Mandatory life insurance: Your parents and/or grandparents must have medical insurance with a coverage of a minimum of $100,000. This insurance should be from a Canadian insurance company and must be valid for a year from the date of entry.
Proof that you can financially support your family members: If your parents or grandparents are coming to stay with you, you should have a stable income so you can financially support them during. You will have to submit documents which proves that you are financially stable, keep the paperwork ready.
Immigrant medical exam: Your family member should be able to pass the immigrant medical exam, else they will not be eligible for the policy. This certificate is mandatory during application.
Relationship with the home country: You will have to submit documents which state that your parents or grandparents are in good terms with their home country and are not coming to Canada because they want to run away.
Refunds: You should know that if somehow the application is rejected you are eligible for a refund.
Extension: If your family member decides they want to stay an extra year the insurance should be renewed before it is expired.
Discount: If 2 or 3 family members are visiting then you can apply for a quote and you can get a discount as well.
For more details contact Candian LIC.