Canara HSBC Life Insurance on January 24, 2023 launched a new unit-linked insurance plan (Ulip) with savings option.
Named Wealth Edge, the product offers three different plans depending on an individual’s need and current requirements.
Invest Plus provides life coverage during the policy term as well as accumulated fund value at maturity. Premium Plus handles all financial responsibilities in the absence of the life assured, while the last option, Life Plus, aids retirement planning and provides the life assured with cover till the age of 100 years.
The policy also offers options of single pay and limited pay for all three plans, along with death and maturity benefits.
For Invest Plus, the minimum and maximum entry ages are 0 years and 70 years, respectively. The minimum and maximum maturity ages are 18 years and 80 years, respectively.
For Premium Plus and Life Plus, the minimum entry ages are 18 years, while the maximum entry ages are 50 years and 70 years, respectively. The maturity ages for Premium Plus are minimum 28 and maximum 80 years, while for Life Plus, the maturity age is up to 100 years.
The minimum annual premium is Rs. 1.25 lakh per annum on a yearly mode, and Rs 16,667 on a monthly mode for all the three options. The minimum premium comes to Rs. 75,000 on a half-yearly mode and Rs. 43,750 on a quarterly mode.
According to the insurer, the product has been designed for those who are looking for a fool-proof plan for their financial protection.
“The product recognises the importance of financial goals that an individual may set for his/her various life stages, and will help fulfil them along with providing an added shield of life insurance to protect the life assured and their family against various unforeseen uncertainties,” the insurer said in a press release.
The policy also allows the policyholders to choose from eight diverse investment funds with a facility to access the accumulated wealth according to the individual’s needs with systematic withdrawal option and/or milestone withdrawal option.
Anuj Mathur, managing director and CEO, Canara HSBC Life Insurance says: “Wealth Edge has been designed to help fulfil the life goals of an individual by providing utmost flexibility. The need of the hour was to develop a product that ensures that the customer’s needs are met while at the same time offering them a shield in case of uncertainties, while also securing their financial future. This product will empower one to deliver the promises that they would have made to their near and dear ones.”