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Life Insurance Plans

Life Insurance Plans

Canara HSBC Life Insurance offers you a wide range of life insurance policies to protect the financial future of your family in your absence. The year 2021 amidst COVID-19 is an example of how uncertainties can affect your life goals. Hence, it becomes crucial to buy the best life insurance to secure your family from uncertainties of life.

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What is Life Insurance Policy?

What is Life Insurance Policy?

A life insurance policy is a contract between a life insurance company and a policyholder that provides financial protection under which the insurer pays a specific amount to the beneficiary of the policy on the untimely death of the insured person. As per the agreement, the policyholder pays a predefined amount as the policy premium and the insurance company provides a life cover. A lump-sum amount is paid in case of an untoward incident with the life insured. Some policies also pay you a maturity benefit at the end of the policy term.

This nominal sum of money is the premium amount you pay to secure the cover. In its raw form, the cover should only last for a year, and the premium amount for the next year can change. However, you can continue the modern life insurance cover for decades at a level annual premium.

The sum which the insurer promises to pay in the case of the unfortunate event is the sum assured or the benefit amount.

HOW DOES LIFE INSURANCE POLICY WORKS?

HOW IS LIFE INSURANCE CLAIMED?

Choose from Our Top Life Insurance Plans

iSelect Guaranteed Future

SAVINGS PLAN

5 plan options to choose from to protect your loved ones

Pay premiums for 5,7, or 10 years as per your financial goals

Payor Premium Protection Cover to secure your family’s future

Tax benefits may be available as per prevailing Tax Laws

TERM Insurance PLAN

TERM Insurance PLAN

Life Cover till 99 years of age

Option to Block the premium rate and increase cover by upto 100% at the blocked rate

Option to avail monthly income post attaining 60 years of age

Option to receive total premiums paid in case of no claim

Tax Benefits as per applicable laws

ULIP PLAN

Unit Linked Insurance Plan

8 funds and 4 portfolio strategies to invest

Loyalty additions and wealth booster

Return of Mortality Charge is available on Maturity under all three cover Options

Flexibility of switching between the fund options to take benefits of market movements or change in risk preference

Guaranteed Savings Plan

Guaranteed Savings Plan

Better value for high premium commitment

Guaranteed benefits payable on maturity

Life cover for the entire term

Flexibility to choose premium payment terms

Why Invest in a Canara HSBC Life Insurance Plan?

credibilty
CREDIBILITY

With lakhs of life insurance policies sold, we have a customer base of crores of happily insured customers. We are IRDAI registered.

trust
TRUST

Our Life Insurance Policies are backed by two major financial institutions - Canara Bank and HSBC Bank.

network
NETWORK

We have 10000+ Bank branches, Backed by Canara Bank and HSBC Bank

assurance
ASSURANCE

We have a competitive 98.57% Individual death claims settlement ratio in FY 2021-22.

Benefits of Buying a Life Insurance Policy

  • 1

    Provides Protection to your Family

    Life insurance plans ranging from a humble term insurance cover to pension plans add to the financial safety of your family with a life cover. While term life insurance provides the necessary cover for the family to look after their financial needs, using other life insurance plans ensures safety for their goals. For example, you can use a child insurance plan to secure your child’s higher education goal, against the chances of your sudden early demise.

  • 2

    Offers Critical Illness Benefit

    You can buy critical illness health insurance separately or as a rider to a life insurance policy. This is a pure protection health insurance plan which assures financial assistance if you contract one of the life-threatening diseases. This insurance provides a lump sum benefit upon diagnosis of illnesses like cancer, heart and renal failure etc.

  • 3

    Builds Long-Term Wealth

    Buying a life insurance policy can be an investment, if you choose the right insurance plan for your life. Time is the strongest factor in wealth building; life insurance plans provide a perfect venue for maximizing wealth over time. ULIPs are considered some of the best investment options for wealth accumulation due to the possibility of automated portfolio management.

  • 4

    Offers Loan Facility

    Investment life insurance plans like endowment, money back, and whole life plans acquire cash value over time. Although these plans are usually long-term investments, you can take a loan against the cash value of these plans. This facility allows you to use a part of the corpus in the plan and still continue your investment towards the planned goal. You can even take a loan from your deferred annuity life insurance investments.

  • 5

    Offer Plans for Different Stages of Life

    You can use different life insurance plans for different life stages. For example, term and critical illness plans help you ensure financial safety and child plans will help you see to your child’s financial goals. Similarly, ULIPs and guaranteed plans can help you save for your retirement and other long-term goals. Other life insurance policies like pension plans and guaranteed income plans help you with a reliable long-term pension after retirement.

