Canara HSBC OBC Life Insurance has announced the launch of their new plan named ‘Invest4G‘ on October 19, 2020. It is a saving plan which can be customized according to the goals and requirement changes of the customer. The Unit-Linked Individual Life Insurance cum savings plan goal is to give multiple savings option and protection cover. This unit is a combination of Portfolio Management Options and flexibilities satisfying the demand of every individual and also provides an opportunity to save for future goals.
The three new options provided under ‘Invest4g’ to the individuals includes: life option, care option and century option. Life option gives financial protection to the family in customer’s unfortunate death. Care option gives life coverage plus premium funding benefit while century option as the name indicates it gives a whole life option available until the policyholder reaches the age of 100.
Some key features of Invest4G:-
• Return on mortality charge: An amount which is equal to the mortality charge is deducted during the policy period and that amount will be added to the fund value at the maturity time.
• Single pay flexibility: In this single payment option is available which includes both 10x cover multiple and 1.25 cover multiple.
• Systematic withdrawal: A fixed percentage ranging from 1% to 12% of the fund value will be given to the policy holder at a selected frequency.
• Reduction in premium: An option is available to reduce the premium up to 50% of the original annual premium. This option is available only after the premium payment for the first five policy years.
i. This plan gives an opportunity to select a range of 8 unit linked funds.
ii. A person can select their premiums to any, full or combination of unit linked funds according to their risk.
iii. An individual can select any one among the four different portfolio management options. The 4 different portfolio management options are Systematic Transfer Option (STO), Return Protector Option (RPO), Auto Funds Rebalancing (AFR) and Safety Switch Option (SSO).
Anuj Mathur, MD & CEO, Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited stated that Canara HSBC Oriental Bank of Commerce Life Insurance has always initiated to bring new policies which will be beneficial and satisfy the needs of the customers. Invest 4G is a product suitable for new aged digital buyers. The company ensures that the customers of this product will cater with their new needs and life goals.”