What Is The Eligibility To Have Life Insurance?

Written by : Knowledge Centre Team

2020-12-08

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Do you want a better and secure future for your loved ones? Do you want them to live a financially safe life even when you aren't around anymore? If yes, then you should have life insurance. We know it can be a daunting task and might seem a little overwhelming, but at Canara HSBC, we provide protection plans that are easy to understand and build a strong financial foundation for families.

What is life insurance?

Life is a beautiful yet uncertain gift. Life insurance is a contract between a policyholder and an insurer. A life insurance policy ensures that when the insured policyholder dies or a certain time has elapsed, the insurer will pay a fixed amount of money to the designated beneficiaries in return for premiums paid by the policyholder over their lifetime. Some companies extend enhanced plans for critical illness with extra insurance premiums.

The very first question that pops into our head when thinking of life insurance is, am I eligible? What are the requirements? Well, don't worry, we've got you and your life covered!

What is the eligibility to have life insurance?

The need for life insurance to be purchased relies on a variety of factors. It depends primarily on your priorities and what phase of life you are in. The primary goal of any life insurance is to protect the future financial needs of the family.

Minimum Age - 18 years

Maximum Age - 65 years

Maturity Age - 75 years ( in most cases )

Premiums and principal amounts vary from policy to policy.

Documents Required - Income Proof, ID Proof, Address Proof, and Age Proof.

Insurance Plans	Coverage	Best Feature	Plan Recommendations
Term Insurance	Pure risk cover	High amount assured at a low premium	iSelect Smart360 Term Plan
Unit Linked Insurance Plan	Life cover with long-term investment	The dual benefit with flexible investment options	Invest 4G Plan
Child Insurance	Corpus for your child’s future	Lump-sum and periodic payouts	Smart Junior Plan
Retirement Insurance	Corpus for a peaceful retirement	Long-term savings for retirement	Invest 4G Plan
Health Insurance	Cover for a medical emergency	Lump-sum payout in case of a claim for a covered illness	Health First Plan

Benefits of Life Insurance

Tax Benefits: Life policy premium payments are eligible for rebate under Section 80C of ITA 1961.
Loan Collateral: Depending on the surrender value and type of life insurance, policyholders can take loans from NBFCs against these policies.
Death Cover: A relief that your family will be financially secure even after you are gone.
Stress-free Life: Life insurance provides high-risk coverage.

FAQs

Yes, smokers can buy an insurance policy. Although the premiums charged might be higher than regular life insurance policy premiums.

Yes, disabled people can buy life insurance. However, they are required to submit additional documents such as full disclosure of disability, doctor reports, tests, etc.

Yes, pre-existing illness life insurance is available. They attract an enhanced premium for extra coverage. People are required to make full disclosures at the time of buying to avoid problems during claims.

What Is The Difference Between A Participating And Non Participating Policy

What Is The Ideal Age For Buying Life Insurance? How Much Insurance Should One Buy?

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.