  • 6

    Tax-Saving

    Investments made with a life insurance policy make you eligible for a deduction of up to Rs. 1.5 lakhs in a financial year under section 80C. The funds you withdraw from the policy after the lock-in period and maturity value received from life insurance plans are also tax-free.

Life Insurance Plans Coverage Best Feature Plan Recommendations
Term Insurance Pure risk cover High sum assured at a low premium iSelect Smart360 Term Plan
Unit Linked Insurance Plan Life cover with long-term investment Dual benefit with flexible investment options Invest 4G Plan
Child Insurance Corpus for your child’s future Lump-sum and periodic payouts Smart Junior Plan
Retirement Insurance Corpus for peaceful retirement Long-term savings for retirement Invest 4G Plan
Health Insurance Cover for medical emergency Lump-sum payout in case of claim for covered illness Health First Plan

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Types of Life Insurance Plans

1

Term Life Insurance Plan

Term life insurance is a pure life insurance plan, which offers life cover at a nominal cost for a limited period. The low cost of financial safety ensured by a term insurance plan allows you to expand your umbrella beyond the risk of death.

You can customize the base term insurance plan by adding accidental disability and death, and critical illness benefits. Term insurance plans do not offer a maturity value if you survive the policy term. However, you may opt for the return of premium option, which would return all the premiums you have paid for the cover at expiry.

2

Unit Linked Insurance Plans

Unit-linked insurance plans or ULIPs are versatile investment plans from life insurance companies. These plans offer a life cover and also let you invest in funds with different risk levels. You can build your investment portfolio while availing all the tax benefits available with these types of life insurance policies.

ULIPs also provide you with options to manage your portfolio automatically. These life insurance plans are best if you want to multiply your wealth over a long investment period. This is one of the reasons you must use ULIPs into your retirement portfolio.

3

Saving Plans

Saving plans are also known as guaranteed life insurance plans, which guarantees the maturity value based on your investment amount. These plans also acts as a life insurance plan, which can help you enhance your family’s life cover umbrella every time you start investing in these plans.

The accompanying life cover is ideal as you should increase your cover when you start investing in a new financial goal. With these life insurance plans, you can be sure to achieve your financial goal irrespective of market performance. These plans are best if you want to leave a legacy for your children or grandchildren.

4

Child Insurance Plans

Child insurance plans or child education plans are a type of life insurance plan from life insurers. However, these plans are dedicated to meet the needs of a child’s higher education and marriage goals.

While you are building the corpus to meet your child’s future needs, you can also keep the investment protected from unforeseen events. This protection will allow your investment to continue in your absence and provide the intended financial support to your child upon maturity. Such plans also provide special riders that continue to offer protection to the child in case the parent passes away.

5

Retirement and Pension Plans

Retirement or pension plans are life insurance plans dedicated to providing you with a venue to save and then receive a pension. Your retirement plan has two important phases – accumulation and distribution. You go through the accumulation phase in your working years and build a huge retirement corpus. It is a type of savings and investment plan and the corpus generated is invested further to generate regular income.

This corpus will remain invested in a safe retirement and pension plan, which will also pay a regular sum of money to you as a pension. You can use different types of retirement and pension plans depending on your risk appetite and age.

6

Endowment Plans

An endowment policy is a combination of life insurance with savings plan. You can save regularly over a set length of time to build up a substantial corpus that you can enjoy when you reach retirement age. The Sum Assured will be paid out in a lump sum if the policyholder survives the policy period. An endowment policy can help you achieve financial goals such as paying for your children's school or marriage, buying a home, or even arranging your retirement. In case of unfortunate demise of life insured during the policy term, the benefit is paid to the nominee.

7

Money Back Plans

Money back plans are insurance Plans that offer guaranteed returns on the investments. If you are looking to buy a life insurance plan that offers life cover along with regular payouts, then you may consider buying a money back plan. These plans provide survival benefits after a few years from the start of the plan. The survival benefit will be paid out only if the policyholder is alive. However, irrespective of the Survival Benefits already paid, the entire Sum Assured is paid to the beneficiaries, if the policyholder passes away when the policy is in force.

8

Whole Life Insurance Plans

Whole life plans are a unique genre of life insurance plans. Whole life insurance plans continue till you attain 99 or 100 years of age. Depending on the plan, you can choose to pay the premiums till the age of 60 and continue the cover till the age of 99 or 100.

If you survive till this age, the plan will pay the benefit amount to you, else it goes to your family upon your natural death. You can also include a return of premium in this plan. It will allow you to receive a tax-free lump-sum amount at your retirement.

9

Health Insurance Plans

Life insurers offer defined benefit health insurance plans, where the benefit payment depends only upon the diagnosis of a covered health condition. The plan will pay a lump sum amount regardless of your actual expenditure on the treatment.

