajaj Allianz Life Saral Jeevan Bima

A simple easy to understand pure protection term plan which comes in affordable premiums and provides death benefit to the family of the policyholder.

Unique Features

  • Future Proofing Benefit
  • 100 % Death Benefit
  • Max Sum Assured 25 Lakh

Saral Jeevan Bima (Pros)

  • Spouse Cover
  • Max Sum Assured 25 Lakh
  • Available for Online Buying

Saral Jeevan Bima (Cons)

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

Saral Jeevan Bima (Other Benefits)

  • Avail Tax Benefits
  • Easy Claim Settlement Process
  • Flexible-Premium Payment term

Saral Jeevan Bima (Eligibility Criteria)

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

Bajaj Allianz Life eTouch Online Term

The plan provides pure term and health coverage, providing whole life cover and accidental total permanent disability.

Unique Features

  • Waiver of Premium(WOP)
  • Accelerated Critical Illness(ACI)
  • 4 variants

eTouch Online Term (Pros)

  • Shield
  • Shied Plus
  • Shield Supreme

eTouch Online Term (Cons)

  • No Loans Allowed
  • No Surrender Benefit
  • No Maturity Benefit

eTouch Online Term (Other Benefits)

  • Max Sum Assured 2 Cr
  • Sheild Super
  • High Sum Assured Rebate (HSAR)

eTouch Online Term (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - 50 L
  • Maximum Maturity Age - 75 Yrs
  • Premium Payment Term - 10 to 40 Yrs

Bajaj Allianz iSecure Plan

A comprehensive term life insurance plan that offers level life cover at an affordable cost.

Unique Features

  • Joint Life Cover Option
  • Non-Smokers Discount
  • Flexible Premium Payment

iSecure Plan (Pros)

  • No Suicide Cover
  • Healthy Lifestyle Incentives
  • Customizable Options

iSecure Plan (Cons)

  • No Maturity Benefit
  • Limited Rider Options
  • Limited Availability for POS Channel

iSecure Plan (Other Benefits)

  • Tax Benefits
  • Premium Payment Options
  • High Sum Assured Rebate (HSAR)

iSecure Plan (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - 2.5 L
  • Maximum Maturity Age - 85 Yrs
  • Premium Payment Term - 10 to 25 Yrs

Bajaj Allianz Life Smart Protection Goal

The comprehensive plan offers death coverage, accidental death coverage, Cancer cover benefits, and Waiver of Premium on Critical Illness Benefits.

Unique Features

  • (ROP) as Maturity Benefit
  • Whole Life cover
  • Waiver of Premium Benefit

Smart Protection Goal (Pros)

  • Critical Illness Benefit
  • Accidental Death Benefit (ADB)
  • Accidental Total Permanent Disability Benefit

Smart Protection Goal (Cons)

  • No Loans Allowed
  • 180 Days WP For Critical Illness
  • No Rebate for SA above 3 cr

Smart Protection Goal (Other Benefits)

  • Suicide Cover After 12 Months
  • Female Life Rebate
  • High Sum Assured Rebate (HSAR)

Smart Protection Goal (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Min Sum Assured - 5 L
  • Max Maturity Age - 75 Yrs(ROP)
  • Premium Payment Term - RP/SP/LP

Bajaj Allianz Life Diabetic Term Plan Sub 8 HbA1c

A pure-risk life insurance plan designed exclusively for Type 2 diabetics with HbA1c level <=8% and pre-diabetics.

Unique Features

  • Diabetics & Pre-Diabetics Cover
  • 'Keep Fit' Benefit
  • Health Management Services

Diabetic Term Plan Sub 8 HbA1c (Pros)

  • Premium Reduction on Renewal
  • Good Health Premium Discounts
  • Health Management Services.

