Income guaranteed for life! Canara HSBC Oriental Bank of Commerce Life Insurance launches new plan

by Joseph K. Clark

Canara HSBC Oriental Bank of Commerce Life Insurance has rolled the ‘Guaranteed Income4Life’ plan to ensure life insurance coverage and financial protection for the family of policyholders. The new program would provide 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 that offers an individual the opportunity to secure their life and allows one to have regular income to take care of both long-term and short-term financial goals.

Income guaranteed

The insurance company said that the Guaranteed Income4Life plan can be customized according to the policy holder’s needs regarding premium payments or income an individual’s life stage.

Under the Guaranteed Income4Life plan, the policyholder will get features like lifelong protection, back-up for fulfilling a child’s education needs, preparing for early retirement, or providing extra income to ensure 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 99 years. The three plan options provide various assured loyalty additions alongside other guaranteed benefits.

Key benefits

  • Protection: Ensure financial security for your family in case of an eventuality
  • Guaranteed Benefits: All the policy benefits are upfront guaranteed at the start of the policy
  • Income Payouts: Maturity proceeds are paid in the 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 payment 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.”

Do you know What it is? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also, get Live BSE/NSE Stock Prices, the latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

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