Canara HSBC Life Insurance Benefits

Canara HSBC Life Insurance is a joint venture promoted by Canara Bank and HSBC Insurance (Asia Pacific) with 51% and 26% shareholdings, respectively. Established in 2008, the insurer offers different types of life insurance plans, including term, ULIPs, child insurance, retirement, health, and group insurance.

• Claim Settlement Ratio: Canara HSBC Life Insurance achieved an impressive claim settlement ratio of 99.01% For FY 2023-24.
• Solvency Ratio: As of 31 March 2024, the Company maintained a solvency margin of 213% as against the regulatory requirement of 150% by IRDAI.
• Assets Under Management: As of March 2023, the total assets under management of the Company were ₹30,204 crore+.

• Comprehensive Coverage: Life insurance plans by Canara HSBC offer comprehensive coverage against critical illness and accidental disability.
• Trusted Brand: HSBC is a joint venture between trusted banks Canara Bank, HSBC, and Punjab National Bank that was won user’s trust for more than 15 years.
• Customisable Plans: Policyholders are free to customise their life insurance policy with optional riders, such as critical illness cover, accidental death benefit, waiver of premium, and more, according to the respective plan.
• Loan Facilities: Many life insurance policies by the insurer allow policyholders to avail of the loan facility once the policy acquires a surrender value.
• Tax Benefits: The premiums paid for Canara HSBC’s life insurance policies are eligible for tax deductions under Section 80C and 10(10D) of the Income Tax Act.

Ques 1. What is the claim settlement ratio of Canara Life Insurance?

Ans. The claim settlement ratio or CSR of Canara Life Insurance is at 99.01% for FY 23-24, as per IRDAI.

Ques 2. What are the different types of life insurance policies offered by Canara Life Insurance?

Ans. Some of the different types of life insurance policies offered by Canara Life Insurance include:

• Term Insurance
• ULIPs
• Retirement Plans
• Child Plans
• Savings Plans
• Group Insurance Plans

Ques 3. What is the sum assured in HSBC Life insurance?

Ans. The sum assured of HSBC Life insurance on death is the higher amount of either the guaranteed sum assured or 105% of the total premiums paid. (may vary according to the chosen life insurance policy)

Ques 4. How does Canara HSBC handle claim settlements?

Ans. Canara HSBC is known for its efficient and hassle-free claim settlement process. The insurer processes the claims quickly so your family can revive the much-required financial support timely.

Ques 5. Can I change the premium payment frequency for my Canara HSBC Life Insurance policy?

Ans. Yes! Canara HSBC offers multiple premium payment options, such as monthly, quarterly, semi-annual, or annual. So you can choose the frequency that best suits your needs.