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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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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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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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Types of Life Insurance Policies in India

Money Back Life Insurance: One of the best types of life insurance policies , the money-back policy offers policyholders a percentage of the total sum assured at periodic intervals in the form of Survival Benefits. Once the policy in question reaches maturity, the remaining amount of the Sum Assured is handed over to the policyholder. However, if the policyholder dies while the term is ongoing, their dependents are given the entire Sum Assured without any deductions.

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Life Insurance Types Explained in Detail

Money Back Policy: One of the best types of life insurance policies is a money-back plan, which offers policyholders a percentage of the total sum assured at periodic intervals in the form of survival benefits. Once the policy reaches maturity, the remaining sum assured amount is paid to the policyholder. However, if the policyholder dies while the term is in effect, their dependents are entitled to the entire Sum Assured without any deductions.

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What are The Types of Life Insurance Policies?

A life insurance policy is generally considered to be one of the most important requirements for a comfortable, hassle-free life. Not only does a life insurance policy guarantee that one’s dependents will be well looked after even if they are no longer around, but it can also contribute to building a substantial corpus to fulfill their future financial goals.

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Types of Life Insurance Policies in India

Choosing the right type of life insurance policy is one of the most important requirements for a comfortable and hassle-free life. A life insurance policy not only ensures that your loved ones are financially secure in your absence but also helps you build a strong corpus to achieve future financial goals.

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Key Takeaways

Under Section 80C, premiums paid for life insurance policies (term plans, whole life, endowment, ULIPs) qualify for tax deductions up to ₹1.5 lakh per financial year, provided the premium does not exceed 10% of the sum assured.

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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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Key Takeaways

Riders such as critical illness, accidental death, and disability benefits offer tax deductions under Section 80D when they include health-related coverage.

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Tax Benefits on Different Types of Life Insurance Policies in India

Section 80D: Life insurance policies for medical riders, such as critical illness riders, heart, and cancer riders, offer tax benefits under Section 80D of the Income Tax Act 1961. Those under 60 years of age can claim up to ₹25,000 per annum for themselves, their spouse, their children, and their parents, while those above 60 can claim up to ₹50,000 annually.