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Canara HSBC Life Insurance T&Cs

173 reviews Rate This
Claim Settlement Ratio98.12% in FY 2019-20
Customer Care8:00 AM to 8:00 PM
Death Benefit Paid For1,252 Policies
Presence9,500 Branches
Total Death Benefit Paid106.53 Crore

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1. Premium has been calculated for coverage till 60 years
2. Eligibility depends on income, occupation and educational qualification

Canara HSBC Life Insurance Life T&Cs

Some of the terms and conditions of a Canara HSBC Life Insurance term insurance policy are:

  1. 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.

  2. 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.
  3. 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.

  4. 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.

  5. 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.

  6. 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.

  7. 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.

  8. 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.

  9. 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.

  10. 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.

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Canara HSBC Life Insurance User Reviews

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    On: Sep 29, 2023
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    On: Sep 25, 2023
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Claim Process at Canara HSBC Life Insurance

  • 1

    Claim Intimation

    In the event of the death of the life assured, the insurance company should be intimated as early as possible.
  • 2

    Submission of Documents

    For easy claim settlement, claim form, original policy document, death certificate and others documents should be submitted on time.
  • 3

    Claim Evaluation

    After successful submission of documents, the insurance company will thoroughly evaluate the claim filed.
  • 4

    Claim Settlement

    If claim request is approved, claim is settled within 30 days. In case of additional investigation, claim process may take 120 days.

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