Canara HSBC Life Insurance offers a great range of insurance policies, which provide comprehensive coverage along with a huge variety of loyal additions and guaranteed benefits. The policies not just offer life cover for the entire term but also have a huge scope for long-term wealth creation to protect the financial future of your family in your absence.

Canara HSBC Life insurance offers online term insurance policies that provide enhanced protection and benefits such as joint life cover, return on premiums option, whole life coverage, multiple premium payment term options, among others. These plans also have an option of cover against critical illnesses and the optional rider of accidental death and disability cover.

Canara HSBC Life insurance saving plans provide dual protection of life cover and regular income, which helps in securing the future financial needs of an individual. These plans offer an option to choose a frequency to receive the payouts and also offer a guaranteed maturity value or money back options. The policyholder also enjoys the tax benefits on the premiums paid and the returns received from the savings plan under Section 80C and Section 10 (10D).

The unit linked insurance plan or ULIP is an insurance-cum-investment which offers life coverage and also allows investment in multiple asset classes. The ULIP plans by Canara HSBC Life Insurance offers a lot of flexibility to the policyholder to choose premium payment terms, policy term, increase or decrease sum assured coverage with multiple variety of fund options. All the ULIPs by the company are offered with low charges and offer liquidity, where funds can be easily withdrawn after the lock-in-period of five years.

Canara HSBC Life Insurance provides comprehensive coverage in terms of life cover and guaranteed benefits to its policyholder with an aim to have a comfortable retirement. The plans have various options of immediate and deferred annuity. In immediate annuity, the regular income is payable as per premium payment term chosen. Whereas, in deferred annuity, the regular income is paid much later, so one can get more potential retirement income later. The plans also offer loyalty additions, bonuses, joint life cover, whole life coverage till 99 years and more.

Canara HSBC Life Insurance provides various insurance policies which help and support employers and other such groups to meet their employee benefit payouts in a most effective and affordable manner. These plans are designed in a way to secure the insurance needs of their members and their immediate family members at low premium cost.

The claim settlement process is quick and hassle-free. As per the IRDAI, the claim settlement ratio offered by Canara HSBC for financial year 2020-21 is 97.35% for individual claims.

Step 1: Notify the company about the death of the policyholder, if you are their beneficiary.

Step 2: The beneficiary needs to download the form from the company’s website and fill in the claim application form with other required documents.

Step 3: Once the form is submitted, the insurance company will verify the documents to register the claims.

Step 4: After the successful verification of documents, the insurer provides the payouts as per the policy conditions.

For Forbes Advisor India ratings, we reviewed all the life insurance plans of Canara HSBC Life Insurance on the basis of the following metrics:

Rashi Maheshwari is a Deputy Editor for Forbes Advisor India. She has more than a decade of experience working in news, public relations and communications. In the past, she has worked with CNBC Awaaz, CryptoWire, among others and has covered beats including insurance, personal investments and cryptocurrency. She is a travel enthusiast and would like to visit every country and try as many different culinary specialities as possible.