Canara HSBC Life Insurance has unveiled a new insurance plan, ‘Promise4Future,’ designed to provide a blend of life protection and savings. This non-linked, participating plan aims to cater to the financial security needs of families by offering long-term protection while allowing policyholders to benefit from returns generated in the company’s participating fund.
According to a recent survey conducted by Canara HSBC Life Insurance, more than 50% of Indian consumers prioritize family financial security and savings when choosing a life insurance policy. In response to these insights, the ‘Promise4Future’ plan has been crafted to help policyholders establish a solid savings foundation while ensuring comprehensive protection for their loved ones.
The new plan features two variants: Savings4Future and Income4Future. The Savings4Future option allows policyholders to grow their savings while maintaining protection. In the event of the policyholder’s death, the nominee will receive either the sum assured or 105% of the premiums paid, whichever is higher. Upon maturity, the policyholder is entitled to a guaranteed sum assured plus bonuses.
The Income4Future variant offers a steady income stream along with a lump-sum payout at the end of the policy term. In case of death, the nominee will receive the sum assured plus any applicable bonuses.
Additional features of the ‘Promise4Future’ plan include flexible premium payment options, high-premium boosters, and the ability to make partial or full withdrawals under deferred survival benefits. Policyholders will receive annual bonuses upon death or maturity, with the possibility of a terminal bonus to enhance the policy’s overall value. Furthermore, policyholders have the option to revive lapsed policies within five years of the first unpaid premium, subject to underwriting approval.
