Page 51 - The Insurance Times November 2024

NEW PRODUCTS

New Product

Launches

Canara HSBC Life Insurance unveils new death and any bonuses, or 105% of premiums paid.
Upon reaching the end of the policy term, the
plan combining life protection and policyholder will receive the Guaranteed Sum Assured
wealth creation along with any accrued bonuses.
Canara HSBC Life Insurance has announced the launch of Income4Future provides a dependable income stream
‘Promise4Future’ – is a non-linked, participating plan that and a lump-sum payment to address the policyholder's
provides policyholders with a combination of life protection interim financial needs. Upon reaching the end of the
and savings. policy term, the policyholder will receive a lump-sum
The new offering combines the dual benefit of long-term payout, guaranteed income, and cash bonuses, ensuring
protection and the opportunity to benefit from the returns financial security for the future. If the policyholder
generated in the participating fund of the company, Canara passes away, the nominee will receive the sum assured
HSBC Life Insurance said in a statement. on maturity along with any bonuses.
The recent survey conducted by Canara HSBC Life Insurance The product also provides various valuable benefits such
revealed that over half of Indian consumers place a high as flexible premium payment options, high premium
priority on savings and ensuring the financial security of their boosters, and the choice to make partial or full
family when selecting a life insurance plan. In line with the withdrawals under the deferred survival benefit feature.
evolving preferences of today's consumers, Promise4Future In the event of death or policy maturity, annual bonuses
has been designed to empower policyholders to build a will be issued, with the possibility of a terminal bonus
strong savings fund while also providing long-term protection
to increase the policy's overall value.
for their loved ones.
Additionally, Promise4Future offers policyholders the
Top points of Promise4Future opportunity to reinstate lapsed or paid-up policies within
Canara HSBC Life Insurance Promise4Future is a Unit five years of the first missed premium payment, pending
Linked Individual Savings Life Insurance Plan that offers underwriting approval.
customization based on your specific goals and evolving
needs. Rishi Mathur, Chief Distribution Officer – Alternate Channels
and Chief Marketing Officer, Canara HSBC Life Insurance
With a unique blend of Portfolio Management Options said, “Customers today seek a blend of protection and
and flexible features, this plan empowers you to wealth-creation solutions to create a solid savings
effectively manage your savings and insurance foundation while keeping a sharp eye on securing their
requirements. future. At Canara HSBC Life Insurance, we design products
There are two variants: Savings4Future and leveraging the keen insights from customer research such
Income4Future as our recent customer survey.”
Savings4Future offers policyholders the opportunity to “We recognise the need for offerings that provide both
grow their savings while maintaining protection at all financial security and some degree of upside beyond
life stages. In the unfortunate event of death, the guaranteed returns. With the introduction of
nominee will receive the higher of the sum assured on Promise4Future, we are addressing these expectations

The Insurance Times November 2024 45