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Canara HSBC Life Insurance Life T&Cs
Some of the terms and conditions of a Canara HSBC Life Insurance term insurance policy are:
- Nomination Allowed: The insured individual can nominate any person to receive the claim benefits available on the death of the policyholder. Generally, the nominee is a close relative (the next of kin). The nominee can be a minor. Under such circumstances, the policyholder has to name an appointee who is a major individual to receive the benefits on the minor's behalf and manage that amount. The policyholder can change the nominee at any time during the pendency of the policy term.
- No Loan Against Term Insurance Policies: The term insurance policies do not qualify as collateral for any loan. Hence, the policyholder cannot assign the term insurance policy in the name of any third person or entity.
- Renewal Subject to Payment of the Premium: Canara Oriental Bank of Commerce term insurance policies have to be renewed at stipulated intervals. The policyholder can pay the premiums online or offline to renew the policies. Generally, the company offers a grace period to pay the premium. It can vary according to the premium payment frequency.
- Taxation: All the policy payments in the Canara HSBC Life Insurance term insurance policies are subject to income tax laws in India. Policyholders enjoy concessions under Sec 80C and Sec 10D of the Income Tax Act for premium payment every year. The benefits receivable on the death of the policyholder are free from income tax.
- Disclosure Conditions: The policyholder is responsible for furnishing accurate information to the company when purchasing the term insurance policy. Withholding critical information about serious health issues can cause the claim to be rejected. In the event of disclosing incorrect age details, the company has the right to change the maturity benefits depending on the exact age.
- Keep the Company Informed: The policyholder is duty-bound to inform the company if there are any changes in the address, contact details, occupation, etc.
- Provision of Duplicate Policy: In case the policyholder misplaces the original policy document, he/she can apply for a duplicate policy document by applying for the same in writing. The company decides each case on its merits.
- Grievances: If the policyholder/nominee/claimant has any grudge against the company or any of its officials, they should follow the grievance redressal procedure listed out on the official website of Canara HSBC Life Insurance.
- Jurisdiction: All the terms and conditions laid down by Canara HSBC Life Insurance are subject to Indian Laws. They can change if there is a modification in the respective laws.
- Exclusive Rights: Canara HSBC Life Insurance has exclusive rights to review, revise, change, alter, or delete any of the terms and conditions of the policy.
Latest News on Canara HSBC Life Insurance
- An endowment policy is a type of life insurance coverage that includes an investment component as well as a death payment. It enables you to develop a sizable savings account for your family while also ensuring that they are financially secure in your abs
- Like other types of insurance, endowment policies are presently oversupplied on the market. A lot of factors must be examined while choosing the finest endowment insurance coverage. Individual requirements, current life stage, income, and risk appetite ar
- Endowment policies, like other types of insurance, are now oversupplied on the market. When it comes to selecting the best endowment insurance coverage, a number of criteria must be considered. Individual needs, present life stage, income, and risk appeti
- There are numerous endowment plans available on the market, each with its own set of features. Benefits can also be received in a variety of forms, including a lump sum, over a period of time, or for the rest of your life. Comparing the perks and deciding
- A unit-linked insurance plan (ULIP) is a type of life insurance that combines risk protection and investing. The performance of ULIPs is directly influenced by capital market movements. In a Unit Linked Policy, the investor typically bears the investment
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Life Insurance News
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Canara HSBC Life Insurance User Reviews
Claim Process at Canara HSBC Life Insurance
Claim IntimationIn the event of the death of the life assured, the insurance company should be intimated as early as possible.
Submission of DocumentsFor easy claim settlement, claim form, original policy document, death certificate and others documents should be submitted on time.
Claim EvaluationAfter successful submission of documents, the insurance company will thoroughly evaluate the claim filed.
Claim SettlementIf claim request is approved, claim is settled within 30 days. In case of additional investigation, claim process may take 120 days.