Types of Life Insurance Policies in India & How to Choose the Right One and Tax-Saving Benefits of a Life Insurance Policy in India · Content Duplication Tool

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Glossary

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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3. Tax Benefits under Section 80D

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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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 of Different Life Insurance Policies

Tax-Free Payouts Under Section 10(10D) : The maturity proceeds, death benefits, and survival benefits received from a life insurance policy are tax-exempt under Section 10(10D), provided the premium does not exceed the prescribed limits. This ensures that your family receives the entire sum assured without any tax deductions.

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2. Tax Deductions Under Section 10 (10D) of the Income Tax Act

Tax exemptions are available under Section 10(10D) of the Income Tax Act on the payouts made to policyholders of life insurance on reaching maturity as a survival benefit. This is also applicable when the sum assured is paid out to the policyholder’s nominee as a death benefit. However, there are several considerations to be taken into account for tax exemptions under Section 10(10D) of the Income Tax Act.

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Types of Life Insurance Policies in India

The iSelect Smart360 Term Plan , available on Canara HSBC Life Insurance, offers comprehensive protection at low rates and even allows policyholders to choose the frequency of premium payments. The policy can be further augmented through in-built riders such as Accidental Death Benefit and Permanent Disability Benefit, which keeps policyholders protected in a holistic manner.

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3. Tax Benefits under Section 80D

These are the different tax benefits available to individuals paying premiums on life insurance policies. Tax benefits are a major reason why life insurance makes for a good investment instrument, both while the policyholder is alive and even after their death. Opt for the iSelect Smart360 Term Plan, available on Canara HSBC, to avail of these tax benefits along with a host of other benefits including the flexibility to choose how payouts are to be paid to dependents. The iSelect Smart360 Term Plan also offers lucrative features such as the ability to add spouses within the same insurance policy. Policyholders can also choose from a wide variety of payout options for their nominees, allowing for customisation of the plan in line with the policyholder’s individual requirements.

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What are The Types of Life Insurance Policies?

Understand various life insurance policy types and select the right option based on protection needs and long-term financial goals. July 28, 2026 10 minutes read

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How Does a Life Insurance Policy Benefit You Save on Taxes?

Discover how life insurance can help reduce your tax liability. Explore various tax-saving benefits to enhance your financial planning. July 19, 2024 7 minutes read

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Glossary

3. Tax Benefits under Section 80D

Start Young, Pay Less, Stay Secured

Start Young, Pay Less, Stay Secured

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Family Shield: Enhanced Protection

Family Shield: Enhanced Protection

Fixed Returns, Zero Risks & Worries

Fixed Returns, Zero Risks & Worries

Life Insurance - Top Selling Plans

Life Insurance - Top Selling Plans

Tax Benefits of Different Life Insurance Policies

2. Tax Deductions Under Section 10 (10D) of the Income Tax Act

Types of Life Insurance Policies in India

3. Tax Benefits under Section 80D

What are The Types of Life Insurance Policies?

How Does a Life Insurance Policy Benefit You Save on Taxes?