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.
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
Cheaper than other products in the market- Offers the option to automatically increase your claim amount, with time
- Several options to customize claim payouts
- Option to exit the plan while it is still active and receive a refund of premiums
- Critical illness rider available, and the payout is in addition to the life cover amount
Not many Limited Pay options available, to speed up payments- Received higher number of complaints on claim settlement compared to other insurers
- Received higher number of complaints during policy purchase compared to other insurers
About Canara HSBC OBC Life Insurance Co. Ltd.
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.
Detailed Product Specs & Rating: Canara HSBC Young Term Plan
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