Canara HSBC OBC Life Insurance Renewal

What is Canara HSBC OBC Life Insurance Renewal?

Canara HSBC Life insurance policies are meant to safeguard the policyholder’s loved ones in times of need and crisis. With a claim settlement ratio (CSR) of policyholder needs to pay the premiums on time to avoid lapsation of the life insurance policy. If, under any circumstance, the premiums are missed for over a stipulated time limit, then the policy would lapse after the grace period. Therefore, when the policyholder pays subsequent premiums to keep the premium running after or within the grace period, the process is called ‘Renewal of Life Insurance.’

For example, Manoj, a 45-year-old non-smoking man, bought a life insurance policy of sum assured, Rupees 1 Cr, for his loved ones, so that they are secured for the rest of their lives. But, due to certain unavoidable financial restraints, he wasn’t able to pay the premiums for a total of 2 months, due to which his policy lapsed. He was given a grace period of 30 days by the insurance company to renew his policy, after which he paid the outstanding premiums with the estimated interests and renewed it for further continuation.

How do you check the Canara HSBC OBC Life Insurance Renewal Date?

The two ways to find out the renewal dates of your Canara HSBC term insurance policy are mentioned below:

• Visit the company’s website, log in to your account and insert the required details. After submitting, you can check your life insurance policy's Canara HSBC OBC Life Insurance Renewal date.

• You can call Canara HSBC OBC Life Insurance's customer care unit and talk with a customer care executive. They will send you an email reminding you to renew your life insurance policy.

How to Renew Canara HSBC OBC Life Insurance?

You can pay the Canara HSBC OBC Life Insurance Renewal premium in both online and offline modes. Here are the methods for Canara HSBC OBC Life Insurance Renewal Process:

1. Online Mode

   • Visit the official website of Canara HSBC OBC Life Insurance and go to the ‘My Portal’ site

   • Log in using your unique Client ID and Date of Birth to access your account.

   • Once logged in, select the specific insurance policies you wish to renew from your account dashboard.

   • Next, you'll be prompted to choose from various payment options available, such as online banking, credit/debit card, or other methods.

   • After selecting your preferred payment method, you'll need to input all the necessary payment details, such as card information or bank account details, and then submit the payment.

   • Finally, upon successful payment, note down the receipt number for your records, and it's recommended to save or print the premium deposit acknowledgment for future reference and documentation purposes.

   *Note: You can print your Canara HSBC OBC Life Insurance Renewal receipt from their website by simply entering your application/policy type and document type.

2. Offline Mode

   • Visit your nearest/any accessible branch of Canara HSBC OBC Life Insurance and carry a cheque payable to Premium Cheque (Canara HSBC OBC Life or Canara HSBC OBC Life Insurance Company Ltd.)

   • The insurance company will issue you a receipt or acknowledgement of your premium deposit and renew your policy thereafter

   • You can also locate your nearest branch by using their online branch locator from their official website

What Happens If You Do Not Renew Your Canara HSBC OBC Life Insurance Policy?

If you do not renew your Canara HSBC OBC Life Insurance or term insurance policy, you can face the following consequences:

• Policy Coverage Ends: When your term insurance coverage ends, your family will no longer receive the death benefit, and as a result, this will risk their financial future. This also means they're left without the safety net the term policy provides, which could leave them vulnerable if something happens to them.

• Loss of Premiums: If you've been paying premiums for your term insurance and the coverage ends, you lose all the money you've paid. Unlike some other types of insurance, you can't get a refund on the premiums you've already paid.

• No Death Benefit: If you pass away after your term insurance policy lapses (meaning it's no longer active), your beneficiaries won't receive any money from it. This means they won't have the financial support they might have been counting on in case of your death.

• Risk of Reapplying: If you want to get coverage again after your term insurance ends, you might have to reapply for a new policy. However, getting new coverage could be more expensive if your health has deteriorated or you're older. This means you might have to pay higher premiums to get the same level of protection.

• Possible Waiting Period: Even if you reapply for coverage and are approved, there might be a waiting period before the new policy kicks in. During this time, you won't have any insurance coverage, leaving you temporarily without protection in case something happens.

List Of Insurers Offering Life Insurance Policy Renewal Through Policybazaar

Here is the list of all Indian insurers that offer life insurance policy renewal through Policybazaar:

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