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All that you need to know...


Frequently Asked Questions

What is Policy Term?

The meaning of the policy term is the maximum period the life cover in the policy

Is Income Proof Mandatory for Buying a Term Insurance Plan?

Income proof is mandatory for buying a term plan. This is because the purpose of term life insurance coverage

Why are Medical Tests Important while Buying a Term Plan with Critical Illness Cover?

Critical illness insurance provides financial assistance if you contract one of these medical conditions

Waiting Period in Term Life Insurance

Generally, there is no waiting period in a term insurance plan other than suicide. In case you have opted for additional riders such as covers for critical illnesses

What is Permanent Partial Disability Cover?

Partial disabilities refer to loss of use of one organ or partial loss of us. However, to fall under this classification the disability has to be permanent. When a policyholder witnesses such a situation, their life insurance policy with permanent partial disability cover comes into force. Benefits are paid to help the policyholder or Life Assured under the policy.

What is Permanent Total Disability Cover?

Disabilities can result from a major accident or a life-threatening illness like cancer. Permanent disability has been defined under insurance contracts as one of the following:

What is Temporary Partial Disability?

Temporary partial disability refers to the loss of use in any one limb, but the loss is recoverable. For example, fracture of one hand or one leg. Such disabilities are the most common result of an accident or medical procedure. However, the patient is always recoverable within a short period.

What is Temporary Total Disability Cover?

Temporary total disability refers to injuries or illness that affects an individual completely but for a short or temporary period

How do I Surrender my Life Insurance Policy?

Life insurance policies like endowment plans and moneyback plans are long term

What Happens if the Nominee Dies Before the Policyholder?

Life insurance is an investment that will take care of your financial goals, when you are alive

Can a Minor be Appointed as a Nominee?

Yes, indeed, you can appoint minors as beneficiaries or nominees in a

What is a Term Insurance Plan with Survival Benefits?

Term insurance plans are known for the simple approach to financial protection

What is EPF Form 10C?

EPF (Employee Provident Fund) is one of the most popular retirement savings

What is the Importance of Saving?

The desire to have wealth and a better lifestyle is a natural and common instinct. You want to spend a

Tax Liability - What is Tax Liability?

You may either be involved in a profession or run a business, or you could also receive a regular salary.

What is Section 80DDB?

Under the range of deductions offered by the Income Tax Department of India under 80C

What is Section 80CCC?

To reduce your tax liability and to encourage you to save and invest

What is a Decreasing Term Insurance Plan?

Term insurance is one of the simplest and most affordable types of life insurance policies

What are Tax-Saving Fixed Deposits?

Fixed Deposits, or simply FDs, are one of the most trusted forms of investment

What is the Principle of Contribution?

The principle of contribution comes into action when you have taken more than one insurance policy to cover the same event.

What is the Meaning of Policyholder?

Insurance is a legal and financial contract that involves two parties. One party proposes to cover for you or your

What is the Meaning of an Insurance Adjuster and What does it do?

An Insurance Adjuster or a Claim Adjuster is a person that is responsible for checking

What is Risk Retention?

Risks are present everywhere, be it in business or service or general life.

What is a Proximate Cause?

The term proximate cause refers to the nearest cause leading to the loss. It is the direct cause

What is Prepaid Insurance and Why it is Important?

The majority of insurance policies are prepaid insurance, meaning,

What is the Paid-Up Value of a Life Insurance Policy?

A paid-up value is the value of your sum assured after you stop paying your premiums

What is Meant by an Indemnity Period in an Insurance Claim?

Insurance is a contract of Indemnity. Under the insurance contract, the insurer

What is Survival Benefit?

Survival benefit is the amount that you will receive after you survive the policy’s duration.

What are Insurance and Insurable Risk?

Insurance is a financial instrument having legal validity. In this contract,

Who is the Insurer and Insured?

Two of the basic terms of the legal contract of insurance are ‘insurer and insured’

Who is a Beneficiary in a Life Insurance Policy?

Beneficiary means the person whom the policyholder has appointed

What does Sum Assured Mean in a Life Insurance Policy?

Sum assured in a life insurance plan refers to the guaranteed benefit

What is the Meaning of Subrogation in Life Insurance Plan?

