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Canara HSBC Life Insurance launches iSelect Guaranteed Future Plus

Published in Banking & Finance Tuesday, 30 January 2024 14:59


A Non-Linked Non-Participating Individual Savings Life Insurance Plan


New Delhi : Canara HSBC Life Insurance has launched iSelect Guaranteed Future Plus, a plan that provides with life insurance and guaranteed benefits to secure goals and offers peace of mind. The plan provides financial security and stability to individuals and their families for different life stages and milestones.


The product comes with a host of key features; it provides a life cover that acts as a safety net for the policyholder and their loved ones, offering financial security in uncertain times. With 100% guaranteed benefits, the plan assures certainty in achieving financial goals. Additionally, the plan allows policyholders to build a financial corpus for eventful milestones such as marriage, retirement and child education through guaranteed lump-sum benefits at the end of the policy term. The option to receive the total premiums paid at maturity further provides and edge, ensuring a tangible financial return on investment. For enhanced protection, the plan offers optional benefits, allowing individuals to tailor their coverage according to specific needs and preferences.


Mr. Akshay Dhand, Appointed Actuary, Canara HSBC Life Insurance on the launch of new product says, “We are delighted to announce “iSelect Guaranteed Future Plus”, it aims to provide unparallel financial stability to the individuals who are looking for guaranteed returns from their self tailored insurance policy. Customized to meet specific insurance needs, the plan offers guaranteed benefits and flexible alternatives for effectively managing expenses in a longer run. The proposition reflects our dedication to offering reliable solutions across various life stages."


Basis the need of the customers, the plan offers flexibility to individuals to opt from various plan options offered. The Endowment Option allows policyholders to accumulate a lump sum, ensuring financial support for goals such as marriage, retirement, and education with guaranteed benefits at the conclusion of the policy term. 


Alternatively, the Regular Income Option enables individuals to establish a consistent income stream after the premium payment term, covering day-to-day expenses and a guaranteed lump sum at the end of policy term for future goals. 


The Long-Term Income with Return of Premium Option offers the security of guaranteed income over an extended period, managing day-to-day expenses, and providing the additional benefit of return of premiums at maturity. 


For those seeking immediate financial support, the Early Income Option ensures guaranteed income from the second policy year, addressing liquidity concerns and day-to-day expenses effectively. The plan option can be chosen at Policy inception and the benefits can vary depending on the plan option and premium chosen.


The plan offers additional security through two optional benefits; The Payor Premium Protection Cover ensures that all future premiums are waived off if the Payor (i.e. the Policyholder) passes away at any time during the policy term. This benefit is available with the Endowment Option and Regular Income Option. Additionally, the Accidental Death Benefit provides an extra layer of protection, offering an additional payout equal to the sum assured in case of an accidental death. 



About Canara HSBC Life Insurance:   


Established in 2008, Canara HSBC Life Insurance Company Limited is a joint venture promoted by Canara Bank (51 per cent) and HSBC Insurance (Asia Pacific) Holdings Limited (26 per cent). Punjab National Bank is also a shareholder of the Company, holding 23% as an investor. One of the major bancassurance led insurance company with its head office at Gurugram, Harayana and more than 100 branch officer pan India brings together the trust and market knowledge of public and private bank. 



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