TATA AIA vs Canara HSBC
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TATA AIA Life vs Canara HSBC Life Insurance 2024

TATA AIA 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 TATA AIA is 98.53% 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 TATA AIA

TATA AIA

 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 - 99 years 5 - 65 years
maturity Age (Min-Max) 18 to 100 years 23-70 years
Claim settlement ratio (CSR) 98.53% 98.44%
Asset under managment (AUM) 73538.6 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- 10 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 8 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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TATA Term Insurance Plan

Tata AIA Life Insurance Sampoorna Raksha Supreme

The plan offers various life coverage options, including Whole Life coverage up to age 100, and the added benefit of the Credit Protect option.

Unique Features

  • Low premiums for women
  • Life cover up to 100 years
  • 24x7 online medical consultation

Sampoorna Raksha Supreme (Pros)

  • 2 Premium Payout Options
  • 2 Rider Option
  • Top-Up Sum Assured

Sampoorna Raksha Supreme (Cons)

  • No Loans Allowed
  • Only 1% Discount on Installment
  • No Suicide Cover in Terminal Illness

Sampoorna Raksha Supreme (Other Benefits)

  • Non-Forfeiture Benefit
  • Survival and Maturity Benefit
  • Payor Accelerator Benefit advances 50% SA

Sampoorna Raksha Supreme (Eligibility Criteria)

  • Entry Age - 18 years
  • Max Entry Age - 60 years(POS)
  • Minimum Sum Assured - 1 L
  • Maximum Maturity Age - NA
  • Premium Payment Term - LP/RP/SP

TATA AIA Insta Protect Solution

This is a comprehensive plan that provides financial protection by combining life coverage with critical illness, accidental death and more.

Unique Features

  • Lump Sum Benefit
  • Payor Accelerator Benefit
  • Surrender Value Offered

Insta Protect Solution (Pros)

  • Covers Death Due to Accident
  • No Medical Tests
  • Accelerated Terminal Illness

Insta Protect Solution (Cons)

  • No Loans Allowed
  • No Maturity Benefit
  • No Suicide Cover in Terminal Illness

Insta Protect Solution (Other Benefits)

  • Return of Premiums (Optional)
  • Survival and Maturity Benefit
  • Health and Wellness Benefits

Insta Protect Solution (Eligibility Criteria)

  • Entry Age - 18 years
  • Max Entry Age - 45 years
  • Minimum Sum Assured - 25 L
  • Maximum Maturity Age - 75 Yrs
  • Premium Payment Term - LP/RP/SP

Tata AIA Life Insurance Saral Jeevan Bima

This is a simple and affordable plan that protects your family financially. The plan allows you to enhance your protection with the help of optional riders.

Unique Features

  • Flexibility to choose policy term
  • Lower premium rate for females
  • Avail Tax Benefits

Saral Jeevan Bima (Pros)

  • Available for Online Buying
  • Choose to pay Premium Once
  • Max Sum Assured 50L

Saral Jeevan Bima (Cons)

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

Saral Jeevan Bima (Other Benefits)

  • Suicide Cover
  • Spouse Cover
  • 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)

Tata AIA SRS Vitality Protect

An all-inclusive plan that comes with mental and physical wellness features, discount on premium, early rewards and high sum assured of 2 crores.

Unique Features

  • Life Coverage With Term Booster
  • Wellness Based Discount
  • Rider Sum Assured Boosters

SRS Vitality Protect (Pros)

  • 10% Guaranteed Discount
  • Wellness Rewards Program
  • Guaranteed 1st Year Discount

SRS Vitality Protect (Cons)

  • No Plan Conversion Option
  • No Maturity Benefit
  • Limited Premium Payment Terms

SRS Vitality Protect (Other Benefits)

  • 75% SA Terminal Illness Coverage
  • Cover Boosters
  • Up To 30% Rider Premium Discount

SRS Vitality Protect (Eligibility Criteria)

  • Entry Age - 18 years
  • Max Entry Age - 65 years
  • Minimum Sum Assured - 50 L
  • Max Maturity Age 100Yrs
  • Premium Payment Term - (5-81 Yrs) LP/RP/SP

Tata AIA Maha Suraksha Supreme

A whole life cover plan that offers flexible premiums, covers terminal illnesses with 50% of the basic sum assured upon detection, and a life stage plus option.

Unique Features

  • Life/Life Plus Income Options
  • 50% of SA on Terminal Illness
  • Female & Non-Smoker Discounts

Maha Suraksha Supreme (Pros)

  • Additional Riders
  • High Cover Discount
  • Life Coverage with Terminal Illness Payout

Maha Suraksha Supreme (Cons)

  • No Policy Loan is Available
  • No Plan Conversion Option
  • No Maturity Benefit

Maha Suraksha Supreme (Other Benefits)

  • Payout Accelerator Benefit
  • 105% SA Death Benefit
  • Whole Life coverage (till age 100 years)

Maha Suraksha Supreme (Eligibility Criteria)

  • Entry Age - 18 years
  • Minimum Sum Assured - 50 L
  • Max Maturity Age 100Yrs
  • Premium Payment Term - LP/RP/SP
  • Max Entry Age - 65 years(Adaptable)

Sampoorna Raksha Supreme Credit Protect

This plan with 3 Income options comes with combined life coverage and terminal illness payout, offering benefits rider benefit and a 105% Death Benefit.

Unique Features

  • Life/Life Plus/Life Income Options
  • 50% of SA on Terminal Illness
  • Female & Non-Smoker Discounts

Sampoorna Raksha Supreme Credit Protect (Pros)

  • Additional Riders
  • High Cover Discount
  • Combines Life Coverage And Terminal Illness Payout

Sampoorna Raksha Supreme Credit Protect (Cons)

  • No Policy Loan is Available
  • No Plan Conversion Option
  • No Maturity Benefit

Sampoorna Raksha Supreme Credit Protect (Other Benefits)

  • Payout Accelerator Benefit
  • Early Mover Advantage
  • Whole Life coverage (till age 100 years)

(Eligibility Criteria)

  • Entry Age - 18 years
  • Minimum Sum Assured - 50 L
  • Max Maturity Age 100Yrs
  • Premium Payment Term - LP/RP/SP
  • Max Entry Age - 65 years (Adaptable)

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.