Canara HSBC Life Insurance unveils pension product for retirement planning

Key features include zero allocation charges.

Canara HSBC Life Insurance, in partnership with Policybazaar, has launched the EZ Pension Plan, an individual-linked pension product aimed at supporting retirement planning.

The plan is designed to help policyholders build a retirement corpus through market-linked growth, whilst  offering flexibility to adapt to different financial needs and life stages. 

Key features include zero allocation charges, 100% premium allocation to funds, unlimited free switches during the policy term, and the option to choose retirement age and premium payment terms.

According to the India Ageing Report 2023, prepared by UNFPA India and the International Institute for Population Sciences, the proportion of citizens aged 60 and above is expected to nearly double by 2050. 

With rising healthcare costs and changing lifestyle patterns, traditional sources of retirement income are becoming less reliable.