Canara HSBC Life Insurance has announced the launch of ‘Promise4Future’ – is a non-linked, participating plan that provides policyholders with a combination of life protection and savings.
The new offering combines the dual benefit of long-term protection and the opportunity to benefit from the returns generated in the participating fund of the company, Canara HSBC Life Insurance said in a statement.
The recent survey conducted by Canara HSBC Life Insurance revealed that over half of Indian consumers place a high priority on savings and ensuring the financial security of their family when selecting a life insurance plan. In line with the evolving preferences of today’s consumers, Promise4Future has been designed to empower policyholders to build a strong savings fund while also providing long-term protection for their loved ones.
Top points of Promise4Future
- Canara HSBC Life Insurance Promise4Future is a Unit Linked Individual Savings Life Insurance Plan that offers customization based on your specific goals and evolving needs.
- With a unique blend of Portfolio Management Options and flexible features, this plan empowers you to effectively manage your savings and insurance requirements.
- There are two variants: Savings4Future and Income4Future
- Savings4Future offers policyholders the opportunity to grow their savings while maintaining protection at all life stages. In the unfortunate event of death, the nominee will receive the higher of the sum assured on death and any bonuses, or 105% of premiums paid. Upon reaching the end of the policy term, the policyholder will receive the Guaranteed Sum Assured along with any accrued bonuses.
- Income4Future provides a dependable income stream and a lump-sum payment to address the policyholder’s interim financial needs. Upon reaching the end of the policy term, the policyholder will receive a lump-sum payout, guaranteed income, and cash bonuses, ensuring financial security for the future. If the policyholder passes away, the nominee will receive the sum assured on maturity along with any bonuses.
- The product also provides various valuable benefits such as flexible premium payment options, high premium boosters, and the choice to make partial or full withdrawals under the deferred survival benefit feature.
- In the event of death or policy maturity, annual bonuses will be issued, with the possibility of a terminal bonus to increase the policy’s overall value.
- Additionally, Promise4Future offers policyholders the opportunity to reinstate lapsed or paid-up policies within five years of the first missed premium payment, pending underwriting approval.
Rishi Mathur, Chief Distribution Officer – Alternate Channels and Chief Marketing Officer, Canara HSBC Life Insurance said, “Customers today seek a blend of protection and wealth-creation solutions to create a solid savings foundation while keeping a sharp eye on securing their future. At Canara HSBC Life Insurance, we design products leveraging the keen insights from customer research such as our recent customer survey.”
“We recognize the need for offerings that provide both financial security and some degree of upside beyond guaranteed returns. With the introduction of Promise4Future, we are addressing these expectations through a product that combines life-stage protection with opportunities for income generation and eventual wealth creation for our policyholders. This plan empowers policyholders with the options and relevant tools to navigate their financial journeys confidently,” Mathur added.