Life insurer’s health insurance plan usually covers diseases which can progress unpredictably and may not have a definite cure. For example, heart ailments, cancer, renal failure, etc.

These defined benefit health insurance plan helps you to handle your recovery costs and run the household smoothly within this time. These plans are also, pure protection plan like the term life insurance.

Buying a Life Insurance Policy Online

Canara HSBC Life Insurance makes buying a life insurance policy easy and convenient. Here are the steps you can follow to buy a policy of your choice.

  • 1 Log on to the website The first and foremost thing you need to do is to log on to the insurance company’s website and choose the life insurance plan that best suit your needs.
  • 2 Fill in all the details The next step you need to do is to fill in all the details such as name, gender, date of birth, email, mobile number, policy term, sum assured, etc.
  • 3 Make your payments Once you have entered all the details, you will see your premium amount. Now, you can make your payment online. A soft copy of the policy will be sent to you after insurance company’s approval.

Who can Buy a Life Insurance Policy?

Who Can Buy Life Insurance Policy

The need to buy a life insurance plan depends upon a number of factors. It majorly depends upon your goals and what stage of life you are in. The main objective of any life insurance policy is to secure the family’s future financial needs. It includes secondary benefits too like tax benefits and investment. Mentioned below, is a list of people who may need to buy a life insurance plan –

  • Young and single people

    – It’s advisable to buy life insurance plan at an early stage because premiums offered by the insurance companies are relatively lower when you are young. You also have lesser responsibilities when you are unmarried. Besides, the chances of getting diseases increase as the person ages and so is the amount of premium asked by the insurance companies.
  • Newly married people

    – Marriage comes with additional responsibilities, thus people who have just got married and started families need to get a life insurance plan to cover different risks in life. This is because when you get married and start a family, you have dependents to look after. Therefore, it’s advisable to buy a life insurance policy before you get married or when you are newly married as this will cost you less premium.
  • Working couple with kids

    – A working couple having children should necessarily buy a life insurance policy. In case of the sudden death of one of the partners, a life insurance policy will leave the other partner in a much better position to manage family’s finances.
  • Senior citizens or retired individual

    – Buying a life insurance policy is extremely important for senior citizens as this will help them live a relaxed and comfortable life post retirement. Some policies can also serve as a replacement for income to support them and their family, minimizing their future financial worries. Thus, getting a life insurance plan is one of the best ways to take care of them and make them and their loved ones feel financially secure.

Hence, keep these above-mentioned pointers in mind as this will help you decide whether buying a life insurance policy at your current stage is required or not.

Typically, any individual between the ages of 18 to 65 years can purchase a life insurance policy in India. However, in some cases, it may depend on the kind of insurance policy.

How to Buy the Best Life Insurance Policy?

Different life insurance plans have been designed to serve different financial needs. Using the right plan to serve your goal will ensure you can get the most out of it. Also, apart from buying the best life insurance plan, you should look for the right life insurer.

Here’s a step-by-step process you can follow to select the best life insurance plan from the best life insurance providers:

Step 1: Understand Your Needs

The kind of life insurance plan you should buy depends on the financial goal you want it to fulfil. For example, if you are looking for long-term protection you will need a term insurance plan. However, if you want to save for your retirement you can use a ULIP or savings plan.

You should also define your need specifically in numbers and type of life insurance plan. For example:

Protection goal: You need 10 to 15 times your annual income as life cover (requires Term insurance plan)

Child’s higher education goal: Build a corpus of Rs. 40 lakhs in 20 years with pay out option in last four years (requires Child insurance plan or ULIP plan with Goal Protection Option)

Retirement goal: Save 20% of your income for retirement (requires ULIP plan, Guaranteed Savings Plan or Deferred Annuity plans)

Step 2: Select the Life Insurance Provider

You can look at multiple parameters to judge the performance of a life insurance provider. The most important ones are as follows:

Claim Settlement Ratio (CSR): This ratio shows the number of cases resolved by the insurer in a financial year out of the total received claims. A claim settlement ratio of 95% or above is considered good. Canara HSBC Life Insurance has reported a claim settlement ratio of 98.57% for the financial year 2021-22.

Online & Offline Presence: Presence is an important factor which defines how easily you or your family can approach the insurer in an emergency. To judge this factor, you can connect with the insurer online via chat, e-mail or call, while the number of branches across the country would define the offline presence.

Quick Claim Settlement Conditions: With growing technological advantages, life insurers can settle claims faster nowadays. However, only the best offer to settle within one working day. For example, Canara HSBC Life Insurance has a fast claim settlement program, InstaPromise, to settle death claims within one working day for eligible policies.

