Canara HSBC Oriental Bank of Commerce Life Insurance has introduced a new linked insurance product Secure Bhavishya that is designed to protect and meet an individual’s future financial needs.
Secure Bhavishya is a Unit linked pension plan which will help customers build-up a retirement fund which can be used to provide a steady post retirement income.
This plan offers the benefit of ‘capital protection’, by way of minimum guarantee of 101% of all premiums paid as the maturity value.
Anuj Mathur, Chief Executive Officer, Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited said, The product philosophy we follow is to focus on customer needs and design propositions accordingly.
Our aim is that our ‘proposition to customer’ must be market competitive, for target customer segments, and provide good value for money to our customers.
Keeping this into consideration, we have launched Secure Bhavishya Plan catering end to end retirement planning.
With uncertainties in life increasing post retirement, this product provide steady stream of income lifelong to provide financial security to the customer.
This is a product to build-up a retirement corpus that can be used to provide a steady post retirement income.
Salient features of the Plans are:
Canara HSBC Oriental Bank of Commerce Life Insurance Secure Bhavishya Plan
- Guaranteed Maturity (Vesting) Benefit of 101% of premiums paid (including top-up premiums, if any), provided all due premiums are paid
- Equity allocation to ensure superior returns over a long term
- Very low life cover (105% of premiums paid is the death benefit in the product) to ensure that significant portion of premiums are invested towards building the retirement fund
- Facility of unlimited top-ups depending upon one’s retirement needs
- Option to choose retirement age and premium payment term as per age and life stage
- Flexibility to choose Annual or Monthly premium payment modes
- Loyalty Additions to boost the fund value after every 5 years, starting from 10th policy year