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3.4%First documentWhat is Life Insurance and How Does A Life Insurance Policy Work?Open original ↗
Second documentLife Insurance vs Life Assurance: What Is the Difference?Open original ↗
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Start Young, Pay Less, Stay Secured
Coverage for spouse Block your premium rate Covers 40 critical illness
Start Young, Pay Less, Stay Secured
Coverage for spouse Block your premium rate Covers 40 critical illness
Family Shield: Enhanced Protection
3 Plan options Life cover till 99 years Steady income benefit Block your premium at inception
Family Shield: Enhanced Protection
3 Plan options Life cover till 99 years Steady income benefit Block your premium at inception
Fixed Returns, Zero Risks & Worries
4 Plan options Life cover + Guaranteed benefits Accidental death benefit Premium protection cover
Fixed Returns, Zero Risks & Worries
4 Plan options Life cover + Guaranteed benefits Accidental death benefit Premium protection cover
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.
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.
What is Life Insurance? Types and Benefits
Let us understand what is life insurance and how does it work.
Key Takeaways
But before you decide between life insurance and assurance as to which option best suits your needs, it’s important to understand what each one actually means. Both offer financial protection, but in slightly different ways. Let’s start by understanding what life insurance is and how it works.
How to Claim Life Insurance after Death of the Policyholder?
In the event of an untimely death of the insured, the insurance company pays the sum assured to the nominee. The claims process is very simple; the insurance company has to be informed as soon as possible after the death of the insured. The nominee has to fill a claims form and submit with required documents like death certificate. The insurance company verifies the claim and releases the benefit. In some cases, the insurance company may choose to examine the claim. You will have to provide additional documents and the claim settlement will take slightly more time. Claims can be paid out in a lump sum or in regular monthly instalments. You can choose the way you want the nominees to receive the death benefit.
How does Life Insurance and Assurance Work?
The premium paid is used by the insurance company to cover the financial loss so that the family can sustain its livelihood. The insurance company pays the “ sum assured ”, which is defined in advance, to your nominee, on your unfortunate demise.