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 how the claim money can be distributed to your family, it provides coverage flexibility. However, not everyone may find the plan's limited pay options for completing premium payments faster to be flexible. Research indicates a comparatively higher amount of complaints regarding the policy purchasing procedure when compared to other insurers. However, the insurer has a track record of less complaints pertaining to claim settlements.

Here’s the term plan review-

Key Product Features of Canara HSBC Young Term Plan

Among the noteworthy elements 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. It also provides tax benefits under the Income Tax Act's Section 80C.
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. Under this option, the Canara HSBC Young Term Plan will reimburse their premiums when one utilises the early exit option.
Increasing Coverage: The plan offers the opportunity to progressively increase the cover amount in order to accommodate changing financial needs. The Canara HSBC Young Term Plan, in contrast to some others, begins raising coverage in the second year of the policy and does so at a rate of 10% per year, up to a maximum of twice the base cover amount.
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 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 individual receives a critical illness diagnosis within the policy's term. The Canara HSBC Young Term Plan offers an optional benefit, which is intended to offer financial assistance in the event of difficult medical situations. The policy offers this rider as an additional cover for enhanced protection. It covers up to 40 illnesses, provides coverage up to the age of 99 years, and allows a maximum cover option of Rs. 50 lakhs.
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 insurance benefit. It provides increased financial protection in unanticipated circumstances and is a component 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 or is diagnosed with a covered critical illness. 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. For critical illness, coverage is also available up to 99 years, covering a total of 40 illnesses.

There is a purpose for every rider. It is crucial to thoroughly evaluate your family's financial objectives and present situation in order to identify which riders best suit your needs.

Why should you choose Canara HSBC Life Insurance Company Company?

The following are the main facets of Canara HSBC Life Insurance Company's claims procedure:

Speed of Claim Settlement: The company places a strong emphasis on prompt settlement and pays 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 claims.
Claims Settlement Ratio: With a 99.23% claims settlement ratio, the business 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 and direction, facilitating claimants' easier navigation of the procedure.
Short Death Claim Form: The company provides a relatively concise 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 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. Nominees must visit a branch to submit the required paperwork, which could be inconvenient for families, especially during emotionally challenging times. The company also received a higher number of complaints regarding policy purchase as and when compared to other insurance companies.
Claim Complaints: The company's 0.14% claim complaint rate is higher than that of some other insurers, and has to improve complaint handling and the claims process in general.

How is the customer service quality of Canara HSBC Life Insurance Company 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 a slower response time compared to other insurers. Thus, the response time may impact the experience for customers seeking more immediate assistance.
X (Twitter) Response: The company's customer support on X (Twitter) typically responds at an average pace. Given the nature of social media, there is potential to improve response times and engagement through these platforms.
Percentage of Complaints Received for After-Sales Service: Research indicates that 0.49% 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 supported by HSBC Insurance (Asia Pacific) Holdings Limited, Canara Bank, 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 Beshak⭐Rating of 4.1 out of 5.