Canara HSBC Promise2Secure: Features, Benefits & Review

New policies are launched every day. This makes choosing term insurance more complex as families look for higher cover, longer protection, and greater flexibility. Canara HSBC Life Insurance unveiled its Promise2Secure term plan on July 29, 2026, offering a new approach to pure-risk protection with added flexibility and optional benefits. 

This guide covers the features, available riders, insurer performance, and whether the term plan meets your long-term goals.

What Is the Canara HSBC Promise2Secure Plan?

Promise2Secure (UIN: 136N099V01) by Canara HSBC Life Insurance is a non-linked, non-participating individual pure-risk term insurance plan designed to provide financial protection to your family during the policy term. You can purchase it online through Canara HSBC Life Insurance's official website, partner platforms, or through the insurer's distribution network.

Canara HSBC Promise2Secure Variants, Cover Options, and Death Benefit Payouts

Variants Offered

• Life Secure: Under this option, the applicable sum assured on death is paid if the life assured or covered spouse dies while the policy is in force. Both can remain covered throughout the policy term, subject to policy conditions. The policy terminates after the death of the last surviving covered member.
• Life Secure with Return of Premium: Under this option, the applicable sum assured on death is paid if the life assured dies while the policy is active, after which the policy terminates. If the life assured survives the full policy term, the base premiums are returned (except rider premiums and other costs), and the policy then ends. However, no interest, profit, or capital gain is paid on the returned money.

Cover Options

• Level Cover: Your sum assured stays the same throughout the policy term. However, you or your working spouse may increase the cover up to three occasions. The cumulative increase is capped at the lower of the initial base sum assured or ₹1 crore per covered life.
• Increasing Cover: Your sum assured increases by 10% of the original cover each year on a simple-interest basis, up to a maximum increase of 100% of the original sum assured. The non-working spouse's sum assured (if opted) remains unchanged throughout the policy term.

Note: At policy inception, you can choose a lump sum, monthly income, or a combination. Monthly income can remain level or increase by 5% or 10% annually.

Key Features of Canara HSBC Promise2Secure

• Premium Deferment: After completing five policy years from risk commencement and paying all premiums due, you can request a premium break of up to 12 months. You must submit the request at least 30 days before the next policy anniversary, or 15 days before the next monthly premium due.
• Special Exit Value (Zero Cost option): Under the Life Secure option, you can exit and receive the total premiums paid, excluding underwriting extra premiums and optional-cover premiums. This is available after policy year 25, but not during the final five policy years, and is unavailable if maturity age exceeds 85. The feature is unavailable if spouse cover is opted.
• Insta Payout on Death Claim Intimation: After three years from policy issuance or revival, eligible customers can receive an accelerated payout within one working day of claim registration, provided they submit the required documents. The payout is the higher of ₹1 lakh or 2% of the base sum assured, subject to a minimum base cover of ₹50 lakh.
• Life Stage Enhancement: Under regular pay, you can increase the sum assured up to three times after marriage, childbirth or legal adoption, or buying a new house. You must request this within one year of the event, and it is subject to underwriting.
• Waiver of Premium on Terminal Illness: If the life assured or covered spouse is diagnosed with a qualifying terminal illness, future base-policy premiums are waived at no extra cost. The policy remains active, and base coverage continues. Premiums for optional in-built covers are not waived. Upon a terminal illness diagnosis, rider covers cease, and only the base cover continues. Additionally, there is no waiver of premium benefit for any critical illness. 

Important Difference: Promise2Secure primarily waives future premiums after a qualifying terminal illness diagnosis, while plans like Axis Max Life Smart Term Plan Plus can accelerate 100% of the guaranteed death benefit up to ₹1 crore.

For exact details of the riders offered, refer to pages 4 to 7 of the official policy brochure. 

Note: Not all riders add value to your base policy. At Ditto, we recommend riders like critical illness, which offers real value for money.

Return of Premium Versus Pure Term Insurance: Which Promise2Secure Variant Is Better?

The Life Secure option is better because it provides meaningful life protection at an affordable cost. At Ditto, we do not recommend return of premium plans. ROP can cost 60%–100% more than a standard term plan, sometimes even more, simply to return your base premiums after 30–40 years. 

Instead, you can choose pure protection and invest the premium difference separately. This keeps insurance focused on protection while giving your investments the opportunity to grow, rather than locking more money into an ROP structure.

The base Life Secure plan offered by Canara HSBC Term Life Insurance also offers a special exit option, which is a more suitable choice than ROP for customers seeking greater flexibility without choosing the ROP variant.

Note: The illustration is based on a salaried, non-smoking male in Delhi (110010) seeking ₹2 crore level term cover until age 65. First-year discounts have been excluded. Actual premiums may vary based on underwriting and individual circumstances.

The Canara HSBC term insurance plan can be attractive on premium pricing, with its term plans appearing more competitive than offerings from larger insurers such as HDFC Life and Axis Max Life.

Note: The figures in the table reflect the insurer’s overall performance, not its term products specifically. The data is sourced from Canara HSBC Life Insurance’s public disclosures and IRDAI annual reports. For more insurer-level data, explore the Ditto Data Lab.

Pros and Cons of the Canara HSBC Promise2Secure Plan

Advantages of Canara HSBC Promise2Secure Plan

• Health & Wellness Benefits: The plan includes several health and wellness services, such as teleconsultations with qualified doctors, discounted diagnostics and screenings, pharmacy and healthcare savings, reduced-cost ambulance services, and quarterly subscriptions to participating gyms, subject to applicable terms.
• Free Online Will Preparation: Promise2Secure offers complimentary online will preparation through a simple, guided process. You can document how your assets should be managed and distributed, appoint guardians where required, and record your wishes securely from home, subject to the applicable terms and conditions.
• Spouse Cover: Available only with the Life Secure option. You and your spouse are identified when you purchase the policy, with each person receiving a separate sum assured. Both remain covered throughout the policy term, subject to eligibility and the applicable policy conditions.

Drawbacks of Canara HSBC Promise2Secure Plan

• Increasing Cover Does Not Increase Every Benefit: Optional covers such as ADB, ATPD, CI and CCB do not automatically increase along with the base sum assured. Their benefits remain subject to their own limits and policy conditions.
• Block Your Premium Is a Paid Option: You pay an additional loading for this feature, even if you never use it. If you exercise it, the loading continues throughout the premium payment term, potentially for up to 40 years. In case BYP is not exercised by the start of policy year 6, the extra premium stops.
• ROP Can Have a Higher Opportunity Cost: Return of premium may sound attractive, but you pay more for the feature. The special exit value also comes with specific eligibility conditions and a limited qualification window.
• Premium Deferment Is Not Premium Waiver: If you use premium deferment, you are only postponing the payment. The premium does not disappear, so you need to plan for the deferred amount next year.
• Limited Critical Illness Coverage: The plan covers 40 listed critical illnesses, while some competing term plans, such as Axis Max Smart Term Plan Plus, cover 64 illnesses. This can make its critical illness coverage less comprehensive.

Why Choose Ditto for Term Insurance?

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Conclusion

Promise2Secure is a feature-rich and highly configurable term plan, but Canara HSBC Life Insurance operates at a smaller scale than established players such as Axis Max Life. However, from an insurer perspective, it is a mid-sized player and falls below our ₹5,000 crore benchmark. Larger insurers, such as HDFC Life, offer greater scale and stronger claims track records.

We recommend comparing the best term insurance plans from larger insurers for broader service reach and a more established overall footprint.