Claim Settlement Process: One of the primary purposes of life insurance is to ensure a smooth life for your loved ones. So, you would want them to have it easy when it comes to benefitting from the life cover you provided. Much of it depends on the experience they have at the time of claim settlement. The best life insurers make sure to simplify and handhold the family at the time of death claims.

Solvency Ratio: Solvency ratio defines the insurer’s ability to pay the claim demand without hiccups. A solvency ratio of 2 or above is considered good for a life insurer. Otherwise, you can also check the credit rating for the insurer, which is a more comprehensive parameter to follow.

Persistency Ratio: Persistency ratio indicates how long investors stick with the insurer. 13th month and 61st-month persistency ratios are especially useful in assessing the investor engagement of life insurers.

Cost of Life Insurance: The premium you invest in a life insurance plan also consists of many expenses of the scheme. While you try to logically aim at the least cost, you should not forget the other end of the bargain – policy benefits. You should compare different policy features and benefits along with the cost and all other factors to secure the best deal.

Why should I Buy a Life Insurance Policy Online?

Greater Transparency

When you buy a life insurance plan online, you have the opportunity to assess and go through each benefits and features at your own pace. You can also check the exclusions and conditions of the policy with the available policy document.

You can clarify and verify your findings with the 24x7 customer service and regulators before purchase.

Ease of Purchase

The online purchase process of life insurance policies is a simple step by step process. You can pause and save your application midway to complete it later. If you are eligible, you can even avoid a visit to a clinic for a medical check-up, which will be completed either online or on the telephone.

Paperless Process

The entire application process for life insurance policies is paperless, and you do not need to submit or send a paper document anywhere. You need only scanned copies of your documents.

Safer

With a completely online application process, you can be sure to deny unauthorized access to your documents to anyone. As you upload all the documents directly to the secured servers of the insurer.

Easy Management

Online life insurance policies are easy to manage. If you have more than one life insurance plans, you can use electronic insurance account (EIA) to manage all of them from a single portal. EIA also helps you to appoint an administrator for the life insurance policies in your absence. The administrator can only file the claims for the policies and cannot change nomination or other details.

Documents Required to Buy a Life Insurance Policy

Life insurance companies require certain documents when you apply for a life insurance policy. These documents can be directly uploaded onto the website in case of online policy application, or can be submitted to a policy manager in case of offline purchases. Apart from these, you will be needed to fill in information such as personal details, lifestyle related details, health details, etc.

Document Required To Buy a Life Insurance Policy

Listed below are the documents that are accepted as valid proofs of income:

  • Last 3-month salary slips
  • Last 6-month bank statement
  • Income tax return certificate
  • Employer certificate
  • Latest Form 16

Depending upon availability, one of the following documents can be submitted as a proof of identity:

  • Passport
  • Aadhar Card
  • PAN Card
  • Voter ID card
  • Driving license
  • Recent passport size photograph

The following includes the documents accepted as valid proofs of address:

  • Aadhar Card
  • Ration Card
  • Passport
  • Driving license with address details
  • Bank account statement or passbook
  • Credit card statement
  • Passbook with latest entries for 6 months
  • Electricity/telephone bill
  • Bank account statement

Here’s a comprehensive list of documents that you will require to produce as a proof of age:

  • Passport
  • PAN Card
  • Birth Certificate
  • Driving license
  • Aadhar Card
  • Marriage Certificate
  • Voter ID Card
  • School/college certificate
Benefits of Buying a Life Insurance Policy during a Pandemic

When should you Buy a Life Insurance Policy?

Life insurance policy is an important financial instrument and whatever your age, it is always a good idea to get insured for the benefit of your loved ones. Also, starting young is the best way to save yourself from paying high premiums. Younger lives pay less for a life cover and critical illnesses or disability covers, compared to older lives.

In your 20s

Twenties are the best time to invest in a comprehensive life insurance policy because you get several benefits such as, lower premiums, a bigger corpus, and of course, an early habit of saving. At this age, there is also a greater room for experiment with higher risk investments that can yield higher benefits. Some of the best life insurance options include ULIPs and Term Plans.

In your 30s

Most people start planning or have a family of their own by the time they enter their thirties. They experience major life transitions and financial security of their family and the futures of their children gain more importance. Life insurance policy must be now a part of your financial planning. One can opt for several life insurance options like plain term plan, ULIPs and child plans.

In your 40s

Forties is the time when buying the best life insurance plan becomes inevitable because this is when most people’s income contributes to their family’s income. There are responsibilities and dependents, medical expenses, and children’s education to take care of. Simple term plans or debt-oriented funds for insurance-cum-investment products work best. Plus, a retirement plan should be considered.

