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Canara HSBC Young Term Plan

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. It pays a sum of money, based on the cover amount you choose - to your family, in case your death happens during the policy period. This money can ensure that all their financial needs are catered to - both in the short term and in the long term.

beshak ratings
INDIA’S FIRST UNBIASED, CONFLICT-FREE INSURANCE RATING
Verdict: Canara HSBC Young Term Plan

This product is reasonably priced in comparison to other products in the market. It offers the flexibility to tailor your coverage with options like increasing cover, an early exit option, a comprehensive critical illness rider, etc. It also offers various choices for customizing how your family will receive the claim amount. On the flip side, however, it doesn't offer many limited pay options to speed up premium payments. And, the insurer has received a higher number of claim settlement complaints as well as policy purchase complaints as per our research, indicating a poor track record in terms of both purchase and claims service experience.

Pros & Cons: Canara HSBC Young Term Plan

  • arrow Cheaper than other products in the market
  • arrow Offers the option to automatically increase your claim amount, with time
  • arrow Several options to customize claim payouts
  • arrow Option to exit the plan while it is still active and receive a refund of premiums
  • arrow Critical illness rider available, and the payout is in addition to the life cover amount
  • arrow Not many Limited Pay options available, to speed up payments
  • arrow Received higher number of complaints on claim settlement compared to other insurers
  • arrow Received higher number of complaints during policy purchase compared to other insurers

About Canara HSBC OBC Life Insurance Co. Ltd.

Canara HSBC OBC Life Insurance Co. Ltd. logo

Canara HSBC OBC is a Life Insurance company in India. Founded in 2008, it is a joint venture promoted by Canara Bank, HSBC Insurance (Asia Pacific) Holdings Limited and Punjab National Bank. The company is headquartered in Gurugram, its CEO/CMD is Mr. Anuj Mathur. 

Founded in
2008
JV Partners
Canara Bank, HSBC Insurance Holdings Limited and Punjab National Bank
Turnover (GWP)
1,426.18 Crores
Number of Policies
26,637
Number of Claims
18,302

Detailed Product Specs & Rating: Canara HSBC Young Term Plan

Claims Experience 4.1/5 star green
Customer Service 3.9/5 star green
Product Benefits 4.7/5 star green
% of claims settled in less than 30 days
Reflects on the speed of settling valid claims
100%
% of Complaints received on overall claims
% customers unhappy with claims experience
0.14%
How complex is the Claim Form?
The longer, the more hassles during claims
Short
Claim Settlement Ratio (No. of claims)
What % of the claims received were paid?
99.01%
Claim Settlement Ratio (Value of claims)
What % of the claim amount received was paid?
96.42%
Solvency Ratio
Reflects an insurance company’s ability to pay claims. Insurers are required to maintain a minimum 150% Solvency Ratio as per IRDAI regulation
244%
Personal relationship manager for claims
Available
Can you track claims online?
Yes
Dedicated toll-free for claims service
Available
Separate Claim Form for above 3 Years Claim
Not Available
Home pickup of Claims
Not Available

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