When you suffer a financial lose because of negligent or irresponsible actions

What is Principle of Indemnity in a Life Insurance Policy?

The Principle of Indemnity is one of the seven basic principles of insurance

What is Meant by Principles of Insurance?

The concept of insurance is built around 7 principles. These are the

What is Insurable Interest, and How do Insurable Interest works?

According to this principle, you must have an insurable interest in the life that is

What is Grace Period in Life Insurance?

It is the duration that is provided to the insured to pay his premium before

What is Deductible in Life Insurance Plan?

Deductible refers to the amount of insured loss that you have to retain. The insurer will only

What does Premium Mean in Life Insurance Policy?

The premium is the money you pay to buy the life insurance policy as well as continue it

Who is a Nominee in a Life Insurance Policy?

A nominee is a person whom the policyholder appoints to receive the death benefit in case of the death of the policyholder during the policy term.

What is Maturity Date in Life Insurance?

Most of the insurance policies have a specific tenure. The date at which your life insurance policy matures, i.e., comes to an end is known as the maturity date of the policy.

What is KYC in Life Insurance?

KYC stands for ‘Know Your Customer’. It is a process through which your identity and address are verified.

What is an Insurance Coverage?

Insurance coverage refers to the amount you are protected for by the insurance provider. It covers the risk of potential loss that might occur in the future.

How will life insurances help with retirement funds?

Life insurance is mainly purchased to leave a legacy behind for the nominee of the policy. However, life insurance can be incorporated to fund retirement to make retiring

What is the premium for 1 CR term insurance?

You can calculate your monthly premium for 1 Cr term insurance online with the help of a calculator. Fill in the basic details like your full name, date of birth, gender,

What happens when a premium is not paid for term insurance?

Term insurance is a unilateral agreement (an agreement where the offeror promises to pay the person taking the policy after the completion of a certain act) between the policyholder

How much is the income eligibility for term life insurance?

When you go to an insurance company to buy a term insurance policy, they ask you to present a few personal documents and details. One of these documents is your income proof.

Can one invest in 2 term plans simultaneously?

Experts say that the answer is yes. While term insurance policy is considerably cheaper than the hybrid plans that offer both investment and insurance products

Can a person convert term life insurance to whole life insurance?

Getting the best term plan that can be converted to whole life insurance easily has been made very simple. Most term insurance policies will offer a window of time

Is Life Insurance Only For Accidental Death?

The primary benefits for life insurance plans are easy to understand – your family receives a significant amount of money if your demise were to occur unexpectedly within the policy period.

Reasons for Claim Rejection

Being the only breadwinner for your family, you may understand the financial impact of your untimely demise on your family. With awareness and adequate planning, however, you can minimize the effect of financial instability on your loved ones.

The Changing Requirements at Different Life Stages

In life, you may have to deal with increasing inflation and rapidly-changing lifestyles, which may create unique financial challenges for you and your loved ones.

What Is Not Covered Under Life Insurance?

Life insurance plans provide comprehensive financial protection to you and your loved ones at affordable premiums. In case anything happens to you (i.e. policyholder), your family would receive a pre-decided Sum Assured as an insurance benefit.

Which Factors Influence Your Life Insurance Premiums?

Life insurance plans are ranked among the best financial instruments to secure your family’s future against life’s uncertainties.

How to Calculate Your Life Insurance Premium Amount

The premium payable under a life insurance policy varies according to the policy buyer’s age, selected coverage (or Sum Assured), medical history, gender, lifestyle, and annual income, among other factors.

How to Process Life Insurance Claims

The primary purpose of buying a life insurance policy is to create a financial safety net for your loved ones against life's uncertainties.

Why Life Insurance Riders are Important for Me

Buying a life insurance policy is as crucial as any other saving that you make for your loved ones or yourself.

Can I purchase life insurance under the Married Women's Property (MWP) Act?

In India, married residents can purchase life insurance coverage for their spouses under the Married Women's Property Act.

Do I have different options to pay my premium?

Life insurance, especially in the form of term insurance plans, is not only essential to guarantee long-term financial safety for your family.

At what age should I purchase a Life Insurance Policy?

