Canara HSBC Life Insurance launches iSelect Guaranteed Future Plus; features, plan options and other key details

Canara HSBC Life Insurance introduced iSelect Guaranteed Future Plus, a comprehensive plan designed to deliver life insurance and assured benefits, ensuring the safeguarding of goals and providing peace of mind. This plan offers financial security and stability, catering to individuals and their families at various life stages and significant milestones.

The product encompasses a range of crucial features, including a life cover serving as a safety net for the policyholder and their loved ones, ensuring financial security during uncertain periods. With a 100% guarantee of benefits, the plan instills confidence in achieving financial objectives. Furthermore, it empowers policyholders to accumulate a financial reserve for significant milestones like marriage, retirement, and child education, with guaranteed lump-sum benefits at the policy's conclusion. The option to receive the total premiums paid upon maturity adds an extra layer of assurance, guaranteeing a tangible financial return on investment. To enhance protection, the plan offers optional benefits, allowing individuals to customise their coverage based on specific needs and preferences.

Akshay Dhand, Appointed Actuary, Canara HSBC Life Insurance, on the launch of the 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 the long run. The proposition reflects our dedication to offering reliable solutions across various life stages.”

Tailored to meet customers' needs, the plan provides individuals with the flexibility to choose from a range of plan options. The Endowment Option enables policyholders to amass a lumpsum, ensuring financial assistance for goals like marriage, retirement, and education, with guaranteed benefits after the policy term.

On the flip side, the Regular Income Option empowers individuals to create a steady income stream post the premium payment term, catering to daily expenses, and ensuring a guaranteed lumpsum at the policy's conclusion for future goals.

Meanwhile, the Long-Term Income with Return of Premium Option provides the assurance of a guaranteed income over an extended period, addressing day-to-day expenses, offering the added benefit of premium return upon maturity.

For those in immediate need of financial assistance, the Early Income Option guarantees income from the second policy year, effectively addressing liquidity concerns and day-to-day expenses. The choice of the plan option can be made at policy inception, and the benefits may vary based on the selected plan option and premium.

Furthermore, the plan enhances security through two optional benefits. The Payor Premium Protection Cover ensures the waiver of all future premiums if the Payor (i.e., the policyholder) passes away at any time during the policy term. This benefit applies to both the Endowment Option and the Regular Income Option. Additionally, the Accidental Death Benefit provides an extra layer of protection, granting an additional payout equal to the sum assured in the event of accidental death.