Canara HSBC Life Insurance on Monday launched the Guaranteed Assured INcome (GAIN), a non-linked and non-participating life insurance cum savings plan designed to provide financial security with a tailor-made coverage period to customers, it said in a press release.
The insurer said GAIN is a guaranteed regular income stream that empowers individuals to secure their long-term savings and achieve goals. The plan comes with three flexible income options, allowing customers to “select a period that aligns best with their financial goals”.
The release said GAIN ensures policyholders maintain a stable financial condition. Customers opting for GAIN have the flexibility to choose an income period from 5 to 39 years based on their requirements. As such, it caters to various budgets with a flexible premium payment term.
Commenting on the launch of the product, Mr. Akshay Dhand, Appointed Actuary, Canara HSBC Life Insurance says, “Canara HSBC Life Insurance is proud to launch "Guaranteed Assured INcome - GAIN", the name itself affirms that a customer while opting for the policy stands assured of the guaranteed returns basis their purchase and desired requirements. The life insurance plan is thoroughly designed to provide families with unmatched financial stability and security in a longer run. GAIN offers guaranteed regular income stream with the flexibility to get the premiums back at the end of policy term.”
GAIN has three distinct plans to meet customer requirements. The short-term and long-term income options provide parallel income and a lump sum at maturity. The early income option offers immediate income with a final benefit equal to 100 per cent of total premiums.
The plan provides life insurance for financial stability, an alternate savings source to secure goals, and a guaranteed regular income with premium return flexibility.
Of late, the life insurance industry has upped its game to drive more value for customers in the backdrop of several changes in tax rules for investments. Life insurance products get a deduction of up to Rs 1.5 lakh in the old tax regime under section 80C of the Income-tax Act, 1961. However, insurance products may have come under pressure after the government introduced the new tax regime with reduced tax rates and zero benefits, such as the ones under 80C.