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Popularly asked questions about Life Insurance – Part II

Popularly asked questions about Life Insurance – Part II

Life insurance Plans

Not many people are comfortable planning for the uncertainties of the future. Life insurance is the best way to manage the expenses of unplanned financial emergencies and the financial needs of those who depend on you. You may have several questions when it comes to buying a term insurance plan and we hope to allay most of your fears and doubts about the product.

1. Who should be my beneficiary?

You can assign anyone to be your beneficiary. You must carefully consider all your options and decide what’s best for you and your family. In the event that you don’t have a beneficiary listed, any death benefits will be paid out to your direct legal heir. Also, in many cases you are offered to have multiple beneficiaries, for instance, your children.

2. Can I Buy Policies for More Than One Person?

Joint or group policies are available for those who want to cover more than one person under a single plan. For instance, the iSelect Star Term Plan by Canara HSBC OBC Life Insurance offers an option of adding your spouse in same policy with a discount on the rates for the spouse.

3. Can I Change My Insurance Policy Once I Purchase It?

Yes, most insurance policies do offer an option to upgrade your policy during the policy term. You can change your beneficiaries, as well as the amount that you wish for your life insurance policy to be worth. You may also increase your life cover with changing life stages and protection needs in the same plan by augmenting cover at key life milestones.

4. Is It Expensive to Purchase Life Insurance?

Different life insurance plans have different costs. However, term plans are the simplest forms of insurance that are universally known for their affordability. Term plans by Canara HSBC OBC Life Insurance premiums start for as low as Rs.13 per day*. In addition, term plans also offer tax benefits on premiums paid and benefits are received as per prevailing tax laws.

5. What happens if I discontinue paying the premiums?

You should ideally pay all the premiums on time because premiums that are due beyond the due date can lead to a policy lapse. If in case you fail to pay a premium, the company may give you a grace period to allow paying for the due premium, but if you fail to make the payment even in the grace period, your policy would lapse and no benefit shall be payable thereafter.

6. How does the insurance company know I died?

In case the unfortunate happens, your beneficiary has to file a claim with the insurance provider. They will be required to fill out a claim form and submit the insured’s death certificate along with all the required documents.

If you haven’t already, you can also read part 1 of the popularly asked questions about Life Insurance series. With its unparalleled benefits and importance a life insurance plan should be a quintessential component of your financial portfolio. So what are you waiting for? If your questions have been answered, you should be taking the next step, buying an insurance policy.

Speak to an insurance specialist now!

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