As one of the leading insurance provider in our country, Canara HSBC offers different types of term insurance plan to cater to the various requirements of the insurance buyers. The customers can make use of Canara HSBC Term Insurance Calculator to determine the premium rate of the policy and choose the best plan as per their requirement and suitability. Let’s read further to know in detail about Canara HSBC Term Insurance Calculator.
There are various types of plans floating around in the market, each catering to a different need. It becomes overwhelming for a customer to reach out to every plan and study it. To tackle this issue, insurers have come up with a solution of term insurance premium calculators.
Term insurance premium calculator is an online tool that is available on the insurer's online platform. With the help of this, customers can overcome the hassle of comparing various plans individually. Now they can know the premium rates of several plans within a few minutes and purchase the suitable plan for them.
Reasons to Use Term Insurance Premium Calculator
With hectic schedules, it isn't easy to take out time to sit and compare various term plans. Term insurance calculator will let customers save much precious time by allowing them to compare and analyze numerous plans on one platform.
The term insurance calculator is free to use online tools, so customers do not need to worry about paying an upfront charge to access it.
It is designed in such a way that everyone can use it easily without diving into technicalities and jargon.
Customers can choose the insurance plan by comparing various products and premium rates.
Using the term insurance calculator, customers will have accurate information on hand, which will help them select the most appropriate plan for them.
Your premium is decided on age at which you buy the policy and remains same, throughout your life
Premiums can increase between 4-8% each year after your Birthday
Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease
The customers who wish to calculate the premium on term insurance can do it at their home by simply visiting the insurer's official website. All they need to do is to fill in the required information asked by the insurer in the Canara HSBC term insurance calculator. Once they do it, all necessary information related to plan will appear on their screen.
Here are the steps to be followed:
Enter all the necessary information
The insurer will ask the customer to enter information like full name, gender, date of birth, the state where they are currently living. Customers need to enter all this information with complete accuracy.
Once the basic information is filled in, the insurer will ask the customer to fill in the additional information. This includes the payment frequency according to the product selected, life coverage of the investment plan, plan option, and details related to the customer's lifestyle.
Finally, all customers need to enter the captcha code, and the final result will appear on the screen. Now customers can select the plan that suits their needs and budget. If the customer is not satisfied with the result, they can change the sum assured and look for other term plans.
Here are some of the advantages of using Canara HSBC Term Insurance Calculator.
Comparison of Various Plans
Customers can compare several term plans based on the criteria such as premium amount, duration of the term plan, and the cover they will receive. All this information is very crucial to make the right decision before buying a term plan.
Makes everything clear
Canara HSBC term insurance calculator will show customers the exact premium amount they need to pay. This will remove all the doubts from the customer's mind regarding the premium amount and avoid any misunderstanding.
Helps in Financial Planning
With all the necessary information on hand, customers can plan their finances in advance. This will be a great advantage for any customer because every customer has their own needs and preferences. This will help customers to choose the term plan which is most appropriate for them.
Using the term insurance calculator, customers can save their precious time by avoiding the struggle of searching and analysing term plans individually from several sources. Customers can get all the required data in one place.
It is very easy to use the term insurance calculator. Customers can visit the insurer's official website and enter all the required information, and within a few moments, they can access all necessary details.
The following are the information that should be kept handy while using Canara HSBC Term Insurance Calculator.
Personal details like name of the customer, gender, date of birth, and the place they are currently living.
After entering the personal details, customers need to provide some extra information that includes the premium payment duration, sum assured, and information regarding the customer's health and lifestyle.
Term life insurance plans provides financial protection to the family of the insured in case of any eventuality. Here are some benefits of buying a Canara HSBC life term insurance plan.
Various Payment Options
Canara HSBC allows customers to choose from various options to receive the benefits of the term plan. The options available for the customers are, they can receive the lump sum amount, monthly installments, and part lump sum and part monthly installments.
Two Kinds of Coverage
During the term of the insurance, the plan insurer offers two coverage options to choose from i.e. increasing cover and level cover.
Now customers do not need to physically visit the insurer branch or run after their agents to buy a term insurance plan. Customers can simply go to the insurer's official website, select the suitable plan, and buy it from there. They can also customize their plans as per their desire.
Option to Increase the Life Cover
If customers wish to increase their life cover because of changes in their protection needs, they can easily do so by adding to the cover at various stages of life.
Other than the sum assured in the term plan, the customers can avail the add-on benefit as rider to enhance the coverage of the policy.
There are various factors that determine the premium rate of the policy. These factors are:
Customers need to show documents like the last three months salary slip, Form 16, Bank statement from the last six months, and the latest income tax returns. After analysing all these details, the insurer will decide the premium rates for the customer.
Yes, customers can buy more than one term plan according to their needs and requirements. One term plan may not be enough for some customers to cover their life goals in such scenarios; they can go for multiple plans.
Riders can be defined as the additional benefits attached to the term plan to increase the insurance coverage of the policy. Some examples of riders are Premium Waiver rider, Accidental death insurance rider, Critical illness rider, Accidental Permanent and Partial Disability rider.
To make term plans more flexible for customers, the insurer provides certain types of options to the customer to pay their premium amount. The options available are:
It is advised to buy term insurance plans as soon as possible because one needs to pay lower premium when one is young.
There are three steps involved in the claim settlement in case of the demise of the Policyholder.
Step 1: Nominee has to inform the insurer about the Policyholder's death as soon as they can.
Step 2: Insurer will ask for documents like a death certificate, policy document, a statement from the doctor, etc.
Step 3: According to the rules of IRDA, the insurer needs to settle the claim within 30 days after receiving all the documents. If insurers want a further investigation, they can do it, but they have to settle the claim within six months.
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.