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FAQs

All that you need to know...

FAQs

faqs

Frequently Asked Questions

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.

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 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.

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 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.

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 Oriental Bank of Commerce Life Insurance Company?

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.

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 Oriental Bank of Commerce 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 Oriental Bank of Commerce Life Insurance Company taken to investigate such complaints?

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.

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 Oriental Bank of Commerce Life Insurance Company Limited, we urge our customers to stay alert and be aware an offers made through calls.

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