You should buy Life Insurance as soon as possible, and definitely as soon as you start earning. Buy when you are young so that your family's future is secure and you get insurance at a cheaper cost. In insurance-cum-investment plans, buying early also gives a greater chance for your wealth to grow.

I have heard about doing a need analysis before buying Life Insurance. What is this?

Need analysis is about identifying what's right for you. This includes retirement, child's future education costs and insurance for your family. These needs vary for each person, so the need analysis ensures that your policy suits your needs.

When I buy Life Insurance as an investment, why is my medical history required?

Life cover is a key feature of all Life Insurance products. The insurer needs to know your medical history so that your cover is complete and claims are paid quickly in case the worst happens.

How should I decide the number of years for which to pay Life Insurance Premium?

Your payment term should depend on the financial goal for what you are saving for. For your child's education, the policy should mature when your child enters college. For a large goal like retirement, your payment term should be as long as possible, to enable you to maximize your savings to care of your non-working years.

What are the various charges in a Life Insurance Policy?

The Government has defined the various charges that could be there in a Life Insurance policy, along with a maximum limit for each. Please refers to your policy documents or plan brochures for further details.

How to Calculate Term Plan Premium

You can calculate the premium payable under a term plan using a term insurance premium calculator. Term insurance premium calculator is a freely available online tool, which helps you get an estimate of the amount of premium payable for the desired term life insurance coverage and other policy benefits.

What Are Term Insurance Riders

Riders under term insurance are defined as additional benefits that help extend the protection of your term insurance protection.

Is Term insurance for family?

The primary benefit of term insurance plans is that they can serve as your family’s financial security net in the event of your sudden demise.

ULIP Is A Short Term Or Long Term Saving Option

ULIPs or Unit Linked Insurance Plans are essentially long term saving options since they have an initial five-year lock-in period.

What are the Benefits of Buying ULIP

Investing in a Unit Linked Insurance Plan (or ULIP) helps you provide financial aid to your family in times of need and secure a thriving future for them.

What happens if payment of premiums is discontinued

As an investor, there may be times when you might face financial difficulty in paying the premium under a ULIP.

Why are Unit Linked Insurance Plans (ULIPs) considered risky

Despite the numerous features and benefits offered by the ULIP plans, they are one of the most widely misunderstood financial instruments.

What is the difference between ULIP and Traditional Plans?

The simplest policy is a traditional term plan which offers life cover for a fixed number of years and nothing else.

What is the difference between Unit Linked Insurance Plans and Traditional Plans?

Both plans give you the opportunity to get returns on your money, along with life cover.

Are Investment Returns Guaranteed in a ULIP

While investment returns from ULIPs or Unit Linked Insurance Plans are usually significant for long-term investment periods, they may not be guaranteed.

How long should be the term of your ULIP plan?

Unit-linked insurance plans (or ULIPs) help channelize and maximize your savings over the long term.

What tax benefits are offered under Invest 4G ULIP Plan?

Invest 4G (An Individual Linked Life Insurance cum Savings Plan, UIN – 136L064V02) is a dual benefit unit linked insurance plan (or ULIP) that provides both life insurance protection and savings benefits under the same policy

What are the Maturity benefits of Invest 4G?

Invest 4G plan offers the dual benefits of life protection and maximal savings so that you have ample opportunities to fulfill your life goals.

How to choose the best retirement plan at the age of 35-40 olds?

Individuals aging between 35 to 40 years or older may often find themselves taking care of both their children and parents at the same time.

What should I keep in mind while buying a child plan?

When you save for your child's education or marriage, make sure that: The policy has a 'waiver of premium' feature so that, in case of your death, the policy continues and your child's corpus grows undisturbed

Are there any rider benefits provided under the child insurance plan?

Purchasing a child insurance plan in India is a crucial financial decision that helps you ensure your child’s well-being and protection against life’s uncertainties, even in your absence.

Does Child Education plan help in Tax Saving

A child education plan offers significant tax-saving benefits on both the premiums paid and on the policy benefits received upon maturity and during the policy term.

How to choose a child insurance plan?

As parents, securing your child’s overall development is your priority. Thus, you leave no stone unturned in making sure that your child receives the best possible upbringing, education, and a safe and secure future.

