PNB Metlife vs Canara HSBC
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PNB Metlife Life vs Canara HSBC Life Insurance 2024

PNB Metlife 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 PNB Metlife is 97.33% 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 PNB Metlife

PNB Metlife

 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- 40 years 5 - 65 years
maturity Age (Min-Max) 28-75 years 23-70 years
Claim settlement ratio (CSR) 97.33% 98.44%
Asset under managment (AUM) 1200 Crores 30204 Crores
Solvency ratio 1.9 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- 2.2 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 7 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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PNB Metlife Term Insurance Plans

PNB MetLife Mera Term Plan Plus

Offers financial protection to your loved ones and gives the flexibility to customize the plan according to your needs.

Unique Features

  • Tax Benefits
  • Joint Life Cover
  • Critical illness benefit

Mera Term Plan Plus (Pros)

  • Terminal Illness
  • Waiver Of Premium on (ATPD)
  • Accelerated Critical Illness Benefit

Mera Term Plan Plus (Cons)

  • No Policy Discount
  • No Policy Loan Allowed
  • No Maturity Benefit Without ROP Option

Mera Term Plan Plus (Other Benefits)

  • 4 Rider Option
  • 10% Step-up Benefit
  • Rebate on High Sum Assured

Mera Term Plan Plus (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Min Sum Assured - 25L
  • Premium Payment Term - SP/RP/LP
  • Maturity Age - 99 years (Whole Life)

PNB Metlife Ajeevan Suraksha Plan

The plan offers protection against terminal illness. It provides two cover options: Fixed Term Cover and Whole Life Cover, along with two rider options.

Unique Features

  • Return of Premium Benefit
  • Death or Terminal Illness Benefit
  • Enhance with Riders

Ajeevan Suraksha Plan (Pros)

  • Maturity Benefit
  • 4 Payout Options
  • Option To Cover Spouse

Ajeevan Suraksha Plan (Cons)

  • No Policy Loan Available
  • Complexity In Payout Options
  • No Maturity Benefit Without ROP Option

Ajeevan Suraksha Plan (Other Benefits)

  • Special Benefits For Women
  • PNB MetLife Serious Illness Rider
  • PNB MetLife Accidental Death Benefit Rider

Ajeevan Suraksha Plan (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Min Sum Assured - 25L
  • Max Maturity Age - 99 Years
  • Premium Payment Term - RP/SP/LP (5 To 15 Yrs)

PNB MetLife Mera Jeevan Suraksha Plan

The plan offers a monthly income and a lump sum benefit equal to 100 times the monthly income. Cover you spouse under the Joint Life Cover Benefit.

Unique Features

  • Return of Premium Benefit
  • Death or Terminal Illness Benefit
  • Surrender Benefit

Mera Jeevan Suraksha Plan (Pros)

  • Maturity Benefit
  • 4 Payout Options
  • Rebate on High Sum Assured

Mera Jeevan Suraksha Plan (Cons)

  • No Policy Loan Available
  • Only Regular Pay Option
  • No Surrender Benefit Without ROP Option

Mera Jeevan Suraksha Plan (Other Benefits)

  • Spouse Cover
  • Monthly Income For 10 Years
  • Suicide Cover After 12 Months

Mera Jeevan Suraksha Plan (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Min Sum Assured - 25L
  • Max Maturity Age - 80 Years
  • Premium Payment Term - RP/SP/LP (5 To 15 Yrs)

PNB MetLife Saral Jeevan Bima Plan

The plan is a standard, simple pure protection term plan that comes with affordable premiums and offers Sum Assured up to INR 50 Lakhs.

Unique Features

  • SA from 5 to 50 L
  • Fixed Term - 5 to 40 Years
  • Premium Payment Options

Saral Jeevan Bima Plan (Pros)

  • Affordable Plan
  • Easy Claim Settlement
  • Flexible-Premium Payment Modes

Saral Jeevan Bima Plan (Cons)

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

Saral Jeevan Bima Plan (Other Benefits)

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

Saral Jeevan Bima Plan (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Min Sum Assured - 5L
  • Max Maturity Age - 70 Yrs
  • Premium Payment Term - RP/SP/LP (5 To 10 Yrs)

PNB MetLife Family Income Protector Plus

A non-participating life insurance plan that provides guaranteed monthly income with the option to return premiums if no claim occurs.

Unique Features

  • Death Benefit
  • 110% Return 0f Premium Benefit
  • Guaranteed Surrender Benefit

Family Income Protector Plus (Pros)

  • Maturity Benefit
  • Fixed Premium Payments
  • Guaranteed Monthly Income

Family Income Protector Plus (Cons)

  • Limited Investment Component
  • No Policy Loan Allowed
  • No Cash Value or Savings Accumulation

Family Income Protector Plus (Other Benefits)

  • Tax Benefits
  • Max Sum Assured 1.42 Cr
  • Freedom to Customize Benefits

Family Income Protector Plus (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Min Sum Assured - 14.20L
  • Max Maturity Age - 75 Yrs
  • Premium Payment Term - 10/15/20 Yrs

PNB MetLife Income Protection Plan

The plan is a flexible life insurance offering a lump sum or monthly income with guaranteed payouts of up to 150% and tax benefits.

Unique Features

  • Death Benefit
  • Guaranteed Surrender Benefit
  • Guaranteed Premium Payout

Income Protector Plan (Pros)

  • Maturity Benefit
  • Loans Are Allowed
  • Additional SA for employees of listed banks

Income Protector Plan (Cons)

  • 1 Yr WP For Suicide
  • Unpaid Policy Lapses
  • Limited Revival Window After Policy Lapse

Income Protector Plan (Other Benefits)

  • Easy Enrollment
  • Flexible Premium Payment Modes
  • Life Cover for the Entire Policy Term

Income Protector Plan (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 55 Years
  • Min Sum Assured - NA
  • Max Maturity Age - 75 Yrs
  • Premium Payment Term - 5 to 20 Yrs

PNB MetLife POS Suraksha

The plan provides guaranteed monthly income and returns a 100% premium on maturity, ensuring financial security for loved ones.

Unique Features

  • 100% Premium Return
  • Guaranteed Monthly Income
  • Guaranteed Surrender Benefit

POS Suraksha (Pros)

  • Maturity Benefi
  • Death Benefit Options
  • Flexible-Premium Payment

POS Suraksha (Cons)

  • No Suicide Cover
  • 90 Days Waiting Period
  • No Policy Loan Allowed

POS Suraksha (Other Benefits)

  • Surrender Value
  • Level Monthly Income
  • Revival Option

POS Suraksha (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 55 Years
  • Min Sum Assured - 50 K
  • Max Maturity Age - NA
  • Premium Payment Term - 5/10/15 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.