Canara HSBC Life Insurance introduces the “Guaranteed Fortune Plan,” which is a non-linked, non-participating individual savings life insurance plan. The Company’s new offering is also a POS (Point of Sale) Life Insurance policy.
The product provides two plan alternatives with flexibility for consumers to choose from. The first option, Guaranteed Savings Option, is aimed at attaining milestones by giving a lump sum amount if the policy term is exceeded. The Guaranteed Cash Back Option, the second option, offers customers with liquidity in the form of guaranteed cash back at the conclusion of every fifth policy year, with the option to delay this amount and either accumulate it until policy maturity or withdraw it early. A lump sum payment is made at the conclusion of the period in addition to the cash back payouts.
The plan also has a unique feature called CARE Pay Benefit, which is an in-built benefit that pays 100 per cent of total premiums paid up to the date of death (excluding underwriting extra premiums and taxes) upon death notification. This is an accelerated payment that is paid immediately upon notice, with the remainder of the death benefit paid after the claim evaluation is completed.
Commenting on the launch Anuj Mathur, MD and CEO, Canara HSBC Life Insurance says, “This offering will benefit customers who want to save for any life stage/milestone through guaranteed savings/cash-backs, as well as provide financial security for their family. The plan will enable customers to maximise savings for milestones and achieve financial goals, as well as provide dynamic returns, which are proven to be very crucial in today’s scenario. We have been fulfilling our customers promises for more than a decade and strive to be their “Promises ka Partner” by designing insurance products that are innovative and are aligned with their needs.
