Canara HSBC OBC Life Insurance T&Cs

Some of the terms and conditions of a Canara HSBC Oriental Bank Of Commerce 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 HSBC 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 Oriental Bank of Commerce 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 Oriental Bank Of Commerce Life Insurance.
   
   
9. Jurisdiction: All the terms and conditions laid down by Canara HSBC Oriental Bank Of Commerce Life Insurance are subject to Indian Laws. They can change if there is a modification in the respective laws.
   
   
10. Exclusive Rights: Canara HSBC Oriental Bank Of Commerce Life Insurance has exclusive rights to review, revise, change, alter, or delete any of the terms and conditions of the policy.