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FAQs

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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FAQs

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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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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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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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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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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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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Second paragraph61 words

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 Tax Benefits Under the Income Tax Act, 1961

Furthermore, for ULIPs issued after 1 February 2021, the exemption is available only if the annual premium does not exceed ₹2.5 lakh. For ULIPs issued after 1 February 2023, this limit is ₹5 lakh.

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Conditions and Limits for Claiming Life Insurance Tax Benefits

For non-ULIP policies issued on or after 1 April 2023, the exemption also requires your aggregate annual premium across such policies to stay within ₹5 lakh (₹2.5 lakh for ULIPs)

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What is Life Insurance and Why Does It Matter?

A life insurance policy is a contract between you and an insurer, where you pay regular premiums in exchange for a financial payout to your loved ones in the event of your untimely death or to yourself upon policy maturity. Beyond protection, it serves as a long-term financial planning tool, helping you build wealth, secure your family's future , and even save on taxes.

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What is Life Insurance?

Life insurance is a powerful financial tool that acts as a safety net in times of difficulty. It offers a protective layer over the well-being of your loved ones. In simple words, life insurance is a contract in which the policyholder pays regular amounts of money, known as "premiums," to an insurance company. In return, the insurance company provides a lump-sum payment, called the "death benefit," to designated beneficiaries upon the policyholder's death.

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Other Tax Benefits

Section 80D: Critical Illness Rider: If you have added a critical illness rider to your life insurance policy, the premium paid towards it qualifies for a tax deduction under Section 80D of the Income Tax Act, 1961, over and above the ₹1.5 lakh limit under Section 80C. For individuals below 60 years of age, a deduction of up to ₹25,000 is available on premiums paid for self, spouse, and dependent children. This limit increases to ₹50,000 for senior citizens aged 60 years and above. It is worth noting that this deduction is available exclusively under the old tax regime for FY 2025-26.

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What Are the Tax Benefits on Life Insurance Riders?

However, health-related riders, such as a critical illness rider, hospital cash rider, or surgical care rider, are treated differently. The premium for these is eligible for a separate deduction under Section 126 of the Income Tax Act, 2025 (earlier Section 80D), up to ₹25,000 per year (₹50,000 if you or your parents are senior citizens), in addition to the Section 123 limit. Both deductions are available only under the old tax regime.