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How can a Life Insurance Protect you from the 3rd Wave of COVID-19?

dateKnowledge Centre Team dateMay 24, 2021 views347 Views
Life Insurance Plan | 3rd Wave of COVID-19

Having over million active cases recorded in late April, it is not wrong to say that the second wave of the COVID-19 pandemic hit India pretty hard. With the 3rd wave being inevitable, one ought to be worried about how to safeguard themselves and their family from its wrath. This is where a life insurance policy can help you. In this article, you'll learn how a life insurance policy can help protect you from the COVID 3rd wave, but before that, let's begin with some basics.

A life insurance policy is an arrangement between an individual and an insurance supplier, wherein the insurance organization grants financial security to the policyholder in return for monthly payments (known as premiums).

Given the plan, in case of the policyholder's demise or if the policy matures, the insurance supplier will pay the individual or his family a lump sum amount after a specific measure of time. There are different sorts of life insurance policies to suit the individual necessities and prerequisites of the policy buyers.

Significance of Life Insurance during COVID-19 3rd Wave

These vulnerabilities called attention to the benefits of life insurance in the middle of a crisis. Numerous individuals in the nation developed more interest towards life insurance that covers COVID-19 cases and started to consider how this financial product can end up being very helpful to policyholders.

Numerous benefits of life insurance help individuals distinctly tackle vulnerabilities. Directly from offering lump-sum benefits as a piece of the life cover to conveying market-linked returns, there are numerous reasons why life insurance ends up being critical during the pandemic.

How can a Life Insurance Policy help Manage the COVID-19 3rd Wave Effects?

If you are looking for life insurance plans, you may come across options like term insurance, guaranteed return products, and Unit Linked Insurance Plans (ULIPs). They each can help you manage the effect of the upcoming COVID-19 3rd wave of the pandemic in a unique way -

Term insurance

Term Insurance is one of the most popular type of life insurance plans. Term plans give security to the life assured for a particular term. A death benefit is advanced to the nominee if there should be an occurrence of the life assured's death during the arrangement term. In addition to these benefits, term insurance is likewise quite possibly the most suitable life insurance product since it permits you to appreciate a higher sum assured in return for a premium that is exceptionally moderate.

Term plans can help policyholders manage the effect of the 3rd wave of the pandemic if it hits them by offering financial security that surviving individuals can depend on. This assists them with meeting their monetary commitments such as loan repayments, educational expenses for kids, and actual event and utility expenses.

Unit Linked Insurance Plans

Unit Linked Insurance Plans (ULIPs) are market-linked products that offer the dual benefits of investment combined with insurance inclusion. They give the policyholder the double benefit of putting resources into either equity or debt funds reserves (or both) while giving life insurance inclusion.

ULIPs help policyholders manage the effect of a crisis like the pandemic by making it conceivable to take advantage of the benefits of market developments. Indeed, even on account of the COVID-19 pandemic, the business sectors recuperated essentially after an underlying difficult time. With ULIPs, policyholders may acquire from market developments like this. Moreover, they likewise offer life insurance that covers COVID-19 cases as well.

Guaranteed return products

These products are non-participating savings plans that empower you to amass a corpus in a structured way over the long term to meet your life objectives. Savings plans give the upsides of insurance just as guaranteed benefits. The life insurance cover empowers you to protect your friends and family in your absence. Likewise, savings plans accompany the benefit of guaranteed returns toward the finish of the maturity period.

Life Insurance Plan | 3rd Wave of COVID-19

This sort of life insurance can likewise end up being of great assistance during an emergency like the pandemic because the life cover it offers can provide financial security in case of any unanticipated episodes. Also, if the life assured lives through the arrangement term, the guaranteed benefits end up being a decent return on the investment. Canara HSBC Oriental Bank of Commerce Life Insurance offers Guaranteed Income4Life – a guaranteed savings plan that can help you plan your financial future.

Learn more about Guaranteed Income4Life.

