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Frequently asked questions (FAQs)

Q 1.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.

Q 2.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.

Q 3.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!

Q 4.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. Other traditional plans offer an investment component where you get a survival benefit as well, the insurance company takes care of this and offers some sort of minimum returns. With a ULIP, there are no guaranteed minimum returns. Your investment return may be more than a traditional plan; it may also be less. However, you have more control and flexibility because you can choose and change how your money is invested during the life of the policy.

Q 5.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).

Q 6.What is the difference between Unit Linked Pension Plans and Traditional Plans?

Both plans give you the opportunity to get returns on your money, along with life cover. In ULIPs, your money gets directed into different types of fund, depending on your risk appetite. In such plans, the risk of investment is borne by you. In traditional plans, your money is invested in low risk options and offers guaranteed maturity proceeds. Also, in such plans, the risk is borne by the insurance company. ULIPs: Higher risk & market returns Traditional Plans: Lower risk & moderate returns.

Q 7.Why are Unit Linked Insurance Plans (ULIPs) considered risky?

When you buy a ULIP, the value of your policy goes up and down in line with the underlying investments. Due to this movement, the value at any given time is uncertain. However, you can choose (and change) the underlying investments to reduce the volatility and the risk. If you don't like this idea, take a 'traditional' plan where the return could be guaranteed.

Q 8.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!

Q 9.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.

Q 10.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.

Q 11.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.

Q 12.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 The Life Assured in the policy is the parent on whom the child is financially dependent. The policy continues until the child reaches the age when the funds are needed you should also consider a plan that gives you a monthly payout to help you pay regular education fees. There are plans in which guaranteed staggered payouts are given during the last 4 or 5 years of the policy to take care of a child’s professional education. So you do not have to worry about higher education fees at that juncture.

Q 13.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.

Q 14.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. You may get back lower than what you paid in premiums. You can revive your policy by paying the unpaid premiums but there may be charges. For ULIPs, if you stop your policy in the first five years, your money will get transferred into a separate fund. Each specific policy has its own relevant features. Please refers to your policy documents or plan brochures for further details

Q 15.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.

Q 16.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.

Q 17.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.

Q 18.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.

Q 19.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.

Q 20.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:

  • Written communication letter / claim intimation form submitted to the respective bank branch / Hubs or to the Claims unit at the head office.
  • Calling us at the resolution centre numbers.
  • Email us at Customerservice@canarahsbclife.in

Please Note: In order to expedite processing of the claim, it is advisable that the intimation letter / form must be submitted along with the proof of happening of the event i.e., the original or attested photocopy of death certificate and along with other documents as detailed under the list of documents for a death claim.

Q 21.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.

Q 22.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. The Company strives at all times to ensure that your sensitive personal & personal information is protected against unauthorized or accidental access, processing or erasure by implementing appropriate technical, & administrative measures to safeguard and secure your personal data. We would further request you to go through our privacy policy which outlines the personal & sensitive personal information collected, its usage, maintenance, sharing and disclosing of such information.

Q 23.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.

"Sensitive Personal Information"- Sensitive personal data or information of a person means such personal information which consists of information relating to:

  • Password;
  • Financial information such as Bank account or credit card or debit card or other payment instrument details;
  • Physical, physiological and mental health condition;
  • Sexual orientation;
  • Medical records and history;
  • Biometric information
Q 24.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:

  • Invest money in a fund/ policy claiming to be of a Company or specifically approved by the Insurance Regulator, offering high and quick returns, protection to the investment etc.
  • Surrender your existing policy(s) and reinvest in a certain fund/policy for better returns, or statement that the Insurance Regulator has specifically recommended such funds/policies.
  • Survival benefits / Maturity / Bonus is due under your existing policy and investing a part in a new insurance policy/ paying a facilitation fee for the same is mandatory to receive the amounts which are due.
  • Some calls are styled as if it is from the Insurance Regulator alleging poor performance of the funds and products of the Company and urging policyholders to reinvest elsewhere.

We may also contact you in case we need your support/assistance in carrying out the investigation on such matters. Please note the Company shall never call you & ask for your sensitive personal information viz. one time passwords (OTP) etc.

If in doubt, please contact our resolution center at 1800-103-0003 or 1800-180-0003 (BSNL/MTNL)

Q 25.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. Always validate the identity of the individual before divulging any such information. In case of any doubt/ query you may reach our resolution center at 1800-103-0003 or 1800-180-0003. Please note down the telephone/mobile numbers from where you receive such calls. Please send a written complaint capturing the contact details of the caller and the entire conversation details to our complaint redressal unit (CRU) at the following address:

Complaint Redressal Unit (CRU)
Canara HSBC OBC Life Insurance Company Ltd,
2nd Floor, Orchid Business Park, Sector - 48, Sohna Road,
Gurgaon - 122018, Haryana,
India

We would also request you to please lodge a complaint with TRAI as well as file a police complaint in such cases.

Q 26.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.

Q 27.What is the Turn Around Time for Servicing Requests?
Service Maximum Turnaround
Refund of proposal deposit Within 15 days from date of underwriting decision on the proposal
Decision of proposal and communication of decision including requirements / Issuance of Policy Within 15 days from the receipt of the proposal or any requirement receive
Furnishing a copy of the proposal to the policyholder Within 30 days from acceptance of a proposal
Request processing:
1) Free Look Cancellation Within 15 days from date of request or last necessary document received
2) Surrender
3) Partial Withdrawal
4) Refund of proposal deposit
5) Outstanding proposal deposit
6) Other servicing requests
Processing of:
1) Maturity claim On or before due date
2) Survival Benefit
3) Annuity payment
Raising claim requirements after filing the claim Within 15 days of receipt of claim
Settlement (Paid, Rejected or Repudiated) of Death Claims for which further investigation is not required Within 30 days from the date of receipt of last necessary document
Settlement or Rejection of Death Claims for which investigation is required
  • Investigation should be completed within 90 days from the date of intimation
  • 30 days over and above the 90 days to settle, repudiate or reject a death claim
120 days from the date of receipt of claim intimation