In Your 50s

Isn’t it too late to get insured? Well, no. Many individuals may have outstanding debts and mortgage. Hence securing the mortgage is vital to ensure that the family gets to retain the assets even in absence of the life assured. Since, most people have settled and have large daily expenses to meet by now, one must start saving and building funds for a peaceful retirement by buying the best life insurance plan for a stress-free life. If you are not protected yet, buy the life insurance plan even in your 50s.

In your 60s

It is never too late to buy the best life insurance plan. Despite high premiums, getting insured in your sixties can be great for financially securing your loved ones, paying off outstanding loans or making up for lost income. It makes sense to opt for annuity plans and instruments that help in estate planning and wealth creation, to help ensure the well-being of your loved ones.

 

What to Look for in a Life Insurance Provider when Finding the Best Insurance Plan?

A life insurance policy plays a very important role in securing the financial future of your family. And when it comes to the security of your family, you must not compromise. So, once you have decided to buy a policy, the next step is to find the best insurance policy provider. Here is a list of things that you need to consider when on the hunt to find the perfect life insurance provider:

Compare Life Insurance Plans

The first thing you need to do before choosing an insurance company is to compare. You must first compare life insurance plans offered by the insurance companies and then choose the best one as per your insurance needs.

Claim settlement process

Always look for a life insurance company with good claim settlement ratio. Also, you must understand the company’s claim settlement process so as to avoid any confusion in the future.

Credibility of insurer

It’s advisable to look for a reputed life insurance company with a good claim settlement ratio and customer-friendly approach.

Check on customer service

This is yet another factor that one must consider before selecting a life insurance company. You must take note of the insurance companies’ attitude towards the potential customers. Always make sure that the customer support team is supportive and is ready to help you whenever it is required. All these things will help you make a wise choice.

Consider reviews and complaints

It makes sense to look out for the online reviews, testimonials, or complaints to find out about the life insurance company. This will help you understand the problems faced by the customers and how insurance companies deal with it. If you find ample of complaints of the same nature against the insurance company, then you must not ignore it. As this will give you a proper idea about which company you need to consider and which you do not.

Solvency Ratio

The solvency ratio of a life insurance company indicates the company’s ability to meet its debt obligations along with other financial commitments. The best life insurance companies have high solvency ratio. Before you buy a life insurance policy, check the solvency ratio of the life insurer.

With so many insurance providers in the market today, choosing the most reliable and best life insurance company can be a daunting task. Thus, follow the above-mentioned pointers as this will help you choose the best insurer for a plan that meets your financial needs.

Types of Riders Available in a Life Insurance Policy

Adding riders to your life insurance policy enhances your financial safety umbrella and coverage. Riders are additional benefits you can add to your policy and include more events that may lead to financial distress. Here are a few prominent riders you can add to your life insurance plans:

age

Critical Illness Rider

Critical illness rider provides financial assistance to you in case you are diagnosed with one of the life-threatening diseases. Critical illness refers to a disease or illness, which spreads unpredictably and can be life-threatening. Many such illnesses, like cancer, heart failure, etc. are treatable, but recovery may cost a lot. Thus, add the benefit to your life insurance plan for additional coverage.


age

Accidental Death Benefit Rider

Accidents cause more than almost 1.5 lakh Indians to lose their lives every year. Unfortunately, these sudden and unexpected events can send a young family spiralling down the path of financial distress. Also, accidental death has a higher final cost for the family. Thus, most life insurance plans have a provision to offer an additional sum of money to the family of accidental death victims through this rider.


age

Accidental Total and Permanent Disability Benefit Ridder (ATPD)

Accidents may not always be fatal. Fortunately, most only get temporary disabilities, like broken bones or ligament tears, and would be back on their feet within a few weeks. But in the case where you lose a limb, it may as well cost your ability to earn the same amount of money. Thus, to cope with the changes you need financial assistance, which ATPD rider can provide.


age

Premium Waiver Rider

Premium waiver rider allows you to continue your life cover without paying extra premiums. The benefit may apply to your policy in more than one way and under more than one circumstance. For example, most life insurance policies will waive off future premiums in the case of an ATPD or critical illness claim.

However, life insurance plans like Guaranteed Savings plan, Invest 4G ULIP plans and a few pension plans, allow premium waiver in the case of the early death of the insured. Such waiver of premium ensures that the family can receive the money intended for them at the planned time.


age

Child Support Benefit Rider

Child Support Benefit is a rider available under the iSelect Star Term plan. This rider allows you to provide a lump sum amount for your child’s important future goals. This amount is separate from the base sum assured of the policy and is always paid in a lump sum. This is regardless of the mode of the base sum assured payment. Under the iSelect Star term plan you can choose to pay the death benefit as a regular income to your family. Thus, a lump sum amount will help safeguard the child’s future goals without affecting the family’s financial needs.

How to Pay for Life Insurance Policy?

