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Canara HSBC Life Young Term Plan is a non-linked, non-participating, individual pure risk term insurance plan from Canara HSBC Life Insurance, aimed at young earners who want affordable life cover early in life. It offers two plan options. Life Secure gives life cover for the policy term, and Life Secure with Return of Premium also returns the base premiums if you survive the term. Cover can run up to age 99, and Life Secure lets you cover your spouse in the same policy, whether working or non-working. You can choose a level sum assured or an increasing cover that grows 10% a year for up to 10 years. The death benefit can be paid as a lump sum, a monthly income or a mix of both. Life Stage Enhancement lets you raise your cover after marriage, childbirth or buying a house, and Block Your Premium lets you increase cover during the first five years without fresh medicals. Optional in-built covers include accidental death, accidental total and permanent disability, terminal illness and child care benefit. The minimum sum assured is ₹25 lakh for Life Secure and ₹15 lakh for Return of Premium.
Special low premium rates for young buyers with increasing cover option as income grows.
Young Term Plan is a basic but flexible term plan from an insurer with a claim settlement ratio of about 99%. Its best features are spouse cover that includes non-working spouses, increasing cover that doubles your sum assured over 10 years, and Block Your Premium, which lets you raise cover early in your career without fresh medical checks. The gaps are clear. There is no critical illness rider, no wellness benefits and no instant claim payout, and the insurer complaint volume has been around or slightly above the industry median in Ditto data. For most young buyers, plain Life Secure is the better value. The return of premium option costs noticeably more and gives back only the base premiums with no interest, and the base cover under that option ends at age 75. Many benefits, such as Child Care Benefit, Block Your Premium and Special Exit Value, work only with Life Secure, and some cannot be combined with spouse cover. If you want critical illness cover, buy it separately. Check the final quote against other insurers before you decide.
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
Under Life Secure you can cover your spouse in the same policy, whether working or non-working.
Special Exit Value is not available with spouse cover.
Raise your cover within the first five years without fresh medicals, which helps if you are early in your career.
Extra premium applies; Life Secure only.
Your sum assured grows by 10% a year on a simple-interest basis for up to 10 years, so it doubles by the 10th year.
Costs more than level cover; applies to working lives only.
Increase your sum assured after marriage, childbirth or buying a house, up to three times during the policy term.
Life Secure only; subject to insurer approval and limits.
The death benefit can be paid as a lump sum, as equal or increasing monthly income, or as a mix of both.
Pays an extra lump sum, chosen at the start, if death is caused by an accident.
Check rider terms and extra premium.
Pays a lump sum and waives all future premiums if an accident leaves you totally and permanently disabled, while the life cover continues.
Check rider terms and extra premium.
Conditions or treatments that the policy clearly says it will not 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 for young earners. Your nominee receives the sum assured if you die during the policy term, and cover can run up to age 99. It comes in two plan options and has several optional covers.
Life Secure gives life cover for the policy term and can also cover your spouse. Life Secure with Return of Premium gives the same life cover and also returns the base premiums if you survive the policy term, but it costs more.
Yes, under Life Secure you can cover your spouse in the same policy, whether working or non-working. Special Exit Value is not available if you choose spouse cover.
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 part of the sum assured early if you are diagnosed with a terminal illness, and the death benefit is reduced by the amount paid.
Check the amount limits and conditions in the brochure.
Pays an additional amount to support your child until age 21 if you pass away.
Available only with Life Secure.
Lets you increase your cover during the first five years without fresh medical underwriting.
Extra premium applies. Available only with Life Secure.
Your sum assured grows by 10% of the original amount every year for up to 10 years, so it doubles by the end of the 10th year. It applies to working lives only and costs more than level cover.
It lets you increase your cover within the first five years of the policy without fresh medical underwriting. It needs an extra premium and is available only with Life Secure.
Optional covers include accidental death benefit, accidental total and permanent disability, terminal illness benefit, Child Care Benefit and Block Your Premium. The plan does not offer a critical illness rider, so check a separate policy if you need that cover.
Entry age is 18 to 60 years and cover can go up to age 99. The minimum sum assured is ₹25 lakh for Life Secure and ₹15 lakh for Life Secure with Return of Premium, and the maximum depends on underwriting.
Under Life Secure you can exit the policy and get the total premiums paid back, excluding extra premiums for covers, at set points such as age 65 or specific policy years. It needs a policy term of 40 years or more and is not available with spouse cover or after a premium waiver.
For most buyers, no. You pay noticeably more and get back only the base premiums, with no interest, and the base cover ends at age 75. Buying plain Life Secure and investing the difference separately is usually better value.