Canara HSBC Life Insurance launches Guaranteed Fortune Plan
Canara HSBC Life Insurance launches “Guaranteed Fortune Plan”, a non-linked, non-participating individual savings life insurance plan that is also a Point of Sale or PoS, life insurance product.
The product offers two plan options with flexibility for customers to opt for. The Guaranteed Savings Option aims to achieve milestones by providing a lump sum upon exceeding the term of the policy.
The second option, the guaranteed cash back option, provides customers with liquidity in the form of guaranteed cash back at the end of every fifth policy year, with the option to defer this amount and accumulate it until the policy expires or remove it earlier. In addition to cash back payments, a balloon payment is made at the end of the term.
The plan also includes a unique feature called the Care Pay Benefit, which is a built-in benefit that pays 100% of the total premiums paid through the date of death (excluding additional premium underwriting and taxes) upon notice of death. . This is an accelerated benefit that is paid immediately upon notice, with the remaining death benefit paid after the assessment of your claim is complete.
The plan also offers benefits such as guaranteed annual add-ons to increase payment due dates, flexible premium payment terms, and policy length options and availability with a low premium commitment. Anuj Mathur, MD and CEO, Canara HSBC Life Insurance said: “This offer will benefit customers looking to save for any life stage/milestone through guaranteed savings/cash back, as well as provide financial security for their family. The plan will enable clients to maximize savings for milestones and achieve financial goals, as well as generate dynamic returns, which has proven crucial in today’s landscape.”