ICICI Prudential vs Canara HSBC
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ICICI Prudential Life vs Canara HSBC Life Insurance 2024

ICICI Prudential 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 ICICI Prudential is 97.82% 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 ICICI Prudential

ICICI Prudential

 Edit canara-hsbc-life

Canara HSBC
Number of life insurance plans and add-ons
Entry Age (Min-Max) 18-65 years 18-65 years
Policy Term 5 to 99 years 5 - 65 years
maturity Age (Min-Max) 23 to 85 years 23-70 years
Claim settlement ratio (CSR) 97.82% 98.44%
Asset under managment (AUM) 286676 Crores 30204 Crores
Solvency ratio 2 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- 2 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 11 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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ICICI Term Plans

ICICI Pru iProtect Smart Term Plan

This plan offers an optional accidental death benefit of up to 2 crores, extended coverage until age 99, and includes coverage for Covid-19 claims.

Unique Features

  • Unlimited Maximum Sum Assured
  • Smart Exit Benefit
  • Waiver of Premium Benefit

iProtect Smart Term Plan (Pros)

  • Major Organ Benefit
  • Accelerated Critical Illness Benefit
  • Choose your Policy Term

iProtect Smart Term Plan (Cons)

  • No Loans Allowed
  • Modal Loadings
  • No Maturity Benefit

iProtect Smart Term Plan (Other Benefits)

  • Brain and Nervous System Benefit
  • Heart and Artery Benefit
  • Terminal Illness and Disability Enhanced Protection

iProtect Smart Term Plan (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - NA
  • Maximum Maturity Age - 75 Years
  • Premium Payment Term - RP/SP/LP

ICICI Pru iProtect Return of Premium

The plan offers coverage for 64 critical illnesses, 360-degree protection, and enhanced safeguarding against accidental death.

Unique Features

  • 4 plan options
  • Live-stage coverage
  • Enhanced protection with riders

iProtect Return of Premium (Pros)

  • Income Benefit Post 60 Years
  • ROP with Life-stage cover
  • Survival Benefits

iProtect Return of Premium (Cons)

  • Income Benefits for a non-smoker
  • No Critical Illness Cover With LP
  • Critical Illness Caused by Sterility and Infertility

iProtect Return of Premium (Other Benefits)

  • Loyalty Discount of 5% & 2%
  • Critical Illness (CI) Benefit
  • Accidental Death Benefit Cover up to 2 Cr

iProtect Return of Premium (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - NA
  • Maximum Maturity Age - 85 Years
  • Premium Payment Term - 5 To 40 Years

ICICI Pru POS iProtect Smart

The plan provides coverage for road and train accidents, physical incapacity and comes with discounts for women.

Unique Features

  • 4 Payout Options
  • AIDS Cover
  • Accident Benefit of 2 Cr

POS iProtect Smart (Pros)

  • Life Coverage upto 99 Years
  • Buy Online With MWP Act
  • 34 Critical Illnesses Covered

POS iProtect Smart (Cons)

  • No Survival Benefit
  • No Loans Allowed
  • No ACI for Single Pay

POS iProtect Smart (Other Benefits)

  • Covers Suicide
  • Special Premium Rates for Women
  • Accelerated Critical Illness (ACI Benefit)

POS iProtect Smart (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - NA
  • Max Maturity Age - 75 Years (SP)
  • Premium Payment Term - 5yrs (RP), (SP), 10 yrs(LP)

ICICI Pru Protect N Gain

This plan provides accidental death cover with lump sum payouts for accidental death and disability, also offering to grow wealth through market-linked returns.

Unique Features

  • 4 Portfolio Strategies
  • Unlimited Free Switches of Funds
  • Systematic Withdrawal Plan

ICICI Pru Protect N Gain (Pros)

  • Surrender Value
  • Maturity Benefit
  • Accidental Disability Cover Upto 1 Cr

ICICI Pru Protect N Gain (Cons)

  • No Loan Benefit
  • Return of Mortality
  • Premium Allocation Charges

ICICI Pru Protect N Gain (Other Benefits)

  • Maturity Booster
  • Choose the PPT & PT
  • First Five Policy Years Partial Withdrawal Allowed

ICICI Pru Protect N Gain (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 60 Years
  • Minimum Sum Assured - 5L
  • Maximum Maturity Age - 90
  • Premium Payment Term - SP/RP/LP

ICICI Pru iShield

This policy includes benefits for death and disability, along with valuable add-ons like sum insured protector and claim protector.

Unique Features

  • Restore Benefit
  • 3 Payout Options
  • Terminal Illness Cover

ICICI Pru iShield (Pros)

  • Life cover Till the age of 85 years
  • Day Care Treatment Covers
  • Waiver of Future premiums For Permanent Disability

ICICI Pru iShield (Cons)

  • No Loan Benefit
  • Only Regular Pay is Available
  • No Survival Benefit

ICICI Pru iShield (Other Benefits)

  • Suicide Cover
  • Increasing Income Benefit
  • Pre and Post Hospitalisation Cover

ICICI Pru iShield (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 60 Years
  • Minimum Sum Assured - 50L
  • Maximum Maturity Age - NA
  • Premium Payment Term - Regular Pay

ICICI Pru iCare II

ICICI Pru iCare II is a term plan that lets you secure your family’s future, and allows you to choose the number of years for which you wish to pay the premiums.

