Canara HSBC Life Insurance’s new “Guaranteed Fortune Plan” is a non-linked, non-participating individual savings scheme offering life cover and a lump sum amount on outliving the policy term.
The product, offers two plan options: Guaranteed Savings Option and Guaranteed Cash Back Option.
According to the Canara HSBC Life Insurance, the first option provides a lump sum on outliving the policy term. The second option offers customers guaranteed cashback at the end of every fifth policy year, with an opportunity to defer the amount till maturity or withdraw it earlier.
In addition to cashback, the second option also gives policyholders a lump sum payment at the end of the policy term.
The plan also includes a unique feature called CARE Pay Benefit. This in-built benefit pays 100 per cent of total premiums paid (excluding underwriting extra premiums and taxes) on intimation of death.
It is paid immediately upon notification, and the remaining death benefit is paid after the claim assessment is completed.
Additional Benefits:
Additional benefits include guaranteed yearly additions to boost maturity benefit payout, flexible premium payment terms, and policy term options.
Commenting on the plan, AnujMathur, MD and CEO of Canara HSBC Life Insurance, in a press release, said the plan will enable customers to”maximise savings for milestones and achieve financial goals, and provide dynamic returns, crucial in today’s scenario.”
