Canara HSBC Life Insurance

Established in 2008, Canara HSBC Life Insurance Company Limited is a joint venture by Canara Bank and HSBC Insurance Holdings Limited with 51% and 26% shareholdings, respectively. Punjab National Bank is also a shareholder with 23% shareholdings. (1) The company has 10000+ partner bank branches and provides various types of life insurance policies to secure the future of millions.

Canara HSBC offers different types of life insurance policies; among them, the most popular and frequently chosen ones are listed below.

• Claim Settlement Ratio: For FY 2022-23, Canara HSBC Life Insurance’s claim settlement ratio was 99.23%, which shows the insurer’s reliability and trustworthiness in settling claims. (2)
• Loan Facilities: Policyholders can take out a loan against Canara HSBC life insurance policies once the policy acquires a surrender value.
• Trusted Brand: HSBC is a joint venture between Canara Bank, HSBC, and Punjab National Bank that has won user’s trust for over 15 years.
• Dedicated Customer Support At Your Service: The insurer offers excellent customer service, with dedicated support to ensure policyholders' queries are resolved quickly without any hassle.
• Customisable Life Insurance Plans: Plans offered by Canara HSBC Life Insurance can be customised by adding riders for various risks, ensuring comprehensive protection.
• Tax Benefits: Policyholders can avail of tax benefits under Section 80C and Section 10(10D) of the Income Tax Act.

To buy a Canara HSBC Life Insurance policy, applicants need to meet the following eligibility criteria:

• The individual’s age must be within 18-60 years. The exact age may vary depending on the chosen plan.
• The applicant must have a steady income source, whether it’s from salary or business. For proof of income, three months of salary slips or six months of bank statements will be required.
• Some life insurance plans may require applicants to undergo a medical check-up or provide health information.
• ID proof will be required for the KYC verification.

Canara HSBC Life Insurance offers the below riders, which you can add to your policy to enhance its coverage.

• Accidental Death Benefit: If the insured passes away due to an accident, this rider pays an additional sum assured to the beneficiary.
• Accidental Disability Benefit Rider: If the insured becomes partially or permanently disabled in an accident, a percentage of the sum assured is paid.
• Critical Illness Rider: If the insured is diagnosed with life-threatening diseases, such as cancer, heart attack, kidney failure, or any of the specified diseases, a lump sum amount will be paid.
• Terminal Illness Benefit Rider: If the insured is diagnosed with a terminal illness, the rider offers the beneficiaries a part of the sum assured in advance.

You can buy a Canara HSBC Life Insurance Plan both online and offline through InsuranceDekho or via the insurer's website.

Buy Canara HSBC Life Insurance Policy Online Through Insurer

You can buy a Canara HSBC life insurance policy via the insurance company by following the steps mentioned on their official website.

Buy Canara HSBC Life Insurance Offline Through Insurer

You can visit the nearest Canara HSBC Life Insurance branch office to get assistance regarding the different plans and application procedures

The following documents need to be submitted by the applicant to buy a Canara HSBC Life Insurance policy.

• Identity Proof (Aadhar Card/Passport/Voter ID/Driving License/PAN Card)
• Duly filled and signed proposal form
• Address Proof
• Proof of Income
  • Salary slips (last three months)
  • Bank statements (last six months)
  • Income tax returns (ITR)
• Medical examination reports, as requested by the company, for specific policies.

The claim procedure of Canara HSBC life insurance is simple, convenient, and designed specially to settle all claims hassle-free. Follow the below steps to make the insurance claim process easy.

Step 1) The first thing that a beneficiary or nominee needs to do is inform the insurer about the death of the policyholder as soon as possible.

Step 2) Download the claim from the claims form section, duly fill it out, and submit it along with the documents below.

• Original policy document,
• Copy of bank passbook/cancelled cheque,
• Claimant’s address details,
• Photo ID proof and
• Life Assured’s death certificate

Step 3) If the insured passes due to medical reasons, provide additional information such as physician’s statement, treating hospital certificate, employer’s certificate/school/college certificate. In case of accidental death, the nominee must provide the insurer with an FIR/PMR/ police investigation report.

Step 4) The insurer will register your claim once all the documents are submitted successfully.

Step 5) Upon successful verification, the company will provide you with the decision, and the payout will be disbursed.

