Canara HSBC Life Insurance Promise2Secure

It offers waiver of premium on terminal illness, insta payout on claim intimation of death, premium deferment facility up to 12 months and complimentary health and wellness benefits.

Canara HSBC Life Insurance Promise2Secure Plan Overview

The Promise2Secure term plan offered by Canara HSBC Life Insurance Company covers the self and spouse under a single policy, with a choice between Level Cover and Increasing Cover. It comes with an in-built waiver of premium on terminal illness, a Block Your Premium option to lock the premium rate and raise cover later without fresh underwriting, and optional covers for accidental death, disability, critical illness, and child care.

Under the Life Secure with Return of Premium option, the total premiums paid are returned on survival till maturity, while the Life Secure option focuses purely on life cover. Both options also include a complimentary online will-preparation service and health and wellness benefits, such as teleconsultations, diagnostic discounts, and fitness subscriptions.

What are the Key Features of Canara HSBC Life Insurance Promise2Secure?

• Two plan options to choose from: Life Secure and Life Secure with Return of Premium

• Option to cover self and spouse (Working or Non-Working) under a single policy

• Choice between Level Cover and Increasing Cover coverage options

• Life Stage Enhancement option to increase sum assured on marriage, birth/legal adoption of child, or purchase of new house (Life Secure option only)

• Increasing Cover option raises sum assured by 10% per annum (simple interest), capped at 100% of original sum assured, with no change in premium

• In-built Waiver of Premium benefit on diagnosis of Terminal Illness, with base policy coverage continuing

• Insta Payout on Claim Intimation of Death, where the higher of ₹1 lakh or 2% of Base Sum Assured is payable within 1 working day of claim registration, after completion of 3 policy years

• Block Your Premium (BYP) option to lock the premium rate at inception and increase cover up to 100% of Base Sum Assured within the first 5 policy years, without additional underwriting

• Premium Deferment facility to defer premium payments for up to 12 months after completion of 5 policy years, without losing life cover

• Optional in-built covers: Accidental Death Benefit (ADB), Accidental Total & Permanent Disability (ATPD), Premium Protection or Premium Protection Plus, Critical Illness (CI) covering 40 specified conditions, and Child Care Benefit (CCB)

• Special Exit Value under Life Secure with Return of Premium option, returning total premiums paid on voluntary surrender after 25 policy years (excluding the last 5 years)

• Return of 100% of total premiums paid as Maturity Benefit under the Life Secure with Return of Premium option, on survival till end of policy term

• Choice of Death Benefit Payout Option at inception: Lump Sum, Monthly Income, or Part Lump Sum + Part Monthly Income

• Complimentary Health & Wellness Benefits including teleconsultations, discounted diagnostics, pharmacy and dental discounts, ambulance service discounts, fitness subscriptions, and chronic disease management

• Free online Will preparation service for legacy planning

• Discounts available for Loyalty (existing customers), Staff, Salaried customers, Corporate policies, Spouse Coverage, and Female lives (3-year age setback)

• Option to change Premium Payment Term from Regular to Limited Pay without any charge

• No policy loan facility is available under this plan

Eligibility Criteria for Canara HSBC Life Insurance Promise2Secure

What are the Plan Variants of Canara HSBC Life Insurance Promise2Secure?

The plan comes with 2 plan options:

Life Secure

Under the Life Secure option, the Sum Assured on Death, as per the coverage option chosen, is paid on the death of the Life Assured or Spouse during the policy term, provided the policy is in-force at the time of death. Both the Life Assured and Spouse can be covered for the full contract term, and the life insurance policy terminates on the death of the last surviving covered member. No maturity benefit is payable on survival till the end of the policy term under this option.

Life Secure with Return of Premium

Under this option, the Sum Assured on Death is paid on the death of the Life Assured during the policy term, after which the policy terminates. If the Life Assured survives until the end of the policy term and the policy is in-force, the Sum Assured on Maturity, equal to 100% of the total premiums payable (excluding underwriting extra premiums, rider premiums, premiums for optional in-built covers, and applicable taxes), is paid as a lump sum, following which the policy terminates.

