Canara HSBC unveils non-market life plan as income fears rise

IncomeNow offers fixed or rising income shielded from stock market swings.

Canara HSBC Life Insurance has launched a new savings and protection plan called IncomeNow, aimed at customers looking for guaranteed income along with life insurance cover.

IncomeNow is a non-linked plan, meaning returns are not tied to the stock market, and all benefits are guaranteed. 

The company said the product is designed for people who want regular income, clear payouts, and long-term financial security.

The plan starts paying guaranteed income from the first year of the policy, with payouts beginning within weeks of the policy start date. 

Customers can choose between two income options. 

One option provides a fixed and predictable income from the first year throughout the policy term, along with a lump sum payment at maturity. 

The second option offers income that starts from the first year but increases over time in set steps, ending with a lump sum payout at maturity. This is designed for customers whose expenses are expected to rise in the future.