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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.
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:
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.
Temporary total disability refers to injuries or illness that affects an individual completely but for a short or temporary period
Life insurance policies like endowment plans and moneyback plans are long term
Life insurance is an investment that will take care of your financial goals, when you are alive
Yes, indeed, you can appoint minors as beneficiaries or nominees in a
Term insurance plans are known for the simple approach to financial protection
EPF (Employee Provident Fund) is one of the most popular retirement savings
The desire to have wealth and a better lifestyle is a natural and common instinct. You want to spend a
You may either be involved in a profession or run a business, or you could also receive a regular salary.
Under the range of deductions offered by the Income Tax Department of India under 80C
To reduce your tax liability and to encourage you to save and invest
Term insurance is one of the simplest and most affordable types of life insurance policies
Fixed Deposits, or simply FDs, are one of the most trusted forms of investment
The principle of contribution comes into action when you have taken more than one insurance policy to cover the same event.
Insurance is a legal and financial contract that involves two parties. One party proposes to cover for you or your
An Insurance Adjuster or a Claim Adjuster is a person that is responsible for checking
Risks are present everywhere, be it in business or service or general life.
The term proximate cause refers to the nearest cause leading to the loss. It is the direct cause
The majority of insurance policies are prepaid insurance, meaning,
A paid-up value is the value of your sum assured after you stop paying your premiums
Insurance is a contract of Indemnity. Under the insurance contract, the insurer
Survival benefit is the amount that you will receive after you survive the policy’s duration.
Insurance is a financial instrument having legal validity. In this contract,
Two of the basic terms of the legal contract of insurance are ‘insurer and insured’
Beneficiary means the person whom the policyholder has appointed
Sum assured in a life insurance plan refers to the guaranteed benefit
When you suffer a financial lose because of negligent or irresponsible actions
The Principle of Indemnity is one of the seven basic principles of insurance
The concept of insurance is built around 7 principles. These are the
According to this principle, you must have an insurable interest in the life that is
It is the duration that is provided to the insured to pay his premium before
Deductible refers to the amount of insured loss that you have to retain. The insurer will only
The premium is the money you pay to buy the life insurance policy as well as continue it
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.
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.
KYC stands for ‘Know Your Customer’. It is a process through which your identity and address are verified.
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.
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
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,
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
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.
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
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
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.
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.
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.
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.
Life insurance plans are ranked among the best financial instruments to secure your family’s future against life’s uncertainties.
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.
The primary purpose of buying a life insurance policy is to create a financial safety net for your loved ones against life's uncertainties.
Buying a life insurance policy is as crucial as any other saving that you make for your loved ones or yourself.
In India, married residents can purchase life insurance coverage for their spouses under the Married Women's Property Act.
Life insurance, especially in the form of term insurance plans, is not only essential to guarantee long-term financial safety for your family.
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.
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.
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.
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.
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.
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.
Riders under term insurance are defined as additional benefits that help extend the protection of your term insurance protection.
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.
The primary purpose of purchasing a term life insurance plan is to provide a robust financial safety net to your loved ones, so that they have enough money to take care of their needs,
iSelect+ Term Plan (An Individual Non-Linked Non-Par Pure Risk Premium Life Insurance Term Plan, UIN: 136N072V01) from Canara HSBC Oriental Bank of Commerce Life Insurance offers
ULIPs or Unit Linked Insurance Plans are essentially long term saving options since they have an initial five-year lock-in period.
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.
As an investor, there may be times when you might face financial difficulty in paying the premium under a ULIP.
Despite the numerous features and benefits offered by the ULIP plans, they are one of the most widely misunderstood financial instruments.
The simplest policy is a traditional term plan which offers life cover for a fixed number of years and nothing else.
Both plans give you the opportunity to get returns on your money, along with life cover.
While investment returns from ULIPs or Unit Linked Insurance Plans are usually significant for long-term investment periods, they may not be guaranteed.
Unit-linked insurance plans (or ULIPs) help channelize and maximize your savings over the long term.
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
Invest 4G plan offers the dual benefits of life protection and maximal savings so that you have ample opportunities to fulfill your life goals.
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.
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
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.
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.
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.
A child insurance plan is essentially a dual benefit financial instrument – one which offers both insurance and investment benefits under one policy.
A child plan is a customizable investment cum insurance instrument that helps you meet the financial needs of your child.
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.
Being a parent, it is your primary responsibility to protect your child's future against any unforeseen mishaps.
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.
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
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.
In India, maximizing tax savings is an integral part of financial planning. While you may include different financial instruments in your portfolio
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.
The Income Tax Act 1961 lists ‘Income from Other Sources’ as one of the five heads of incomes, subject to taxation.
In India, calculation of the total tax liability, i.e. income tax payable is an essential activity for all taxpayers.
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.
In India, advance tax refers to the activity of paying a portion of your taxes before the financial year ends.
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).
For FY 2019-20, both salaried and self-employed individuals can minimize their tax income liability through efficient financial planning.
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.
Yes, Canara HSBC Oriental Bank of Commerce 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.
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.
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.
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.
Yes, Canara HSBC Oriental Bank of Commerce 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.
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!
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).
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!
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.
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.
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:
At Canara HSBC Oriental Bank of Commerce Life Insurance Company, we are committed to safeguarding your personal & sensitive personal information that you have entrusted upon us.
"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.
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:
We request you not to panic or disclose any information about your policy or your personal/ sensitive personal information to the caller.
Canara HSBC Oriental Bank of Commerce 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.
At Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited, we urge our customers to stay alert and be aware an offers made through calls
Group life insurance policies are generally opted by professional associations, business groups, banks, and housing societies.
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.
The calculation of health insurance premiums is based on different factors such as age, your geographical location, occupation, and lifestyle habits.
Nowadays, while the overall life expectancy has improved significantly, the number of healthcare issues that affect us is also rising.
In today’s day and age, a medical emergency can sneak up to anybody and is always accompanied by significant medical expenses.
In the wake of the coronavirus pandemic, affordable healthcare has become the need of the hour.
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.
Being self-employed, you must be aware of how dreams can only be fulfilled when deciding to work for them.
