Loading...
Loading...
Canara HSBC Life iSelect Smart360 Term Plan is a non-linked, non-participating, individual pure risk term insurance plan from Canara HSBC Life Insurance, a joint venture of Canara Bank and HSBC. It comes as an all-in-one plan with three options. Life Secure pays the sum assured on death during the policy term and can also cover your spouse under the same policy. Life Secure with Income adds a monthly survival income from age 60 until the end of the policy term. Life Secure with Return of Premium returns the base premiums if you survive the term. Cover can run up to age 99, and you can pick level cover or an increasing cover that grows 10% a year up to 100% of the original sum assured. With Life Secure and regular pay, you can raise your cover after marriage, childbirth or buying a house. Optional in-built covers include accidental death, accidental total and permanent disability premium protection, child care benefit, block your premium and a terminal illness benefit. The minimum sum assured is ₹25 lakh for Life Secure and ₹15 lakh for the other two options. You can pay a single premium or choose limited or regular pay.
360-degree protection with multiple plan combinations
iSelect Smart360 is a flexible, feature-rich term plan from an insurer with strong claim numbers, with an average claim settlement ratio of about 99.4% in recent years. Spouse cover under one policy, the life stage cover increase and the ATPD Premium Protection Plus option are real strengths if your needs change over time. The gaps are worth knowing before you buy. There is no critical illness rider, and the premium waiver is linked to accidental disability, not to illness. Sample premiums at younger ages are higher than plans such as Axis Max Life Smart Term Plan Plus and ICICI Prudential iProtect Smart Plus, though close to HDFC Life Click 2 Protect Supreme Plus. For most buyers, plain Life Secure is the better value. Life Secure with Income reduces the later death benefit by the income already paid, and the return of premium option costs far more than it gives back, with no interest. Cover up to 99 is more than most people need, so choose a term that matches your working years, and compare the final quote with other insurers before buying.
Canara HSBC
Key Insights
Founded
2008
Canara HSBC was established 18 years ago and has built strong credibility over time, backed by its long-standing presence in the market.
Claims Experience
99.4% CSR, calculated as a 3-year average
Canara HSBC settles 99.4% of all claims it receives, demonstrating strong credibility.
Contact Details
1800 891 0003
Headquarters: 139 P, Sector - 44, Gurugram - 122003, Haryana, India
Life Secure (pure term), Life Secure with Income (monthly survival income from age 60) and Life Secure with Return of Premium fit different needs and budgets.
Both you and your spouse get separate covers under Life Secure, and the survivor continues at a reduced premium after the first death.
Confirm the conditions at the time of purchase.
Raise your sum assured by 50% after marriage and 25% after childbirth, adoption or buying a house, up to three times during the policy term.
Life Secure with regular pay only; request within one year of the event.
The sum assured grows by 10% every policy year on a simple-interest basis, up to 100% of the original sum assured.
Costs more than level cover.
Your sum assured stays the same throughout the policy term.
Pays an extra accidental death sum assured on top of the death benefit if death is caused solely by an accident within 180 days.
Check rider terms and extra premium.
Waives all future premiums for the affected life if an accident leaves you totally and permanently disabled, while other covers continue.
You can choose this or the Plus option, not both.
Term plans have no medical waiting period. A suicide exclusion applies during the first 12 months from policy issue or revival, as per IRDAI rules and the policy terms.
Conditions or treatments that the policy clearly says it will not cover.
The plan has an optional terminal illness benefit, available with Life Secure and Life Secure with Return of Premium, that pays a lump sum early if you are diagnosed with a terminal illness. The amount paid is deducted from the death benefit. The plan does not offer a critical illness rider, so check a separate critical illness policy if you want that cover.
Insurer
Canara HSBC plans and claim process
It is a non-linked, non-participating, individual pure risk term plan from Canara HSBC Life Insurance. Your nominee receives the sum assured if you die during the policy term, and cover can run up to age 99. It comes with three plan options and several optional in-built covers.
Life Secure is plain term cover and can cover your spouse too. Life Secure with Income adds a monthly survival income from age 60, which is deducted from the death benefit later. Life Secure with Return of Premium returns the base premiums if you survive the term and costs more.
Yes, under the Life Secure option both of you can be covered with separate sums assured. After the first death, that life's benefit is paid and the survivor's cover continues at a reduced premium, subject to policy terms.
Disclaimer: Premium amounts are indicative and may vary based on age, health, and plan selected. Claim settlement ratios are from IRDAI Annual Reports. Finzony is not an insurance broker or agent. Verify all details on the official Canara HSBC website before purchasing.
Official Website
canarahsbclife.com
Visit the official Canara HSBC website for plan brochures, premium quotes and policy services.
The aforementioned ratios have been averaged over three years (FY24-FY26)
Pays the ATPD sum assured as a lump sum and also waives future premiums if you suffer a qualifying accidental disability.
Extra premium applies.
Pays an additional sum if you or your working spouse die while your covered child is between 0 and 21 years old.
Available only with Life Secure.
Locks your base premium rate for five years, during which you can raise the death benefit by 25%, 50%, 75% or 100% without fresh underwriting.
Extra premium applies, and raising cover costs more. Available only with Life Secure.
Pays a lump sum early if you are diagnosed with a terminal illness, and the death benefit is reduced by the amount paid.
Not available with Life Secure with Income.
It lets you raise your sum assured by 50% after marriage and 25% after childbirth, adoption or buying a house, up to three times during the policy term. It is available only with Life Secure and regular pay, and the request must be made within one year of the event.
Optional in-built covers include accidental death benefit, ATPD Premium Protection or Premium Protection Plus, Child Care Benefit, Block Your Premium and a terminal illness benefit. The plan does not offer a critical illness rider, so check a separate policy if you need that cover.
Entry age is 18 to 65 years for Life Secure and Return of Premium and 18 to 55 years for Life Secure with Income. Policy term goes up to 81 years and cover up to age 99. The minimum sum assured is ₹25 lakh for Life Secure and ₹15 lakh for the other two options.
For most buyers, no. You pay noticeably more and get back only the base premiums at maturity, with no interest. Buying plain Life Secure and investing the difference separately is usually better value.
As a sample, a 30-year-old non-smoking male can get ₹1 crore of level cover until age 65 for about ₹11,741 a year, without first-year discounts. Your premium depends on age, term, payment option, plan variant and underwriting, so use the Canara HSBC Life calculator for an exact quote.
Existing customers and salaried buyers get 5% off the first-year premium on regular or limited pay, and 2.5% on single pay. A spouse coverage discount applies to the spouse portion, and female lives get a three-year age setback on death benefit rates. Discounts apply to the first year only.