Canara HSBC Life Insurance Promise4Growth

Eligibility Criteria for the Canara HSBC Life Insurance Promise4Growth Plan

Here are the eligibility conditions you must meet before applying for the Canara HSBC ULIP plans:

Age is defined as the Age on one's last birthday.

Features of the Canara HSBC Life Insurance Promise4Growth Plan

You can choose from three plan options: Promise4Wealth, Promise4Care, or Promise4Life. Here are the key features included with one of the best investment plans:

• Loyalty Additions: Fund value-based additions credited at the end of every 5th policy year, starting from the 5th year, subject to premiums being paid.
• Wealth Boosters: Additional fund value-based boosters credited at defined intervals (from the 10th policy year onwards and every 5th year thereafter), as per policy conditions.
• Return of Mortality Charges (RoMC): The total mortality charges deducted during the policy period are added back to the fund value at maturity, subject to the terms and conditions.
• Premium Funding Benefit: Under Promise4Care, the corporation pays the future premiums if the life insured dies. This keeps the investment running.
• Life Cover for Whole Policy Term: Your family will be financially safe during the time the policy is in effect. Promise4Life can cover you until you become 100.
• 10 Unit Linked Fund Options: You can choose from a variety of equity, debt, balanced, and index-based funds with different levels of risk, depending on how much risk you're willing to take.

Benefits of the Canara HSBC Life Insurance Promise4Growth Plan

The following are the benefits and perks of Canara HSBC Life Insurance Promise4Growth Plan:

1. Death Benefit

   The death benefit depends on the plan option selected.

   Promise4Wealth / Promise4Life (In-Force Policy) Higher of:

   • Sum Assured (adjusted for withdrawals in preceding 2 years), or
   • Fund Value as on the date of death intimation, or
   • 105% of total premiums paid

   Promise4Care Higher of:

   • Sum Assured, or
   • 105% of total premiums paid

   Additionally, under Promise4Care, the Premium Funding Benefit applies, where the company funds future premiums until the end of the premium payment term. Moreover, upon payment of the death benefit, the policy terminates.

2. Maturity Benefit

   If the life assured survives till maturity:

   • Promise4Wealth and Promise4Life: Fund Value is payable.
   • Promise4Care: Fund Value is payable to the life assured (if alive) or nominee.

   You may opt for a settlement option under Promise4Wealth and Promise4Care.

3. Additions To Fund

   The plan provides structured additions:

   • Loyalty Additions at the end of every 5th policy year during PPT
   • Wealth Boosters at milestone years
   • Return of Mortality Charges added at maturity (if policy is in force and all due premiums are paid)

Riders Under the Canara HSBC Life Insurance Promise4Growth Plan

Riders such as the Critical Illness Rider may be attached, subject to underwriting and policy conditions. Rider premiums are over and above the base premium and must comply with regulatory limits.

Policy Details of the Canara HSBC Life Insurance Promise4Growth Plan

Here are the important policy provisions you should understand before investing:

1. Grace Period

   • 30 days for Annual, Semi-Annual, and Quarterly modes.
   • 15 days for the Monthly mode.

   Risk cover continues during the grace period.

2. Revival

   The policy can be revived within 3 consecutive years from the first unpaid premium date.

   

3. Free Look Period

   You have 30 days from receipt of the policy document to review the terms. If not satisfied, you may cancel and receive a refund as per policy provisions.

4. Surrender

   There is a 5-year lock-in term that everyone must follow. The fund value goes to the Discontinued Policy Fund if you give it up during lock-in, and you can get it back once the lock-in period ends.

5. Fund Switching

   You can switch between funds according to the regulations and the portfolio management strategy you choose.

Exclusions Under the Canara HSBC Life Insurance Promise4Growth Plan

1. Suicide Clause

   If death occurs due to suicide within 12 months from commencement or revival, only the Fund Value as on the date of death intimation is payable. The policy terminates thereafter.

2. Total Permanent Disability

   Not covered under the base plan unless added via a rider.