Life Insurance FAQs

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1. What is life Insurance? 2. Why do I need insurance?3. How do I ascertain or quantify my need for insurance?5. What is nomination in an insurance product? 6. Can I change my nominee in the insurance policy? 7. Can a minor be the nominee of an insurance policy? 8. What is a Claim in an insurance policy?9. Are there any advantages to buying insurance at an early age? 10. What is health insurance?12. Is my Insurance product guaranteed by HSBC? The different types of fees and charges levied under ULIPs are given below.
  • Premium Allocation Charge is a percentage of the premium received and is charged at the time of receipt of the premium.
  • Mortality Charge is levied on a monthly basis by way of cancellation of Units at the beginning of each month.
  • Fund Management Fee is expressed as a percentage of Fund Value and is levied at the time of computation of the NAV by adjusting the Unit Price.
  • Policy Administration Charge is expressed as a percentage of premiums and is charged on a monthly basis during the Policy Term by cancellation of Units.
  • Partial Withdrawal Charge is deducted from the Fund Value by cancellation of Units at the time of partial withdrawals.
  • Surrender/Discontinuance Charge is expressed as a percentage of the Fund Value/annual premium.
  • Switching Charge is levied on switching of Units from one Unit Linked Fund to another.
  • Miscellaneous Charge: The actual medical expenses, if any incurred in case of increase in Sum Assured will be recovered by the Insurer by cancellation of units from the Policy
You can know the charges applicable on your ULIP via:
  • Benefit illustration: A Benefit illustration demonstrates various charges, year by year, for the term of the plan so that you know exactly how much money is deducted as charges and what is invested.
  • Sales Brochure: The sales literature informs you about the various charges and the rationale for these charges
  • Key Features Document (KFD) : This is the bank’s internal document that carries the product features and various charges applicable to the product.

15. How can I make my premium payments? 17. What if I change my mind after purchasing the Plan?18. How much can I get back if I surrender the policy? This FAQ is an initiative of HSBC as a corporate agent of Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited to improve awareness amongst its customers. Insurance is the subject matter

of the solicitation. The Insurance products are offered and underwritten by Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited (Regn No. 136) Unitech Trade Centre, 2 Floor, Sushant Lok, Phase I, Sector- 43, Gurgaon, Haryana – 122009. The Hongkong & Shanghai Banking Corp Ltd (IRDAI Regn. no. CA0016) having its registered office at 52/60 Mahatma Gandhi Road, Fort 400001, Mumbai, Maharashtra is a Corporate Agent of Canara HSBC Life Insurance Company Limited having its registered office at C31 & C32, 1st Floor, Connaught Circus, New Delhi – 110001.The Corporate Agent does not underwrite the risk or act as an insurer. The contract of insurance is between the insurer and the insured and not between the bank and the insured. The premium paid in Linked insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of the fund and factors influencing the capital market and the insured is responsible for his/her decisions. In this Investment linked insurance policies, the investment risk in Investment Portfolio is borne by the policyholder. The Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender/withdraw the monies invested in Linked insurance Products completely or partially till the end of the fifth year. Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited is only the name of the insurance company and names of the linked insurance plans does not in any way indicate the quality of the contract, its future prospects or returns. The various funds offered and fund management options under this contract are the names of the funds and options and do not in any way indicate the quality of these plans, their future prospects and returns. Linked Insurance products are different from the traditional insurance products and are subject to risk factors. Please know the associated risks and the applicable charges, from your sales representative or the intermediary or policy document issued by the insurance company. Linked Funds are subject to market risks and there is no assurance or guarantee that the objective of the investment fund will be achieved. Past performance of the investment funds do not indicate the future performance of the same. Investors in the Scheme are not being offered any guaranteed / assured results. For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. Website: Call: 1800-103-0003/ 1800-180-0003. SMS: 9779030003.

Category: Health Insurance

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