Protect yourself from COVID-19 3rd Wave with Canara HSBC Oriental Bank of Commerce Life Insurance

Canara HSBC Oriental Bank of Commerce Life Insurance realizes how your family is your utmost responsibility, and their well-being always is your prime concern. To help you minimize the tension during these unpredictable times, all the life insurance policies provided by Canara HSBC Oriental Bank of Commerce Life Insurance offer facilities of hassle-free online application, and rapid claim settlement procedure.

The occurrence of the pandemic has rendered us increasingly exhibited to ambiguities than ever before. Hence, life insurance is your leading pick to ensure your family's financial protection from the upcoming COVID 3rd wave.

It is clear how significant life insurance is regarding your protection from the COVID 3rd wave. Regardless of the kind of life insurance you decide on, you only continue to benefit from them differently. To buy a sufficient life cover that ensures your family's protection from vulnerabilities of the COVID-19 pandemic, make sure to choose a life insurance plan by Canara HSBC Oriental Bank of Commerce Life Insurance!

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Frequently Asked Questions (FAQs) for Life Insurance

The premium is one of the most important factors to consider before buying a policy. Many people buy a life insurance policy with a high sum assured but are unable to process the premiums for the entire premium payment tenure. You can get a better idea of the premium outgo with the premium calculator available in the 'Tools and Calculator' section of www.canarahsbclife.com.

Life insurance plans come with several riders which increase the efficiency of the policy for the buyer. For instance, if you have a history of terminal illness in your family it would be advisable to opt for terminal illness rider with your term insurance. Riders or add-ons help in customising the standard policy benefits for the requirement of different families. The iSelect term insurance plan comes with a built-in cover for terminal illness, and option for protection against accidental death or disability. You can also opt to cover your spouse's life under the same policy by paying an additional premium.

Insurance companies calculate the premiums based on several factors such as age, gender and occupation.

Age:It is one of the biggest factors that influence life insurance premiums. Premiums tend to be low when the life insured is younger as the chances of contracting diseases is low. Young people also opt for policies with longer tenures and pay premiums for a longer duration, which makes the policy cheaper for young people.

Gender:The insurance premium for women is generally lower when it comes to life insurance plans. Women live longer and pose a lesser risk of a claim leading to lower premiums for them.

Lifestyle habits:The premiums for people who smoke or drink is always higher due to higher health risks.

Policy term:Policy terms are also taken into consideration by insurers while deciding the premium amount. Policies with longer tenure are cheaper as compared to short-duration policies.

Mode of purchase: The platform that you use to buy the policy also determines how much you will have to pay for the plan. People who buy life insurance policies online have to pay lower premiums as compared to offline policies.

Occupation:The nature of your work is an important factor that influences the premium amount. Certain occupations like shipping and mining are considered more dangerous as compared to jobs in services industries. The insurance premium rises with the risk profile.

Processing life insurance claim is a transparent and smooth process with Canara HSBC Oriental Bank of Commerce Life Insurance.

In case of the death of the life insured, the nominee will have to intimate the company by filling a Death Claim Form and sending it to the nearest branch office.

Once the form is received, the claim is registered by the insurer.

After the registration of the claim, the company will send the claims pack along with the related forms such as physicianâ s statement form and employer certificate that need to be filled.

Along with the duly filled forms a few documents such as original [policy document, death certificate, copy of bank passbook, hospital or treatment records, photo identification and address proof have to be provided.

The claim is processed on the submission of relevant documents. Once the documents are verified, the claim amount is released post all due diligence.

Household expenses rise with age. The cost of children's education increases along with other lifestyle expenses. The iSelect term plan offers an option to increase the cover according to the life stage. If opted, the insurance cover increases by 25% at every 5-year terminal till the 20th policy year.

Even though a life insurance policy is bought to protect your family in your absence. There are chances of the claim being rejected due to several factors.

False information: If the policyholder provides false information or conceals important information while buying the policy, the insurer has the right to reject the claim after his/her death.

Type of death: Deaths due to suicide in first policy year, intoxication or pre-existing disease is not covered under life insurance.