What are the features of a Child Education Plan

A child insurance plan is essentially a dual benefit financial instrument – one which offers both insurance and investment benefits under one policy.

What are things to consider while buying a Child Plan

A child plan is a customizable investment cum insurance instrument that helps you meet the financial needs of your child.

What Is Child Education Plan

A child education plan is primarily a combination of both insurance and investment benefits, which helps secure your child's future against life's uncertainties.

Why Should We Invest In Child Plan

Being a parent, it is your primary responsibility to protect your child's future against any unforeseen mishaps.

How Do I File Income Tax In India

Filing Income Tax Return (ITR) is a mandatory exercise for all taxpayers, through which they report their gross taxable income in a particular financial year, claim tax deductions, and declare net tax liability to the Income Tax Department.

What is TCS tax in India

TCS or Tax Collected at Source is a tax levied by the government of India. TCS is payable by the seller who collects the tax, in turn, from the buyers at the time of sale of goods

What is the procedure to calculate the capital gain tax in India

Capital gains are described as the profits that you accrue or receive through the sale of capital assets. When you sell any capital asset for an amount, more than you paid for it, your sale accrues capital gains.

How can I save my taxes legally?

In India, maximizing tax savings is an integral part of financial planning. While you may include different financial instruments in your portfolio

How can one get a full refund of income tax in India?

In India, getting a full refund of income tax is only possible when the tax is deducted at the source, or you have paid advance tax, and the refunded amount is below the taxable limit.

How is income from other sources taxed in India?

The Income Tax Act 1961 lists ‘Income from Other Sources’ as one of the five heads of incomes, subject to taxation.

How is the tax calculated?

In India, calculation of the total tax liability, i.e. income tax payable is an essential activity for all taxpayers.

How much tax can I save?

In India, the calculation of tax liability is based upon different income tax rate slabs. In other words, the amount of tax you have to pay or can save depends upon your overall taxable income and the tax category in which your income falls into.

What are the provisions of advance tax in India?

In India, advance tax refers to the activity of paying a portion of your taxes before the financial year ends.

What is Dual GST (Goods and Services Tax) in India?

The Dual GST structure in India is essentially a simple tax with different taxation rates – the Central Goods and Service Tax (or CGST) and the State Goods and Service Tax (or SGST).

How can I save taxes on my FY 2019 - 2020 income?

For FY 2019-20, both salaried and self-employed individuals can minimize their tax income liability through efficient financial planning.

Why should I pay my premiums on time?

Paying your premiums on time ensures that you enjoy all your policy benefits which would include life cover and the opportunity to create a corpus. Moreover, certain policies reward you for paying your premiums on time in the form of additions to your fund. These are added to your fund every time you pay your premium.

Can I choose the renewal payment date as per my convenience?

Yes, Canara HSBC Life Insurance provides you the flexibility of choosing renewal payment date. You can select any one date (5th, 10th, 15th 20th or 25th) for your premium payment by submitting fresh NACH/ SI mandate. This option is not available in monthly mode cases.

Contact toll free 1800-103-0003 (BSNL / MTNL user) or 1800-180-0003 for more information.

Do I have an option whereby I can discontinue premium payment?

While discontinuing premium payment may be possible, this may not be in your best interest. Regular premium payment over a longer period ensures that you get to enjoy continued life cover and all your policy benefits. If you have purchased a policy to create a corpus for future goals, discontinuing premium payment will disrupt your savings for these goals.

My earlier policy has lapsed. What should I do now?

It is a good idea to revive a lapsed policy it brings back your life cover and puts your saving goal back on track. You can approach your insurer with an application for revival, and you need to pay all unpaid premiums. Depending on how long ago your policy lapsed, the insurer may ask you for additional documents. You should consider reviving your existing policy rather than buying a new one.

Can I withdraw money from my policy before maturity?

Yes! Many policies have the option where you can withdraw part of your funds before the policy matures. In case you need cash urgently, you can do this. The remaining funds will continue to stay invested in the policy, until maturity. However, this is not always a good idea, especially in the early years. Try to avoid it.

Can I convert my renewal premium into Equated Monthly Installments (EMI)?