You select a premium payment mode while purchasing the policy. With level premium policies the premium payment mode remains the same throughout the premium payment term. You can pay the life insurance premium in the following modes:

  - Monthly
  - Quarterly
  - Semi-annually
  - Annually

You should choose the premium payment mode most convenient for you as per your income flow. For example, if you are salaried, the monthly mode of premium payment will keep the headache of regular planning and budgeting away. You can simply submit standing advice for the auto-debit of the premium.

However, paying the entire year’s premium in a single instalment may offer a small discount.

Automate Your Life Insurance Premium

Paying life insurance premiums on time is important, whether it is for a pure protection plan like a term cover or a wealth-building plan like a ULIP. Best way to ensure timely premium payment is when you automate the debit directly from your account.

This will not only ensure that your policy always remains active, but it will also save any additional charges you may incur in late payment fees. Also, this is the best way forward for your wealth-building goal.

a. Pay Premium Online

You can use any of the following methods of payments to pay your Canara HSBC Life Insurance policy’s premium online:

  - Credit/Debit Card
  - Internet Banking
  - Prepaid Wallets or Cash Cards
  - Bharat QR Code
  - UPI (Unified Payment Interface)
  - Insta Pay

While you can transact using any credit or debit card on our online payment channel, you can also use your debit card with a pin if you are a customer of these banks. Other than this, using these banks to pay your premium you can also convert the premium to EMIs.

b. Pay On Call – IVR (Interactive Voice Response)

You can also pay your premium by calling the following toll-free numbers

  • For Resident Indian customers: 1800-891-0003 / 1800-103-0003 / 1800-180-0003
  • For NRI customers: 0124-4315200

c. Pay Through Cheque

You can also draw an account payable cheque or DD for your premium amount and send it to us at the following address:

  • Name on the Cheque/DD: “Canara HSBC Life Insurance Co. Ltd”
  • Mention the following at the back of the cheque:

    • Policy Number
    • Name
    • Mobile Number
  • For payment through DD, also send your bank statement which reflects the premium amount for the policy
  • Address:
    Canara HSBC Life Insurance Company Limited (IRDAI Regn. 136)
    139 P, Sector - 44,
    Gurugram - 122003,
    Haryana, India.

d. Pay at Hub Offices or Bank Branch

You can also visit any of the nearest Hub Branch, or bank’s branches to pay your premium using Card, Bank Transfer, or Cheque/DD.

How to File a Life Insurance Claim?

You can expect your life insurance policies to pay you or your family under any of the following circumstances:

  - Maturity of the plan
  - When you want to take a loan on the policy
  - In the case of a covered event, such as death, terminal illness or disability, taking place

If your life insurance policy has an investment component, the policy acquires cash value after a few years, and you can borrow money on it in case of an emergency. However, if it is a protection plan like a term insurance or health cover, only death or health claims will apply to it.

The first and last events are part of the claim settlement for the policy and the insurer is obligated to return the promised sum or fund value to you. However, both claims are very different. Thus, the process and document needs for both are a little different.

Filing a Death or Health Claim

A death claim is the type of claim when a life insurance policy is expected to work. Also, this is the time that is the true proof of concept for insurance and the plan as an investment. Death claim on life insurance policies will also include the following claims:

  - Accidental total & permanent disability claims
  - Terminal illness claims

Five Steps to File an Insurance Claim

Step 1: Inform the life insurer

Step 2: Make a list of the necessary documents you need to submit and collect all

Step 3: In the cases of medical death or accidents compile the additional documents as listed in the document list below

Step 4: Once the documents and form are complete submit your claim with the insurer either through post or at a Hub Office

Step 5: The insurer will verify the documents and proceed with the claim decision

Documents Needed to Claim your Life Insurance Policy

You will need the following documents to file a death or health-related claim with Canara HSBC Life Insurance Policies:

Type of Income Additional Documents for the Cause of Death
Salary Mandatory Documents Accidental Death
  • • Original policy documents
  • • Original/attested copy of death certificate issued by the local municipal authority
  • • Death/Health claim application form (Form C)
  • • NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook
  • • Nominee's photo identity proof such as a copy of Passport, PAN card, Voter identity card, Aadhar (UID) card, etc.
  • • Physician's Statement (Form-P)
  • • Treating Hospital Certificate (Form-H)
  • • Employer (Form-E)/School College Certificate (Form-S)
  • • Hospital/Other treatment records
  • • Copy of the First Information Report (FIR) or Panchanama/Police complaint
  • • Copy of Postmortem report (PMR)/Autopsy and Viscera report
  • • Copy of the Final Police Investigation report (FPIR)/Charge sheet

Additional Documents in Case of A Terminal Illness Claim

Terminal illness claims including the early stage claims for cancer and heart insurance policies will need the following additional documents:

  • Hospital certificate Form H
  • Test/investigation report including all the clinical treatments like radiological, histological and laboratory test evidence (e.g. 2D echocardiogram, treadmill test USG etc) as applicable
  • Any report which gives us confirmation of diagnosis (heart attack – ECG, Cardiac Injury profile. CABG – Surgical notes and angiography report. Cancer – Histopathology report. Stroke – CT Scan, MRI report and Neurological opinion. Major Organ Transplant – Diagnosis report, Surgical summary, Discharge card/summary. Kidney – Biopsy report, Records of haemodialysis.
  • If Life Assured is salaried, leave records of the last 3 years from the employer

Filing a Maturity Claim

Maturity claim applies to those policies where you have an investment value as well. Maturity claims are payable only in the case where you outlive the policy tenure and the policy is still in force, i.e. all premiums have been paid on time.

The maturity claim filing process can differ for online policies from the traditional POS plans. In the case of POS plans, you may receive the policy discharge details and forms in the post at your registered address.

You can fill the discharge form and send or submit the signed copies at the nearest branch, along with the following details:

  • Original policy documents
  • Signature of the nominee on the discharge voucher

What if the Policyholder Dies Before the Payment of Maturity Claim?

If the policyholder dies after maturity of the policy the claim is still treated as a maturity claim. In the case the policyholder has died before the payment of the maturity claim, the nominee may receive the claim amount.

However, if the claim application has been filed already with all the details of the account. The money may arrive in the name of the deceased policyholder. In this case, it will the responsibility of the legal heirs of the policyholder to make use of the maturity proceeds.

Important Life Insurance Terms you Should Know

Insured Person & Policyholder

Insured person is the individual whose life the insurance plan covers. For example, if you buy the best life insurance plan for your spouse, he or she would be the insured person. The person paying the premiums becomes the policyholder.

Sum Assured

With so many insurance providers in the market today, choosing the most reliable and best life insurance company can be a daunting task. Thus, follow the above-mentioned pointers as this will help you choose the best insurer for a plan that meets your financial needs.

Policy Term

The policy term is the total length of time during which the life insurance policy is expected to be in force. That is when you have been paying all the premiums in time and have not surrendered the policy.

Premium Payment Term

Usually, you need to pay an annual premium throughout the policy term, i.e., policy term = premium payment term (PPT). However, you can choose to pay the premium within a shorter period, i.e., policy term > premium payment term.

Riders

Riders are additional insurance covers which can enhance the cover of your policy with either an additional sum assured or by covering an additional risk. For example, if you are looking for the best life insurance plan, you can include accidental death and disability rider to your term life insurance policy.

Lock-in Period

Policies have a lock-in period within which you cannot withdraw or surrender the policy. For ULIPs the lock-in period is five years, while for other plans this is two years. Only investment plans have a lock-in period.

Cash Value or Surrender Value

Life insurance plans other than the pure protection plans like term and health insurance, acquire cash value after the lock-in period. As you invest more money into the plan, the cash value also increases. Loan on the life insurance policy is based on this cash or surrender value.

Nominee

Nominee is the person who receives the amount promised by the life insurance company in the event of the life insured's death. The nominee, also known as the beneficiary, is generally parents, wife or children of the life insured.

Life Insurance Premium

The life insurance premium is the regular amount you pay to buy a life insurance plan. The premium is generally an annual amount. However, you can change the premium payment frequency to something more convenient for your investments. For example, as a salaried investor, you may find monthly premium payments more convenient.

Death Benefit

This is the amount that is payable upon the death of the insured in the life insurance plan. Term and critical health insurance plans have a defined death benefit amount. However, other life insurance plans like endowment, moneyback or ULIP plans may have a guaranteed death benefit which may include accrued bonuses.

Maturity Benefit

Maturity benefit is the amount payable at the maturity of the life insurance policy. Maturity benefit is payable only in endowment, ULIP, moneyback and whole life insurance plans. This benefit is payable only in two cases – 1. You (the policyholder) survives the policy term, 2. You have opted for a premium protection option under the plan.

Grace Period

You should pay the life insurance premiums on or a little before the due date. This will ensure that your premium is invested at the right time and enjoys maximum growth, and your life cover also continues. However, if you miss the due date Grace Period is there to save you. Grace period is the time available to you for paying the premium without affecting the policy. You usually have 15 days grace period for monthly premium payment modes and 30 days for other modes.

Lapsed Policy

If you continuously default on your premiums the policy goes into a vegetative state and is said to have lapsed. Lapsed policies acquire paid-up value as per the premium you have paid. Endowment and Moneyback life insurance policies usually acquire a cash value after two years of continuous existence. So, if you stop paying the premiums before completing two years, your premiums are forfeited.

