Canara HSBC vs Aviva Life
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Canara HSBC Life vs Aviva Life Insurance 2024

Canara HSBC and Aviva Life 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 Canara HSBC is 98.44% whereas Aviva Life has 98.39% 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 Canara HSBC

Canara HSBC

Edit aviva-life

Aviva Life

Number of life insurance plans and add-ons
Entry Age (Min-Max) 18-65 years 18-65 years
Policy Term 5 - 65 years 5 - 40 years
maturity Age (Min-Max) 23-70 years 18-80 years
Claim settlement ratio (CSR) 98.44% 98.39%
Asset under managment (AUM) 30204 Crores 35800 Crores
Solvency ratio 2.8 2.1
Policy Type
  • Term insurance
  • Whole life policy
  • Endowment policy
  • ULIP
  • Money back policy
  • Retirement plans
  • Savings plans
  • Child plans
  • Group Insurance plan
  • Term insurance
  • Endowment policy
  • ULIP
  • Money back policy
  • Retirement plans
  • Savings plans
  • Child plans
  • Group Insurance plan
Coverage Amount
  • Minimum- 3 Lakh
  • Maximum- No Limit
  • Minimum- 5 Lakh
  • Maximum- No Limit
Optional Additional Riders
  • Premium waiver rider
  • Accidental death rider
  • Accidental disability rider
  • Critical illness rider
  • Terminal illness rider
  • Family income benefit rider
  • Waiver of premium rider
  • Premium waiver rider
  • Accidental death rider
  • Accidental disability rider
  • Critical illness rider
  • Terminal illness rider
  • Family income benefit rider
  • Waiver of premium rider
Number of term plans 3 4
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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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)

Aviva Life Term Insurance Plans

Aviva Signature 3D Term Plan

The plan offers coverage of up to 1 crore for terminal illnesses, providing comprehensive financial protection against Death, Disability, and Diseases (3D).

Unique Features

  • 4 Plan Options
  • Special Premium Rates for Female
  • 3D-TROP Option

Signature 3D Term Plan (Pros)

  • Whole life Coverage
  • Critical/Terminal Illness
  • Additional Protection Through 3 Riders

Signature 3D Term Plan (Cons)

  • No Tumor Treatment Cover
  • No Thyroid Cancer Cover
  • No HIV Cover

Signature 3D Term Plan (Other Benefits)

  • Waiver of Future Premiums
  • Buy Policy Under MWP Act
  • Additional SA on Accidental Death

Signature 3D 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 - 10 to 30 Yrs (LP)

Aviva Jana Suraksha

The Aviva Jana Suraksha is a life insurance plan that helps you protect your children’s future. It is a low-cost life insurance plan with flexible premium payment terms.

Unique Features

  • No medical test required
  • Avail tax benefit
  • 2X SI for accidental death

Jana Suraksha (Pros)

  • Suicide Cover
  • Flexible Payment Frequency
  • Annual Premium: Depends on life cover

Jana Suraksha (Cons)

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

Jana Suraksha (Other Benefits)

  • Grace Period 30 Days
  • Minimal Documentation
  • Affordable Plan

Jana Suraksha (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 45 years
  • Minimum Sum Assured - 30K
  • Maximum Maturity Age - NA
  • Premium Payment Term -SP

Aviva Saral Jeevan Bima

Aviva Saral Jeevan Bima Plan is a term life insurance plan which provides financial security to your loved ones. The sum assured can be up to 25 lakhs with a death benefit.

Unique Features

  • Affordable Plan
  • Avail tax benefit
  • Revive lapsed policy

Saral Jeevan Bima (Pros)

  • 105% Death Benefit
  • Choose To pay Premium Once
  • Max Sum Assured 25 L

Saral Jeevan Bima (Cons)

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

Saral Jeevan Bima (Other Benefits)

  • Suicide Cover After 12 Months
  • Spouse Cover
  • Easy Claim Settlement

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)

Aviva Protection Plus

A plan that comes with basic/additional and maturity sum assured, discounts on the higher sum assured and Return of Premiums.

Unique Features

  • Covers Transgenders
  • Enriched Protection Option
  • Savings Booster Option

Protection Plus (Pros)

  • Enriched Protection Option
  • Savings Booster Option
  • Rebate for High Sum Assured

Protection Plus (Cons)

  • No Loan Allowed
  • No Surrender Benefit
  • No HIV Cover

Protection Plus (Other Benefits)

  • Pick the Premium Frequency
  • Term Plan with Return of Premium
  • Guaranteed Surrender Value

Protection Plus (Eligibility Criteria)

  • Entry Age - 20 Years
  • Max Entry Age - 60 years
  • Minimum Sum Assured - NA
  • Maximum Maturity Age - 75 Yrs
  • Premium Payment Term - RP/One Pay

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.