Canara HSBC targets family security with new insurance plan

The plan comes in two variants.

Canara HSBC Life Insurance introduced 'Promise4Future,' a non-linked, participating plan offering a combination of life protection and savings. 

The plan provides policyholders with long-term protection whilst allowing them to benefit from returns generated in the company's participating fund.

A survey by Canara HSBC Life Insurance revealed that over 50% of Indian consumers prioritise family financial security and savings when selecting a life insurance policy. 

Designed with these preferences in mind, the new plan aims to help policyholders build a strong savings base whilst ensuring comprehensive protection for their loved ones.

The plan comes in two variants. Savings4Future, which helps policyholders grow their savings whilst staying protected. In the event of death, the nominee will receive the higher of the sum assured or 105% of premiums paid. At maturity, the policyholder will be entitled to a guaranteed sum assured plus bonuses.

Additionally the Income4Future variant provides a steady income stream along with a lump-sum payout at the end of the policy term. Upon death, the nominee will receive the sum assured and bonuses.

Added features include flexible premium payment options, high-premium boosters, and the ability to withdraw partially or fully under deferred survival benefits. 

Annual bonuses are paid upon death or maturity, with the potential for a terminal bonus to enhance the policy's value. Policyholders can also revive lapsed policies within five years of the first unpaid premium, subject to underwriting approval.