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Canara HSBC Young Term Plan
ILM Ratings
ILM Ratings
Claims Experience:
Customer Service:
Product Benefits:
Introduction to Canara HSBC Young Term Plan
Canara HSBC Young Term Plan is a term insurance policy offered by the Canara HSBC Life Insurance Company. A term insurance plan is by far the cheapest, most efficient way to secure the future of your loved ones and protect them against the risk of your death. The plan offers flexibility to customise coverage with features such as increasing cover, multiple options for deciding how your family will receive the claim amount, accidental death benefit rider and early exit option. On the downside, it has very few limited-pay options for completing premiums faster and the plan does not offer critical illness rider.
Claims Experience:
Customer Service:
Product Benefits:
Quick Overview:
What's Good?
- Option to automatically increase claim amount, with time
- Several options to customize claim payouts
- Option to exit the plan while active and get premium refund
- Additional payout option for accidental death
- Premium waiver option available in case of accidental disability
What's Not Good?
- Few Limited Pay options to speed up payments
- Critical illness rider not available
- No premium waiver option available if listed illness is diagnosed
Insurer Track Record
About Canara HSBC Life Insurance Co. Ltd.
JV Partners
Turnover (GWP)
Number of Policies
Number of Claims
Detailed Product Overview
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Did you know
Canara HSBC Life Insurance Company offers a term insurance policy called the Canara HSBC Young Term Plan. One of the simplest and most affordable ways to ensure your loved ones' financial stability in the case of your passing away is to purchase a term insurance policy. If you pass away within the policy term, these plans pay your family a sum assured, which is based on the cover amount you choose. They can use this payment to help cover their short-term and long-term financial demands.
When compared to similar policies in the market, the Canara HSBC Young Term Plan has a competitive price. With features including increasing coverage options, comprehensive riders and several options for customizing claim payout to your family. However, there are only a few Limited Pay options to speed up payments. Research indicates a comparatively higher number of complaints regarding the policy purchasing and claim settlement, when compared to other insurers.
Here’s the term plan review-
Key Product Features of Canara HSBC Young Term Plan
The noteworthy features of the Canara HSBC Young Term Plan are:
- Life Cover Benefit: In the tragic event that the individual passes away within the policy term, this plan pays out a death benefit to their family.
- Early Exit Option: Some term insurance plans offer an early exit option, giving you the flexibility to cancel your coverage within a specified period, even if the plan is still in effect. The Canara HSBC Young Term Plan will reimburse their premiums when one utilises the early exit option.
- Increasing Coverage: The Canara HSBC Young Term Plan allows you to steadily grow your cover to match evolving financial needs. It begins increasing coverage from the second policy year itself, by 10% annually until the cover reaches double the original sum insured.
- Coverage Duration: Unlike most products that provide coverage only until the age of 60-65, this plan extends your coverage until you turn 99 years, ensuring comprehensive financial security even after retirement.
- Limited Pay Options: The plan gives people the choice to pay premiums for shorter periods of time before the end of the policy term, such as 5, 10, 15, or pay till 60 years, while the coverage is still in effect for the entire period of the policy. You have the option to make the payment either yearly, semi-annually, quarterly, or monthly.
- Claim Payout Options: Depending on the payout option selected, the death benefit may be paid to the nominee in installments, as a one-time payout or as a combination of installments and a lump sum in the event of a claim.
What are the Riders Available with Canara HSBC Young Term Plan?
Adding riders to your insurance policy will improve coverage and provide you access to extra benefits that are specific to your requirements.
- Critical Illness Rider: A sum of money is provided by the Critical Illness Rider in the event that the insured individual is diagnosed with a listed critical illness during the policy term. The Canara HSBC Young Term Plan does not provide this rider for additional coverage.
- Accidental Death Benefit Rider: If the covered person passes away in an accident while the policy is in effect, this rider promises an extra payout on top of the life cover. It provides increased financial protection in unanticipated circumstances and is a part of the Canara HSBC Young Term Plan. The maximum age you can be covered up to is 75 years and the maximum cover you can opt for is equal to or less than the base cover, with a maximum limit of Rs. 2 crores.
- Waiver of Premium Rider: This rider helps ease financial hardship by waiving future premium payments in the event that the covered person suffers accidental disability. For enhanced convenience and security, it is a part of the Canara HSBC Young Term Plan. The maximum age you can be covered for accidental disability is 99 years.
There is a purpose for every rider. It is crucial to thoroughly evaluate your financial objectives and present situation in order to identify which riders best suit your needs.
Why should you choose Canara HSBC Life Insurance Company?
The following are the main facets of Canara HSBC Life Insurance Company's claims experience:
- Speed of Claim Settlement: The company settled 100% of claims within 30 days of obtaining the necessary paperwork. This offers the individual's family timely financial assistance in times of need.
- Online Claim Tracking: An online tracking system provides more transparency and convenience by allowing claimants to monitor the status and progression of their claim request.
- Claims Settlement Ratio: The Claim Settlement Ratio (CSR) measures the percentage of claims settled out of the total claims received in a financial year. With a 99.43% claims settlement ratio, the company manages and resolves claims with efficiency.
- Personal Relationship Manager Support: The company designates a personal relationship manager to help nominees navigate the claims procedure. This guarantees customised support , facilitating claimants' easier navigation of the procedure.
- Short Death Claim Form: The company provides a relatively short death claim form, which can simplify the filing process and reduce the time required.
What are the drawbacks of buying from Canara HSBC Life Insurance Company?
Here are some potential limitations of Canara HSBC Life Insurance Company:
- No Home Claims Document Pickup Service: The company does not offer a doorstep service for collecting claim documents. Nominee(s) must visit a branch to submit the required paperwork, which could be inconvenient for families, especially during emotionally challenging times.
- Claim Complaints: The company has recorded claim complaints of 0.12% and based on our research, it is higher than other insurers.
How is the customer service quality of Canara HSBC Life Insurance Company?
Here is an overview of Canara HSBC Life Insurance Company's customer service quality:
- Toll-Free Support: The company's toll-free helpline has an average response time compared to other insurers. Thus, it impacts the experience for customers seeking more immediate assistance.
- X (Twitter) Response: The company's customer support on X (Twitter) typically responds at an average rate compared to other insurers.
- Percentage of Complaints Received for After-Sales Service: Research indicates that 0.53% of customers are dissatisfied with the after-sales service.
About the Insurer - Canara HSBC Life Insurance Company
Canara HSBC OBC is a life insurance company based in India. Established in 2008, it is a joint venture promoted by Canara Bank, HSBC Insurance (Asia Pacific) Holdings Limited and Punjab National Bank. The company’s headquarters is located in Gurugram and its CEO and CMD is Mr. Anuj Mathur.
Final Review on Canara HSBC Young Term Plan
The Canara HSBC Young Term Plan has been assessed across more than 100 factors, including product benefits, customer service and claims experience. Based on the evaluation by our in-house research team, the plan has been awarded an overall MyInsureBuddy⭐Rating of 4.1 out of 5.
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