Unique Features

  • Choose Your Cover
  • Accidental Death Cover
  • Unlimited SA Options

ICICI Pru iCare II (Pros)

  • 2 Crore Accidental Death Benefit
  • One Pay & Single Pay Option
  • Unexpired Risk Premium Value

ICICI Pru iCare II (Cons)

  • No Maturity Benefit
  • No Loans Allowed
  • Death Due To Drugs

ICICI Pru iCare II (Other Benefits)

  • Suicide Cover
  • Tax Benefit
  • Affordable Plan

ICICI Pru iCare II (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - Adaptable
  • Maximum Maturity Age - NA
  • Premium Payment Term - SP

ICICI Pru Saral Jeevan Bima

A standard pure protection term plan that offers coverage on affordable premiums.

Unique Features

  • Choose premium payment term
  • Death by accident cover
  • Tax benefits available

ICICI Pru Saral Jeevan Bima (Pros)

  • Available For Online Buying
  • Max Sum Assured 1 Cr
  • Choose To pay Premium Once

ICICI Pru Saral Jeevan Bima (Cons)

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

ICICI Pru Saral Jeevan Bima (Other Benefits)

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

ICICI Pru 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)

ICICI Pru Precious Life

The plan covers cancer survivors, pre-existing conditions, post-surgery individuals and offers lump sum and income benefits.

Unique Features

  • Increasing Income Benefit
  • Non-smoker Benefit
  • Medical Reports On Request

ICICI Pru Precious Life (Pros)

  • 4 Flexible To Take Death Benefit
  • Loyalty Benefit For 5% RP, 2% LP
  • Unexpired Risk Premium Value or LP/SP

ICICI Pru Precious Life (Cons)

  • Extra Mortality Premium
  • No Loans Allowed
  • No Maturity Benefit

ICICI Pru Precious Life (Other Benefits)

  • Suicide Cover
  • Tax Benefit
  • Obesity, Diabetes, High BP, Asthma

ICICI Pru Precious Life (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - 2 L
  • Maximum Maturity Age - NA
  • Premium Payment Term - RP/SP/LP(5&10 Years)

ICICI Pru Life Raksha

A pure term plan that offers low coverage of 5 lakhs and premium discounts.

Unique Features

  • A 5-year regular pay policy
  • Immediate payout
  • Flexible premium payment options

ICICI Pru Life Raksha (Pros)

  • Death Benefit
  • Suicide Cover
  • Policy Revival Within 5 Years

ICICI Pru Life Raksha (Cons)

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

ICICI Pru Life Raksha (Other Benefits)

  • 30 Days Grace Period
  • Tax Benefit
  • Affordable Plan

ICICI Pru Life Raksha (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - 50 K
  • Maximum Maturity Age - NA
  • Premium Payment Term - 5 Years

ICICI Pru Loan Protect Plan

ICICI Pru Loan Protect protects your family from the outstanding home and car loans in your absence.

Unique Features

  • Flexible premium payment term
  • Fixed/Reducing cover option
  • Avail tax benefit

ICICI Pru Loan Protect Plan (Pros)

  • 125% Death Benefit
  • Suicide Cover After 12 Months
  • Surrender Value For One Pay Option

ICICI Pru Loan Protect Plan (Cons)

  • No Maturity Benefit
  • No Disability Cover
  • Only Single Pay Option

ICICI Pru Loan Protect Plan (Other Benefits)

  • Home Equity Loan
  • Commercial Property Loan
  • Land Loans

ICICI Pru Loan Protect Plan (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - 50L
  • Maximum Maturity Age - NA
  • Premium Payment Term - SP/5 Yrs

ICICI PRU Loan Protect Plus Plan

The plan covers death, accidental death, critical illness, and total and permanent disability offering loan benefits during periods of income loss.

Unique Features

  • Accelerated CI Cover
  • Total and Permanent Disability
  • Fixed / Reducing Coverage

ICICI PRU Loan Protect Plus Plan (Pros)

  • 125% Death Benefit
  • Suicide Cover After 12 Months
  • Surrender Value For One Pay Option

ICICI PRU Loan Protect Plus Plan (Cons)

  • No Suicide Cover For AD Benefit
  • No Tumor Treatment
  • No Pre Existing Diseases Cover

ICICI PRU Loan Protect Plus Plan (Other Benefits)

  • Choice of Premium Payment Terms
  • Tax Benefit
  • Choice of Coverage Options

ICICI PRU Loan Protect Plus Plan (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - 5L
  • Maximum Maturity Age - NA
  • Premium Payment Term - SP/5 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.