Revival Period

This is the time given for a policy to be revived after the lapse. In this period you can revive your old policy by paying all the remaining premiums. At times you may also have to go through a medical check-up.

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Frequently Asked Questions (FAQs) Related to Life Insurance Policies

Consider your financial obligations

The quantum of death benefit varies from person to person depending on the lifestyle and income. As the generic formula for calculating life insurance cover is to subtract financial obligations like expenses and debt from resources such as liquid assets and income. The life insurance cover should be equal to the difference. Another rule states that people should have a life cover equal to 10-12 times of the annual income. You can also calculate the life insurance amount through the life cover calculator.

Consider regular expenses

Your life insurance cover should include all recurring regular expenses including loan EMIs and other household expenses. You should also consider the rise in expenses with time before choosing the best life insurance plan.

Consider your working years

You should consider the number of active working years before choosing the life insurance sum assured. For example, if your current age is 30 and you plan to retire at the age of 50 then you will have 20 future active earning years to take into consideration.

Consider financial goals

There can be different goals in your life such as wedding, children’s education that may require large funding. Your sum assured should cover funding required for these goals so that your family’s future is secure.

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 plan. Riders or add-ons help in customising the standard policy benefits for the requirement of different families. Term insurance plans generally 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.

If the life insured commits suicide within 12 months of buying the life insurance policy, the insurance companies generally pay 80% of the total premiums paid. Life insurance plans are subject to specific term and conditions relating to different kinds of deaths. Here is an insight into the different kinds of deaths that your life insurance policy may not cover –

a) Due to driving a vehicle while intoxicated (under the influence of alcohol)

b) Due to any pre-existing health condition

c) Due to meeting an accident while driving a vehicle under the influence of drugs

d) Due to participation in any adventure sport

e) Due to participation in any racing event

f) Due to pregnancy and childbirth

g) Due to participation in any illegal activity

The needs of every family are different. A uniform policy may not be suitable for everyone. Take into consideration the benefits offered with a policy while buying it. Life insurance plans come with optional critical illness cover, accidental death cover and disability cover.

Life insurance plans are one of the most tax-efficient long-term investments, which fall into the Exempt Exempt Exempt (EEE) category. EEE means:

a) Investment is tax-deductible

b) Accrued interest is not taxable

c) Maturity value and any payments are also tax-free

It is ideal to buy a life insurance plan in your early 20s because it 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 the best life insurance plan 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 life 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.

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.

Smoking can expose you to additional health risks. Thus, you can avail a life insurance plan as a smoker but with a higher rate of premium. You should disclose your smoking habit at the time of buying the policy to avoid the risk of claim rejection later. Also, you should not avoid or postpone the purchase given the health risks of the habit.

Processing life insurance claim is a transparent and smooth process with Canara HSBC 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 physician’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.

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, people with disability are eligible to apply for insurance policies. An life insurance policy for disabled needs the following details:

a) Customers should declare their disabilities duly in detail

b) They may be requested to submit a report from a doctor

c) Information related to any of your tests or recent visits to the doctor

Yes, individuals with a pre-existing health condition can buy a life insurance plan. It is important that they inform the insurance company about the illness at the time of purchase of the policy, to avoid the risk of claim rejection at a later stage.

Life 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 chance of contracting diseases is low. Young people also opt for the best life insurance 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. Life insurance policies with longer tenure are cheaper as compared to short-duration policies.

Mode of purchase: The platform that you use to buy the best life insurance 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.

The premium is one of the most important factors to consider before buying a life insurance 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.

The standard life insurance policy requires you pay the premiums on an annual basis but Canara HSBC Life Insurance provides you ample flexibility in the premium payment schedule. The premiums for the Invest 4G ULIP can be paid on an annual, half-yearly, quarterly or monthly basis, while the iSelect Star term plan has yearly and monthly payment options..

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

a) 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.

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

c) 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.

Even though it is compulsory to pay the premiums of a life insurance plan on time, sometimes due to unavoidable circumstances, people miss their premiums. You should read the terms and conditions thoroughly or ask your agent what will happen in case you missed premium payments. Generally, insurers provide a grace period of up to 30 days (15 days in case of monthly mode) for the payment of the missed premium, but it is always better to have advance knowledge of the situation.

Buying the best life insurance plan 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. The best life insurance policies online insurance offer higher benefits. Customers should, however, buy online life insurance policies only from credible insurers and should check for SSL certificate on the website to ensure that the website is legitimate.

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

When you buy a life insurance policy, the insurance company asks for the nominee details. Only the person named as the nominee in the life insurance plan can cash out 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 case of unit-linked plans or endowment plans, 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.

It is a popular misconception that life insurance plans are only for accidental deaths. A term life insurance plan 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.

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.

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