Canara HSBC Oriental Bank of Commerce Life Insurance has rolled ‘Guaranteed Income4Life’ plan to ensure life insurance coverage and financial protection for the family of policyholders. The new plan would ensure guaranteed benefits and income for life, the insurer said.
Guaranteed Income4Life plan is a non-linked, non-par individual life insurance savings cum protection plan which not only offers an individual the opportunity to secure his/her life but also allows one to have regular income to take care of both long-term and short-term financial goals.
The insurance company said that Guaranteed Income4Life plan can be customised as per the policy holder’s needs, in terms of premium payments or income, and individual’s life stage.
Under the Guaranteed Income4Life plan, the policyholder will get features like lifelong protection, back-up for fulfilling child’s education needs, preparing for early retirement or providing extra income to make sure every promise is fulfilled.
Guaranteed Income4Life plan offers three options: Guaranteed income for up to 10 years; Guaranteed Long-term income for 15 to 20 years and Guaranteed Life-Long income up to the age of 99 years.
The three plan options provide various assured loyalty additions alongside other guaranteed benefits.
Protection: Ensure financial protection for your family in case of eventuality
Guaranteed Benefits: All the policy benefits are upfront guaranteed at start of the policy
Income Payouts: Maturity proceeds are paid in form of Regular Income to take care of the recurring expenses
Income to safeguard your child’s future: With Premium Protection Cover Option, in case of an eventuality, further premiums are waived and income will be paid as planned
Flexibility in plan: Regular Income can be annual/ semi-annual/ quarterly/ monthly – the way you want. In case required, take the discounted value of your future Regular Income at any time
Tax Benefits: As per applicable laws
Commenting on the guaranteed income plan, Anuj Mathur, MD & CEO, Canara HSBC OBC Life Insurance said: “We have come up with a new product- Guaranteed Income4Life, in this New Year. We believe this plan will be lauded by the customers and help them meet their financial goals with ease when interest rates on other financial instruments are bare minimum at the moment.”