For expert claim settlement assistance, feel free to contact InsuranceDekho customer support via phone (755 1196 989) or email (support@insurancedekho.com).

A 15 to 30-day grace period is provided by Canara HSBC Life Insurance for the insured to pay the premium after the due date. Still, if the policyholder fails to make the premium payments in the grace period, the policy will lapse immediately, and all the associated benefits will automatically cease.

If the policyholder’s unfortunate death occurs during the grace period, the claim will still be processed. However, if the premiums are not paid in a timely manner and the grace period ends, the insurer is not responsible for any payouts. So, it’s vital to pay the premiums during the specific time to keep the policy active and avoid losing benefits.

Steps to Revive Lapsed Canara HSBC Life Insurance Policy

If the policyholder doesn’t pay premiums even during the grace period, the active life insurance plan automatically lapses. However, Canara HSBC offers the flexibility of policy reviving within five consecutive years from the first unpaid premium due date and before the policy maturity date.

You can follow the below steps to revive the lapsed Canara HSBC Life Insurance policy.

• Contact Insurer: Contact the Canara HSBC Life Insurance customer support team to make a request to revive your lapsed policy.
• Pay Outstanding Premium With Penalty: All the past due premiums need to be paid by the insured along with applicable interest rates and/or penalties. The company defines the interest rates applicable on revival from time to time.
• Submit Medical Report: The insurer may request you to submit a medical report depending on when you are opting for policy reviving. For example, If the policy is revived within six months, a medical report may not be required, but after six months, it becomes mandatory to provide the company with a medical report.

To check the Canara HSBC Life Insurance policy status online via InsuranceDekho, follow the below steps.

• Head to our official website, and in the top-right corner, locate the “Login” option.
• To log in, fill in your registered contact number and OTP.
• Once logged in, you will see the dashboard with all your active policies. Choose the Canara HSBC Life Insurance policy to view its current status.

Here’s how you can check Canara HSBC Life Insurance policy status through offline channels:

• You can contact the insurer via their toll-free no, 1800-891-0003 & 1800-103-0003, between 9 AM-6 PM IST from Monday to Saturday to know the current policy status. (3)

Canara HSBC Life Insurance has been recognised on various platforms for its extraordinary services. Below are some of their recent awards and achievements.

• “Most Well-Planned Business Travel” for FY 2024.
• “Life Insurance Company Of The Year” award at India Insurance Summit and Awards 2024.
• “Best Training Program for Employees” for FY 2024.
• “Best Use Of Net Promoter Score” in Life Insurance Space at Quantic 3rd Excellence Awards 2024.
• “Risk Management Innovation of the Year” award at India Insurance Summit and Awards 2024.
• 'Silver award for ‘Promises Ka Partner – Rebranding’ campaign at Impact Digital Influencer Awards under the BFSI Category.

• Customer Care Number: You can call customer support at 1800-891-0003 & 1800-103-0003 between 9 AM-6 PM IST from Monday to Saturday.
• Email: Send an email to customerservice@canarahsbclife.in.
• In-Person Visit:Locate a service centre (4) for in-person assistance.
• Request a Call Back by providing your contact details. (5)

Canara HSBC Life Insurance Complaints & Grievance Redressal

• If you are not satisfied with the customer support response, escalate your complaint by contacting their Grievance Redressal Officer, Ms Pooja Verma, by emailing her at gro@canarahsbclife.in. (6)
• You can also submit a written grievance and send it via post to the following address:

“The Grievance Redressal Officer

Canara HSBC Life Insurance Co. Ltd.

139 P, Sector - 44

Gurugram 122003

Haryana”

If you are still not satisfied with the solutions provided, then contact your state's insurance ombudsman. To get the Ombudsmen list, visit Canara HSBC’s official website or the GBIC website. (7)

To connect with the InsuranceDekho support executive, you can

• Call on 755 1196 989
• Email us at support@insurancedekho.com
• Write to us at Girnar Insurance Brokers Private Limited, Plot no.301, Phase-2, Udyog Vihar, Gurugram-122022, Haryana, India.

InsuranceDekho Complaints & Grievance Redressal

You can get in touch with our grievance redressal team if Canara HSBC Life's customer care team is unresponsive:

• Contact Number: 7551196989
• Email: grievance@insurancedekho.com or PO_GIBPL@girnarinsurance.com