Canara HSBC Life Insurance Company Limited is only the name of the insurance company and Canara HSBC Life Insurance Invest 4G is only the name of the unit linked insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. The investment risk in investment portfolio is borne by the policyholder. 
The policyholder will not be able to surrender/withdraw the monies invested in Unit linked Insurance Products completely or partially till the end of the fifth year.
The Unit linked Insurance Products do not offer any liquidity during the first five years of the contract. Please know the associated risks and the applicable charges, from your insurance agent or the intermediary or policy document issued by the insurance company. Maturity Benefit is paid in the form of a lumpsum benefit at the end of the policy term,provided the policy is in-force and all due premiums have been paid. 29,85,556 is paid at the end of the 20th year. The maturity benefit in form of a lumpsum benefit equal to Rs. 10,000 (excluding taxes), premium payment term 10 years and policy term 20 years through online sales channel. The maturity benefit is calculated for a 25 years old healthy male life who has opted for Canara HSBC Life Insurance iSelect Guaranteed Future with iAchieve plan option, monthly premium Rs. Please consult your independent tax advisor for details.ĥ. Goods & Services Tax will be charged on the premium amount. The provisions of Income Tax Act, 1961 are subject to amendments made by the government from time to time. Tax benefits/savings are subject to provisions under section 80 C, 80 CCC, 80 D, 10(10A), 10(10D) and other sections of the Income Tax Act, 1961. 1.5 lacs under Income Tax Act, 1961 and tax benefit may vary from assessee to assessee. 46,800/- is calculated at the highest tax slab of 31.2%(including 4% cess) for an individual assessee on life insurance premium of Rs. 51,84,468 which includes Guaranteed Sum Assured on Maturity, accrued Guaranteed Yearly Additions and Guaranteed Loyalty Addition. 2,10,000, (excluding taxes) premium payment term 10 years and policy term 20 years. Refer Sales Brochure for further details on Block Your Premium benefit.Ģ.Conditions Apply - Payable at end of the Policy Term, Provided all premiums are paid as and when due.ģ.The maturity benefit calculated for a 25 years old healthy male who has opted for Canara HSBC Life Insurance Guaranteed Savings Plan with Guaranteed Savings Option through insurer’s website, annual premium Rs. Under Block Your Premium benefit, the premium rate of the base death benefit will get blocked for a period of 5 years during which Life Assured/Spouse can request for increase in benefit amount up to 100% of the Sum assured chosen at policy inception. 
#AEGON RELIGARE ITERM PLAN PREMIUM PAYMENT LICENSE#
Trade Logo of Canara HSBC Life Insurance Company Limited (formerly known as Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd) hereinafter referred to as "Insurer" is used under license with Canara Bank and HSBC Group Management Services Limited.ġ.Block Your Premium (BYP) is an optional in-built cover and can be opted with only Life Secure plan option. Hence, it is advised that you make timely payment of your term insurance premiums. That means if any person departs during the grace period, the nominees of the demised person will receive the benefits. You must always keep in mind that the policy cover does not get stopped during the grace period.
However, it is essential to note that every insurance company has distinct terms and conditions regarding the duration of the grace period. If you make payment within these 30 days, your policy will not get lapsed. Usually, the duration of this grace period is 30 days. If any person accidentally misses the payment date then, term insurance companies provide a grace period for remitting the premium payment. What happens if you accidentally miss a payment? However, you do not need to fret if you unintentionally miss the payment day or if some inevitable reasons have prevented you from making the payment of premium because when requested upon, the insurer can provide you with some options.Īs per the terms, conditions and features, benefits payable (if any) on non-payment of premiums or when policy lapses will vary. However, the policy that you took will simply get lapsed. If you do not pay a term insurance premium, there will be no legal action taken against you. Under a term insurance policy the policyholder is not under any obligation to pay the premium, unlike a credit card repayment or a bank loan. What happens when a premium is not paid for term insurance?
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