Premium payment: The payment of premiums on time is of utmost important to avail the benefits of life insurance. Life insurance policy may lapse on the failure to pay the premiums

Nominee details: An insurance company can put the claim on hold if the nominee details have not been filled or not been updated by the policyholder.

Suicide: If the life insured commits suicide within 12 months of buying the policy, the insurance companies generally pay 80% of the total premiums paid.

Buying life insurance online is not only safe but a better option. Online life insurance policies have lower premiums and the individual is not required to visit the insurer's branch or a bank. Online insurance policies also offer higher benefits. Customers should, however, buy online policies only from credible insurers and should check for SSL certificate on the website to ensure that the website is legitimate.

The cost of life insurance policies varies depending on factors like age, gender and occupation. The average cost of life insurance plans, especially term plans, is very low compared to the amount of coverage offered.

An individual is allowed to have multiple life insurance policies. People opt for more than one policy to increase the cover or avoid claim rejection. In case of multiple policies, even if the claim is rejected by one insurer, the beneficiaries may receive the benefit from a different insurer.

Life insurance policies are of different types. In the case of unit-linked or endowment policies the policyholder receives the maturity benefit at the end of the policy term. However, in the case of term insurance plans, there are no maturity benefits. The death benefit is only paid out after the death of the life insured.

When you buy life insurance, the insurance company asks for the nominee details. Only the person named as the nominee in the policy can cash out a life insurance policy in case of death of life insured.

A life insurance policy is generally taken for a specified period. After the policy duration of a term plan gets over, the policy simply terminates and ceases to exist. However, in the case of unit-linked plans or endowment, you can use the policy as a tool for retirement planning and the accumulated corpus is used by the insurer to pay you monthly amounts for your entire life.

If a policyholder purchases a term plan for 25 years and dies during the policy term. The family receives the death benefit. In the case of iSelect term plan, the policy provides four payment options to the beneficiaries. If the regular payment options are chosen the policy works as a source of regular income.

It is a popular misconception that life insurance is only for accidental deaths. A term life insurance plan like iSelect also covers terminal disease along with death. A terminal illness cover is important as health insurance pays only for the cost of treatment and hospitalization, but a terminal illness cover pays you a lump-sum amount which takes care of other expenses. On the other hand, unit-linked policies such as Invest 4G cover death and also provide decent returns for other financial goals such as buying a house of child's education.

It is ideal to buy life insurance in your early 20s because it’s is the time when people have just started with their professional life and so there are lesser responsibilities and financial liabilities to take care of. Also, if you buy life insurance at this age, you will be paying relatively lower insurance premiums since it’s a due fact that mortality rate in case of young people is low. And that is why insurance companies offer lesser premium rates to younger people as they think that they are most likely to be fit and healthier with less chances of filing a claim in future.

Once you have cancelled your life insurance policy, you will instantly lose your life insurance cover. Afterwards, your insurance company will get in touch with you and ask for valid reasons regarding the cancellation of your policy. In case you cancel your life insurance policy within the grace period, i.e. 15 to 30 days, depending on your insurer, then insurance company will reimburse the premium amount paid by you. But, no refunds will be paid to you if the policy is cancelled after the grace period.

Yes, you can take life insurance under Married Women’s Property (MWP) Act, 1984 only if you are a married man and a resident of India. Buying a life insurance plan under MWP Act would be helpful in saving your family’s financial well-being when you are not around. As per this policy, only wife and children would be eligible to receive the death benefits. You can also buy a policy if you are a widower or a divorcee. However, in that case, you can give your child’s name as your beneficiary. It is very simple to buy a life plan under MWP Act. All you need to do is to fill up an MWP addendum while purchasing an insurance policy.

Yes, there are different payment options for you to pay premiums. Here’re some of them

    1. Regular premium payment option – This premium payment option allows you to pay premiums equal to your policy term either monthly, quarterly, half yearly or annually.

    2. Single payment option – Through this premium payment option, you can pay the lump-sum amount in one single payment.

    3. Limited payment option -In this premium payment option, you can pay premiums for a specific period of time less than policy term either monthly, quarterly, half yearly or annually, but benefits of insurance can be enjoyed for a longer period of time.

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