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TATA AIA Sampoorna Raksha Supreme vs Canara HSBC Young Term Plan

OVERALL RATING
How we score
beshak-icon star
3.6
beshak-icon star
4.3
01 Claims Experience
5
4.1
% of claims settled in less than 30 days
Reflects on the speed of settling valid claims
99.80%
100%
% of Complaints received on overall claims
% customers unhappy with claims experience
0.04%
0.14%
How complex is the Claim Form?
The longer, the more hassles during claims
Moderately long
Short
+ Show 8 more
02 Customer Service
4.48
3.9
Response time on Toll-Free BETA
How long does it take for the caller to connect with an customer service agent over toll-free?
Quick
Average
Response time on Twitter BETA
How quickly does a user get a response on complaint Tweets?
Slow
Average
% of Complaints received for after-sales service
% customers unhappy with after-sales service
0.54%
0.95%
03 product benefits
1.6
4.7
Increasing Cover
Cover starts increasing from
cross red
2nd Year onwards
How much can the cover increase every year?
cross red
5%
Cover can increase up to
cross red
2X of Base Cover
Claim Payout Customization
Options for claim payout
Options available to customize claim payment to your nominee
One time, Instalment, One time + Instalment options
One time, Installment, One time + Installment options
Premium Payment Customizations
Payment modes available to pay the premium
Frequency in which you can pay premium - monthly, yearly installments?
Monthly, Quarterly, Half Yearly, Yearly
Monthly, Quarterly, Half Yearly, Yearly
Options to pay off premiums before maturity age
Types of Limited pay options available
5, 6, 7, 8, 10 Pay
5, 10, 15, Pay till 60 Years
+ Show 5 more
Notes

1- Beshak Ratings data was last updated in September 2023.

2- All data was sourced from public disclosures (FY 2023-2024, Q1 and FY 2022-23, Q4), insurer websites, and the IRDAI website. Except Claim Amount Settlement Ratio, for which the data was taken from the IRDAI Annual Report 2021-22.

3- Only features that are currently available for purchase online were considered when calculating the Beshak Ratings.

4- In the Premium Ratings, we do not display premium amounts - instead, we show the product's relative pricing compared to the median.

5- Premium for all plans is calculated for the following profile: 30-year-old, non-smoker, married male, for a sum assured of INR 1 Crore, up to the age of 65 years, paying annual premiums, till the end of the policy. Except for these plans:

  ・Bajaj Allianz Life Diabetic Term Plan Sub 8 HbA1c - Premium is calculated for a 30-year-old, non-smoker, married male, having Type 2 diabetes, with HbA1c level between 6.5 to 7, for a sum assured of INR 1 Crore, up to the age of 55 years, paying annual premiums for 25 years. 

  ・IndiaFirstLife Guaranteed Protection Plus Plan - Premium is calculated for a 30-year-old, non-smoker, married male, for a sum assured of INR 1 Crore, up to the age of 75 years, paying annual premiums for 40 years. 

  ・TATA AIA Maha Raksha Supreme - Premium is calculated for a 30-year-old, non-smoker, married male, for a sum assured of INR 2 Crore, up to the age of 65 years, paying annual premiums, till the end of the policy. 

6- The overall ratings do not include the premium rating. This is because we believe that the affordability of premiums is a personal thing. Something that seems unaffordable or expensive to one person could seem cheap and affordable to another, regardless of their income. We leave it up to our users to decide whether the price they pay seems reasonable for the features they receive.

7- The Response time on Twitter (Beta) was calculated using a sample set of tweets from February to August 2023 - (Analyzed in September 2023).

8- Claims Experience was assessed based on an audit of various processes and facilities offered by the insurers, during claim settlement.

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Compare TATA AIA Sampoorna Raksha Supreme and Canara HSBC Young Term Plan

Claims Track Record:

TATA AIA Sampoorna Raksha Supreme

TATA AIA Life Insurance Company has settled 99.80% of claims in under 30 days, with a fewer number of claim complaints. TATA AIA Life Insurance Company boasts of a claim settlement ratio of 99.01% and a claim amount settlement ratio of 94.65%. The insurance company offers online tracking of claims and a home pick-up claim service. However, it does not offer the benefit of a personal manager for customers or a dedicated toll-free for claims service. It comes with a moderately lengthy claim form.

Canara HSBC Young Term Plan

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.

Service Experience:

TATA AIA Sampoorna Raksha Supreme

TATA AIA Life Insurance Company offers customer services via toll-free and Twitter. Our research indicates that their toll-free service is quick, but their Twitter response rate is slow, compared to other insurers. This suggests that you and your family will likely receive better assistance from their service team throughout your journey via their toll-free service.

Canara HSBC Young Term Plan

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.

Product Benefits:

TATA AIA Sampoorna Raksha Supreme

The TATA AIA Sampoorna Raksha Supreme Smart Term Insurance Plan offers affordable pricing and several customization options, but it does not include the option to increase the cover amount. The TATA AIA Sampoorna Raksha Supreme Smart Term Insurance Plan provides life cover up to age 100 with several Limited Pay options like 5, 6, 7, 8, and 10 years. You can pay the premiums monthly, quarterly, half yearly, or yearly. The claim payout options under the plan are one time lump sum, monthly instalments, and one time lump sum + monthly instalments.

Canara HSBC Young Term Plan

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.

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