Canara HSBC Life Insurance has launched a new savings-oriented life insurance policy. Named iSelect Guaranteed Future, it is an individual, non-linked, non-participating, savings and protection life insurance plan.
The product was released over the company’s digital platform. The insurer said in a press statement that the new policy is specifically targeted towards new-age customers who are Internet savvy and prefer the digital platform.
The product comes with multiple benefits of life cover, guaranteed sum assured on maturity, guaranteed income, and guaranteed additions.
The policy comes in multiple options to choose from – iAchieve and Flexi iAchieve, iAssure and Flexi iAssure, and Easy iAchieve.
In the iAchieve and Flexi iAchieve option, one has to pay for a limited period and get a guaranteed sum assured at maturity. The premium payment terms can be either five, seven or 10 years.
In the iAssure and Flexi iAssure plan, one can pay for a limited period, and besides the guaranteed lump sum on maturity, one can also get a guaranteed income after the premium paying term. Under this plan, one can choose the amount of premium, the policy term, the premium payment term, and also the premium protection cover. The premium payment terms can either be five, seven or 10 years.
The maximum entry age for either of these policies is 65 years. The policy terms can be 10 and 15 years for a 5-year premium payment term. They will be 12 and 14 years for a 7-year premium paying term, and 15 and 20 years for a 10-year premium paying term.
The last option comes with a single premium payment term along with guaranteed lump sum on maturity. One can choose the policy term as well as the death cover, which can be 1.25 times or 10 times the single premium chosen at the time of buying the policy. The policy term can be 10, 12, 14, 15 or 20 years. The maximum age for the Easy iAchieve option is 45 years.
The minimum maturity age for all policies is 18 years. The maximum maturity age for the iAchieve option is 65 years, and for others it is 80 years.
The guaranteed sum assured under the iAchieve and iAssure (both regular and flexi) is Rs 2.20 lakh. The guaranteed sum assured for Easy iAchieve is Rs 62,500 and Rs 5 lakh for 1.25 times premium and 10 times single premium, respectively.
That said, the plan option has to be chosen at the time of buying the policy and cannot be altered later.
The insurer said that the new plans will help the buyer of the policy to saving for “future financial requirements and in securing the family future in case of an unfortunate event”.
“The product offers guaranteed benefits with the flexibility to choose plan options, premium amount, premium payment term, policy term and premium payment mode basis on the customer’s saving needs,” the insurer announced in the press statement.
Anuj Mathur, managing director and CEO, Canara HSBC Life Insurance says: “The plan will allow customers to maximise savings for their milestones and achieve financial goals at the given intervals.”
