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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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Final Thoughts

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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Additional Benefits of Buying the Best Life Insurance Plan

Tax Benefits: Life insurance policies provide you with tax benefits as well. You can avail of a tax deduction of up to ₹1.5 lakh on the premium paid by you under Section 80C of the Income Tax Act. This helps lower your taxable income. Also, the maturity amount can be tax-free under section 10(10)D of the Income Tax Act. Thus, life insurance provides 2 major tax deductions.

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How to Choose the Right Life Insurance Policy in India?

Riders: They can enhance your sum assured and cover occurrences that the basic policy doesn’t. Choose a policy with riders.

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Key Takeaways

Riders enhance your policy with extra coverage for critical illness, accidents, etc. Tax benefits under Sections 80C and 10(10D) help you save more. Regular income payout options support your family’s everyday expenses in your absence.

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How to Choose the Right Life Insurance Policy in India?

Choose According to Your Goal: Different life insurance policies can help fulfil various goals. You should be clear about the goal that you want to achieve with your life insurance policy.

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Types of Life Insurance Plans

Based on your financial goal, you can choose a different type of life insurance plan . Here are the most popular types of life insurance plans in India:

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Life Insurance Types Explained in Detail

Unit Linked Insurance Plan: A ULIP is a type of life insurance product that offers dual benefits: investment and life insurance. Among the various types of life insurance policies available, ULIPs are highly popular due to their versatility. A portion of the premiums paid is directed towards ensuring insurance coverage. In contrast, the remainder of the premium is invested in a variety of investment instruments, including market-backed equity funds, debt funds, and other securities. ULIPs are extremely flexible since investors can easily switch or redirect their premiums between the available funds. They are also touted as having an edge over other market instruments in terms of tax-saving benefits under Section 10(10D) of the Income-Tax Act, and maturity/death benefits from life insurance policies are tax-exempt, subject to conditions. Tax exemption lapses if annual premiums >10% of sum assured (policies post-April 1, 2012) or >₹2.5 lakh for ULIPs (issued post-Feb 1, 2021),

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Types of Life Insurance Plans

Unit Linked Insurance Plan (ULIP): Unit-linked insurance plans give life coverage as well as an opportunity to invest and earn returns. Thus, ULIPs provide you with dual benefits of both insurance as well as investment in a single product. Here you can choose to invest amongst the variety of funds offered according to your preference and risk-taking ability. The returns here are linked to the market. ULIPs also give you the option to withdraw regularly after the lock-in period.