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FAQs on Different Types of Life Insurance Policies

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

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Wrapping Up

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

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Start Young, Pay Less, Stay Secured

Coverage for spouse Block your premium rate Covers 40 critical illness

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Start Young, Pay Less, Stay Secured

Coverage for spouse Block your premium rate Covers 40 critical illness

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Popular Searches

Term Life Insurance Whole Life Insurance Critical Illness Insurance Accidental Death Benefit Rider Compare Life Insurance Quotes Best Life Insurance Companies In India Factors Affecting Life Insurance Premiums

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Popular Searches

Term Life Insurance Whole Life Insurance Critical Illness Insurance Accidental Death Benefit Rider Compare Life Insurance Quotes Best Life Insurance Companies In India Factors Affecting Life Insurance Premiums

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Popular Searches

Life Insurance Rider Life Insurance Plans Types of Life Insurance Term Life Insurance Tax Benefit What is Insurance? Life Insurance Premium Life Insurance For Children

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Popular Searches

Life Insurance Rider Life Insurance Plans Types of Life Insurance Term Life Insurance Tax Benefit What is Insurance? Life Insurance Premium Life Insurance For Children

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Popular Searches

Life Insurance for Seniors Whole Life Insurance Plans Group Life Insurance Plans Life Insurance Claim Process Tax Benefits of Life Insurance

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Popular Searches

Life Insurance for Seniors Whole Life Insurance Plans Group Life Insurance Plans Life Insurance Claim Process Tax Benefits of Life Insurance

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Family Shield: Enhanced Protection

3 Plan options Life cover till 99 years Steady income benefit Block your premium at inception

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Family Shield: Enhanced Protection

3 Plan options Life cover till 99 years Steady income benefit Block your premium at inception

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Fixed Returns, Zero Risks & Worries

4 Plan options Life cover + Guaranteed benefits Accidental death benefit Premium protection cover

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Fixed Returns, Zero Risks & Worries

4 Plan options Life cover + Guaranteed benefits Accidental death benefit Premium protection cover

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Life Insurance - Top Selling Plans

We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.

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Life Insurance - Top Selling Plans

We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.

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Tax Benefits on Different Types of Life Insurance Policies in India

Section 80C: Under this section, policyholders are eligible for a deduction of up to ₹1.5 lakhs on the premium amount paid.

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5 Reasons to Invest in a Life Insurance Policy

Tax Benefi: A life insurance policy not only provides financial protection but also offers valuable tax benefits. It is considered a tax-saving investment under the Income Tax Act, 1961 . Premiums paid towards a life insurance policy are eligible for deduction under Section 80C, up to a maximum limit of ₹1.5 lakh per financial year. This benefit is available to individuals and Hindu Undivided Families (HUFs).

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Tax Benefits on Different Types of Life Insurance Policies in India

Section 10(10D): Under Section 10(10D) of The Income Tax Act, 1961, proceeds received by the policyholder or nominee of an insurance policy, including sum assured, surrender values, and bonuses, are exempt from tax, provided premiums ≤10% of sum assured (policies issued on/after April 1, 2012) and ≤₹2.5 lakh/year for ULIPs (issued on/after Feb 1, 2021).

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5 Reasons to Invest in a Life Insurance Policy

Maturity proceeds or death benefits received from a life insurance policy are tax-free under Section 10(10D), provided: The premium paid does not exceed the prescribed percentage of the sum assured.

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Life Insurance Types Explained in Detail

Child Insurance Plan: A savings cum investment plan that provides financial protection for the child’s future upon the unfortunate demise of the policyholder is called a child insurance plan. It is ideal for ensuring the child's future needs are well taken care of, even in the event of the life insured's absence. Parents can invest in the best child insurance plans to meet the financial requirements for their child’s education and marriage, or to fulfil many other financial goals their child might have.

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Types of Life Insurance Policies

Child Insurance Plans: Child insurance plans are specifically designed to help parents build a financial cushion for their child’s future needs, such as higher education or marriage. These plans offer a mix of savings and protection. In the event of the parents' death, most child plans waive off future premiums, but the plan continues and pays the promised benefits when due. This ensures that a child’s key life goals are met without financial interruption. Such plans are an excellent choice for long-term planning with the added comfort of life cover for the parent.

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Wrapping Up

Life insurance policies offer financial security and tax benefits to policyholders and their family members. Choosing the right life insurance policy ensures financial security and peace of mind. Canara HSBC Life Insurance offers comprehensive policies tailored to meet a wide range of financial needs. Whether it's the simplicity and affordability of term insurance, there are numerous options to suit every individual's requirements.

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Best Life Insurance Plans Offered by Canara HSBC Life Insurance

Canara HSBC Life Insurance has a wide variety of life insurance plans that you can choose from as per your financial goals and requirements. Choose the best life insurance plan to provide a safe and secure financial future for your loved ones.