Canara HSBC Young Term Plan vs LIC New Tech Term

Canara HSBC OBC Company has a record of settling 100% of claims in under 30 days. Canara HSBC Life Insurance Company has a claim settlement ratio of 99.01%, along with a claim amount settlement ratio of 96.42%. They have received a higher number of complaints compared to other insurers. Furthermore, they have a short claim form, dedicated toll-free claim support, and the added benefit of a personal relationship manager for claims. They also offer the convenience of an online tracking system for claims. However, it's important to note that they do not offer home pick-up of claims.

Life Insurance Corporation of India boast an impressive 97.95% claims settlement rate within 30 days, with fewer claim complaints compared to other insurers. Life Insurance Corporation of India’s claim settlement ratio stands at 98.52%, and their claim amount settlement ratio is 96.02%. Additionally, their claim application process is streamlined with a short claim form. However, they do not provide a dedicated personal relationship manager for claims, a home pick-up service for claims documents, and toll-free support for claim-related inquiries. Furthermore, there is no online claim tracking facility available.

You can contact Canara HSBC OBC Company, either through their toll-free telephone number or Twitter. According to our research, it appears that their response rate on Twitter and their toll-free number are both average, compared to other insurers. This means you or your family may not get timely assistance on both of these platforms.

Life Insurance Corporation of India provides customer service via their toll-free number and Twitter. According to our research, their Twitter response rate was slow, while their toll-free service was quick, compared to other insurers. If you or your family have any questions or concerns, call their toll-free number to receive a prompt response.

A variety of customization options are available with Canara HSBC Young Term Plan. It offers you an increasing cover option in which your coverage by 5% every year until your base policy cover doubles. It is important to note that coverage increases from the second year onwards. Canara HSBC Young Term Plan offers a life cover up to the age of 99 with several limited payment options like 5-pay, 10-pay, 15-pay, pay till 60 years with premiums payable on a monthly, quarterly, half-yearly, or annual basis. Claim payout options include a one-time lump sum option, monthly instalment option, and a combination of both. Canara HSBC Young Term Plan offers a Critical Illness Rider, Waiver of Premium for Critical Illness Rider, Waiver of Premium for Accidental Disability Rider, and an Accidental Death Benefit Rider.

LIC New Tech Term provides a range of flexible customization options. One of the notable features is the Increasing Cover option, which gradually raises your coverage by 10% each year until it becomes double the base policy cover. This increase in coverage starts from the 6th year of the policy. The LIC New Tech Term policy offers a life cover up to the duration of 70 years with various limited payment options - (Policy term - 5) and (Policy term - 10). And, the premiums are payable either half-yearly or annually. When it comes to payout options, you can choose between a lump sum payment and monthly instalments. LIC New Tech Term provides only one rider - Accidental Death Benefit Rider. You can include this rider to your base policy to enhance its coverage.