Canara HSBC Term Insurance Calculator

The Process to use Canara HSBC Insurance Calculator

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. 

Additional Information

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.

Final step

 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. 

Advantages of Canara HSBC Term Insurance Calculator

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.

Saves a lot of time

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.

Easy To Operate

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.

Information Required While Using Canara HSBC Term Insurance Calculator  

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.

Benefits of Buying Canara HSBC Term Insurance Plan 

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.

Online Facility

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.

Additional benefits 

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.

Factors Affecting the Premium Rate of the Canara HSBC Term Insurance Policy

There are various factors that determine the premium rate of the policy. These factors are:

• Age: If policyholders are young, they have a low risk of death hence low premium rates for them, and as the age increases, so the premium rates.
• Gender: There is scientific proof that women have a longer life expectancy than men, and due to this, the insurer allows women lower premium rates compared to men because of less risk involved.
• Occupation: Every profession has its own risk. A person working in a firefighting department is exposed to more risk than a teacher. Keeping this in mind, the premium rates vary for each profession.
• Duration of the policy: The time period of the policy is one of the main factors that affect the premium rates. The longer the time period of the policy means the insurer has to bear more risk.
• Medical History of the policyholder: If a policy holder in the past has suffered from some chronic disease, there are chances that this disease can come back in the future. By considering this fact, the premium rates can be higher for some kind of disease.
• Smoking and Drinking: Suppose a policyholder has the habit of smoking or drinking or both, then the risk of lung and liver diseases increases. So, to cover that, the policyholder has to pay higher premium rates.
• The Health of the policyholder: The insurer checks the health status of the policyholders before presenting the premium rates to them. This is done to check the fitness level of the p Diabetes patients are more vulnerable to heart and kidney diseases. So, the premium rates are relatively higher for them.

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