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FAQs

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FAQs

faqs

Frequently Asked Questions

Is Life Insurance Only For Accidental Death?

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.

Reasons for Claim Rejection

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.

The Changing Requirements at Different Life Stages

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.

What Is Not Covered Under Life Insurance?

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.

Which Factors Influence Your Life Insurance Premiums?

Life insurance plans are ranked among the best financial instruments to secure your family’s future against life’s uncertainties.

How to Calculate Your Life Insurance Premium Amount

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.

How to Process Life Insurance Claims

The primary purpose of buying a life insurance policy is to create a financial safety net for your loved ones against life's uncertainties.

Why Life Insurance Riders are Important for Me

Buying a life insurance policy is as crucial as any other saving that you make for your loved ones or yourself.

Can I purchase life insurance under the Married Women's Property (MWP) Act?

In India, married residents can purchase life insurance coverage for their spouses under the Married Women's Property Act.

Do I have different options to pay my premium?

Life insurance, especially in the form of term insurance plans, is not only essential to guarantee long-term financial safety for your family.

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.

How to Calculate Term Plan Premium

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.

What Are Term Insurance Riders

Riders under term insurance are defined as additional benefits that help extend the protection of your term insurance protection.

Is Term insurance for family?

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.

How much cover do I need in the iSelect+ term plan?

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,

What are the criteria to buy the iSelect+ term plan?

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

ULIP Is A Short Term Or Long Term Saving Option

ULIPs or Unit Linked Insurance Plans are essentially long term saving options since they have an initial five-year lock-in period.

What are the Benefits of Buying ULIP

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.

What happens if payment of premiums is discontinued

As an investor, there may be times when you might face financial difficulty in paying the premium under a ULIP.

Why are Unit Linked Insurance Plans (ULIPs) considered risky

Despite the numerous features and benefits offered by the ULIP plans, they are one of the most widely misunderstood financial instruments.

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.

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.

Are Investment Returns Guaranteed in a ULIP

While investment returns from ULIPs or Unit Linked Insurance Plans are usually significant for long-term investment periods, they may not be guaranteed.

How long should be the term of your ULIP plan?

Unit-linked insurance plans (or ULIPs) help channelize and maximize your savings over the long term.

What tax benefits are offered under Invest 4G ULIP Plan?

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

What are the Maturity benefits of Invest 4G?

Invest 4G plan offers the dual benefits of life protection and maximal savings so that you have ample opportunities to fulfill your life goals.

How to choose the best retirement plan at the age of 35-40 olds?

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.

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

Are there any rider benefits provided under the child insurance plan?

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.

Does Child Education plan help in Tax Saving

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.

How to choose a child insurance plan?

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.

What are the features of a Child Education Plan

A child insurance plan is essentially a dual benefit financial instrument – one which offers both insurance and investment benefits under one policy.

What are things to consider while buying a Child Plan

A child plan is a customizable investment cum insurance instrument that helps you meet the financial needs of your child.

What Is Child Education Plan

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.

Why Should We Invest In Child Plan

Being a parent, it is your primary responsibility to protect your child's future against any unforeseen mishaps.

How Do I File Income Tax In India

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.

What is TCS tax in India

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

What is the procedure to calculate the capital gain tax in India

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.

How can I save my taxes legally?

In India, maximizing tax savings is an integral part of financial planning. While you may include different financial instruments in your portfolio

How can one get a full refund of income tax in India?

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.

How is income from other sources taxed in India?

The Income Tax Act 1961 lists ‘Income from Other Sources’ as one of the five heads of incomes, subject to taxation.

How is the tax calculated?

In India, calculation of the total tax liability, i.e. income tax payable is an essential activity for all taxpayers.

How much tax can I save?

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.

What are the provisions of advance tax in India?

In India, advance tax refers to the activity of paying a portion of your taxes before the financial year ends.

What is Dual GST (Goods and Services Tax) in India?

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).

How can I save taxes on my FY 2019 - 2020 income?

For FY 2019-20, both salaried and self-employed individuals can minimize their tax income liability through efficient financial planning.

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 ized 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

What are the advantages of group life insurance policies?

Group life insurance policies are generally opted by professional associations, business groups, banks, and housing societies.

What is a group life insurance policy?

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.

How to Calculate Your Health Insurance Premium?

The calculation of health insurance premiums is based on different factors such as age, your geographical location, occupation, and lifestyle habits.

How to Choose an Adequate Health Insurance Cover?

Nowadays, while the overall life expectancy has improved significantly, the number of healthcare issues that affect us is also rising.

How to Make a Claim?

In today’s day and age, a medical emergency can sneak up to anybody and is always accompanied by significant medical expenses.

Which Medical Insurance Plan Is Perfect for You?

In the wake of the coronavirus pandemic, affordable healthcare has become the need of the hour.

Why is Health Plan Important for You?

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.

What is the best retirement plan if I'm self-employed?

Being self-employed, you must be aware of how dreams can only be fulfilled when deciding to work for them.