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.
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 refer to your policy documents or plan brochures for further details.
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.
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 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.
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.
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.
Canara Bank (IRDAI Regn. No. CA0045) is the Corporate Agent of the Insurer.
The online journey is being enabled through the Insurance Self Network platform (ISNP) of the Company where Canara Bank is a market participant as the corporate agent of the insurer.
Purchase of any insurance products by a bank's customer is purely voluntary and is not linked to availment of any other facility from the bank.
Trade Logo of Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited (Insurer) is used under license with Canara Bank, HSBC Group Management Services Limited and Oriental Bank of Commerce.
The Insurance products are offered and underwritten by Insurer (IRDAI Regn. No. 136) having its head office at 2nd Floor, Orchid Business Park, Sector - 48, Sohna Road, Gurugram-122018, Haryana (India)
The premium mentioned is for standard lives. Premium rates for tobacco users will vary. Your actual premium will depend on the Company's assessment of risks on your health, lifestyle, occupation, etc. Annualized premium may vary for monthly mode.
For more details on risk factors, terms and conditions please read the Sales Brochure carefully before concluding a sale.
Call (Toll free no.): 1800-103-0003/1800-180-0003 (BSNL/MTNL)
Missed Call: 0124-6156600
Tax benefits under the plan will be as per the prevailing Income Tax laws and are subject to amendments from time to time. For tax related queries, contact your independent tax advisor.
Collection of advance premium shall be allowed within the same financial year for the premium due in that financial year. However, where the premium due in a financial year is being collected in previous financial year, the premium may be collected for a maximum period of three months in advance of the due date of the premium. The premium so collected in advance shall only be adjusted on the due date of the premium. Such advance premium, if any, paid by the Policyholder shall not carry any interest.
Medical charges will be deducted in case of non-issuance of the policy.
BEWARE OF SPURIOUS / FRAUD PHONE CALLS!
- IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.
Canara HSBC Oriental Bank of Commerce Life Insurance Co Ltd
IRDAI Registration no: 136
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