Yes, Canara HSBC Life Insurance provides you the facility to pay your premium through credit card and convert it into easy installments (EMI). Option is available on credit cards issued by ICICI, IndusInd, Standard Chartered, HSBC, Kotak, HDFC, AXIS, Yes Bank, Citibank, SBI and RBL.

For more information contact toll free 1800-103-0003 (BSNL / MTNL user) or 1800-180-0003.

Why should I review my Insurance amount periodically?

Your life cover should change in line with your income and your family responsibilities. If your income and family responsibilities have increased over the years, your life cover should increase too! Your family is counting on you!

What is the advantage of insurance-cum-investment products?

Insurance-cum-investment products provide for your family in case of death, as well as the opportunity to build a corpus. They help you take care of two scenarios dying early (by giving you life cover) and living long (by providing enough money for your retirement years).

Life and stock markets are unpredictable. Can I buy a policy that protects against market risks?

Yes, you can! Traditional insurance policies offer you a savings component, without the risks of market movements. Many traditional policies give you returns on your investment and some also give you guaranteed returns. Along with this, you get insurance cover to safeguard your family too!

What should I do if I get calls asking me to cancel my policy?

A genuine insurer will never ask you to cancel or replace your policy as it is against your interests. Do not follow such advice as it is against your long-term benefit. Also take care not to share any personal or policy details with such fake callers. In case of any doubt about the identity of the caller, call back your own insurance company on their authorized numbers to clarify.

What happens if I do not pay my premium on time?

Insurers typically allow a grace period to pay your premium. If you do not pay within this period (this is not advisable), your policy lapses and your life cover will end or cease.

How can a claim be lodged with the company?

The claim may be intimated by the nominee or close relative of the life insured to the company. The claim intimation must be in the form of:

How safe is my information with Canara HSBC Life Insurance Company?

At Canara HSBC Life Insurance Company, we are committed to safeguarding your personal & sensitive personal information that you have entrusted upon us.

How do you define personal & sensitive personal information?

"Personal information" means any information that relates to a natural person, which, either directly or indirectly, in combination with other information available or likely to be available is capable of identifying such a person.

Could you please share some examples of the nature of suspicious communication/phone calls?

While you need to exercise due care and caution on receipt of every form of communication/phone calls and call/write to us when in doubt, some of the spurious communication/phone calls generally would ask you to:

What should I do when I receive such calls in future? How can I help Canara HSBC Life Insurance Company in investigating these matters?

We request you not to panic or disclose any information about your policy or your personal/ sensitive personal information to the caller.

What steps has Canara HSBC Life Insurance Company taken to investigate such complaints?

Canara HSBC Life Insurance Company takes all such complaints and feedback seriously and resulting matters are investigated. The Company works closely with the Customer in understanding their grievance including complete chronology of events to help it address their grievance. The Company in this regard also liaisons with its industry counterparts. . Police/legal actions are undertaken wherever necessary.

What is the Turn Around Time for Servicing Requests?

Could you please share some examples of the nature of suspicious communication/phone calls?

At Canara HSBC Life Insurance Company Limited, we urge our customers to stay alert and be aware an offers made through calls

What are the advantages of group life insurance policies?

Group life insurance policies are generally opted by professional associations, business groups, banks, and housing societies.

What is a group life insurance policy?

In today’s day and age, group life insurance plans have become a central constituent of the benefit packages offered by employers to their employees.

How to Calculate Your Health Insurance Premium?

The calculation of health insurance premiums is based on different factors such as age, your geographical location, occupation, and lifestyle habits.

How to Choose an Adequate Health Insurance Cover?

Nowadays, while the overall life expectancy has improved significantly, the number of healthcare issues that affect us is also rising.

How to Make a Claim?

In today’s day and age, a medical emergency can sneak up to anybody and is always accompanied by significant medical expenses.

Which Medical Insurance Plan Is Perfect for You?

In the wake of the coronavirus pandemic, affordable healthcare has become the need of the hour.

Why is Health Plan Important for You?

In today's day and age, when the world is dealing with the COVID-19 pandemic, having access to affordable and efficient healthcare has become more critical than ever.

What is the best retirement plan if I'm self-employed?

Being self-employed, you must be aware of how dreams can only be fulfilled when deciding to work for them.