Diabetic Term Plan Sub 8 HbA1c (Cons)

  • No Maturity Benefit
  • No Surrender Value
  • Limited Coverage With Hba1c Level Above 8%

Diabetic Term Plan Sub 8 HbA1c (Other Benefits)

  • Tax Benefits Available
  • Flexible Sum Assured Options
  • Multiple Premium Payment Frequencies

Diabetic Term Plan Sub 8 HbA1c (Eligibility Criteria)

  • Entry Age -30 Years
  • Max Entry Age- 6 Years
  • Minimum Sum Assured - 25 L
  • Maximum Maturity Age - 75 Yrs
  • Premium Payment Term - LP

Bajaj Allianz iSecure More

An increasing life cover term plan which comes with rebates on sum assured. Gives the option of payout in instalments.

Unique Features

  • Spouse Cover
  • 5% Increase SI Annually
  • Death Benefit

iSecure More (Pros)

  • Convert to Joint Life Cover
  • Enhanced Cover with Riders
  • Option for Disbursement In Monthly Installments

iSecure More (Cons)

  • No Loans Allowed
  • No Surrender Benefit
  • No Maturity Benefit

iSecure More (Other Benefits)

  • Tax Benefit
  • Premium Payment Options
  • High Sum Assured Rebate (HSAR)

iSecure More (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 60 Years
  • Minimum Sum Assured - 2.5 L
  • Maximum Maturity Age - 70 Yrs
  • Premium Payment Term - 10, 15, 20 & 25 years

Bajaj Allianz iSecure Loan

A pure protection loan repayment term plan which comes with riders, tax benefits and limited premium payment term.

Unique Features

  • Death Benefit
  • Flexible Loan Rates
  • Flexible policy Term

iSecure Loan (Pros)

  • Suicide Cover
  • Tax benefits
  • Policy Revival within 5 Years

iSecure Loan (Cons)

  • No Survival Benefit
  • No Surrender Benefit
  • No Discount Benefit

iSecure Loan (Other Benefits)

  • Accidental Death Benefit Rider
  • Waiver of Premium Benefit Rider
  • Accidental Permanent Total/Partial Disability Rider

iSecure Loan (Eligibility Criteria)

  • Entry Age -25 Years
  • Max Entry Age- 60 Years
  • Minimum Sum Assured - 3 L
  • Maximum Maturity Age - 65 Yrs
  • Premium Payment Term - 10, 15, 20 & 25 years

Bajaj Allianz Life Secure

A pure term plan that comes with female discounts, death benefit and a high sum assured for more protection.

Unique Features

  • Three Coverage Options
  • 100 Years Life Cover
  • 4 Premium Payment Terms

Life Secure (Pros)

  • Surrender Benefit
  • Suicide Cover
  • Choose your Sum Assured

Life Secure (Cons)

  • No Survival Benefit
  • No Thyroid Cancer Cover
  • No Maturity Benefit

Life Secure (Other Benefits)

  • Death Benefit
  • Accelerated Critical Illness
  • Waiver of premium Benefit

Life Secure (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - 20 L
  • Maximum Maturity Age - NA
  • Premium Payment Term - 5, 7, 10 and 15 years

Bajaj Allianz LifeStyle Secure

A pure-risk plan that provides level cover term assurance and accelerated terminal illness benefit. The plans gives an option of regular income or lump sum.

Unique Features

  • Rebate on high sum assured
  • Discounts for Female
  • No Medical Examination

LifeStyle Secure (Pros)

  • Family Cover
  • Choose your Policy Term (PT)
  • Inbuilt Accelerated Terminal Illness

LifeStyle Secure (Cons)

  • No Loans Allowed
  • No Surrender Benefit
  • No Maturity Benefit

LifeStyle Secure (Other Benefits)

  • Suicide Cover
  • Easy Claim Settlement
  • Policy revival Within 5 Years

LifeStyle Secure (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 50 Years
  • Minimum Sum Assured - 3L
  • Maximum Maturity Age - 60 Years
  • Premium Payment Term - 5/ 7/ 10/ 15/ 20 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

Canara HSBC iSelect Smart360 Term Plan

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)

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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.