What are the Benefits of Canara HSBC Life Insurance Promise2Secure?

Death Benefit:

The Sum Assured on Death payable is the highest of the following:

• 11 times the Annualized Premium;

• 105% of Total Premiums Paid up to the date of death (excluding premiums for optional in-built covers);

• or the Sum Assured as applicable per the coverage option chosen.

Death Benefit Payout Options (chosen at inception, cannot be changed later):

• Lump Sum: Entire benefit paid as a one-time lump sum

• Monthly Income: Payable for 60 months; can be level or increasing annually at 5%/10% p.a. (simple interest)

• Part Lump Sum + Part Monthly Income: Split between 25%/75%, 50%/50%, or 75%/25% as chosen; the monthly income portion is payable for 60 months and can be level or increasing at 5%/10% p.a.

Maturity Benefit:

Maturity benefit available under the plan is:

• Life Secure option: No maturity benefit payable

• Life Secure with Return of Premium option: 100% of total premiums paid, payable as a lump sum on survival till the end of the policy term

Waiver of Premium on Terminal Illness:

On diagnosis of Terminal Illness, all future premiums (excluding premiums for ADB, ATPD, CI, and CCB) of the impacted life are waived, while base policy coverage continues. All other optional in-built covers cease upon diagnosis.

Insta Payout on Claim Intimation due to Death:

An accelerated payout equal to the higher of ₹1 lakh or 2% of the Base Sum Assured is paid within one working day of claim intimation, subject to submission of the required documents. This benefit is available after completion of three policy years, provided the Base Sum Assured is at least ₹50 Lakhs. The remaining Death Benefit is paid during final claim settlement.

Premium Deferment:

After completing five policy years and paying all due premiums, the policyholder can defer premium payments for up to 12 months without losing life cover. The deferred premium amount is recovered from any subsequent claim payout.

Special Exit Value:

Available only under Life Secure with Return of Premium option. Total premiums paid (excluding underwriting extra premiums and optional in-built cover premiums) are returned if the policy is surrendered in any policy year after year 25, excluding the last 5 policy years.

Health & Wellness Benefits (complimentary):

Health Management services such as teleconsultations, discounted diagnostics and screenings, pharmacy/pathology/radiology/dental discounts, discounted ambulance services, fitness and wellness subscriptions, medical records repository, personalized health risk assessment, chronic disease management, and personalized diet and nutrition management.

Surrender Value:

For Limited Pay policies, surrender value is available after payment of all due premiums under the chosen Premium Payment Term. No surrender value is payable under Regular Pay policies except as an Unexpired Risk Premium Value or Special Surrender Value/Guaranteed Surrender Value as applicable to the plan option.

What are the Optional In-Built Covers under Canara HSBC Life Insurance Promise2Secure?

• Accidental Death Benefit (ADB): Pays ADB Sum Assured in addition to the Death Benefit on accidental death. Maximum ADB Sum Assured: ₹2 Crore.

• Accidental Total & Permanent Disability (ATPD) – Premium Protection: Waives all future premiums for the affected life on the occurrence of ATPD; other coverages continue.

• ATPD – Premium Protection Plus: Pays a lump sum ATPD Sum Assured immediately and waives future premiums. Maximum ATPD Sum Assured: ₹1 Crore.

• Critical Illness (CI): Lump sum payout on first diagnosis of any of 40 specified critical illnesses, post a 90-day waiting period and 30-day survival period. Maximum CI Sum Assured: ₹50 Lakhs.

• Child Care Benefit (CCB): An additional lump sum is payable if the child is between 0 and 21 years (last birthday) at the time of death of the impacted life. This benefit is available only with the Life Secure option. If not selected at policy inception, it can also be added within one year of the birth or legal adoption of the first child, provided the Life Assured or Working Spouse had no children when the policy was purchased.

• Block Your Premium (BYP): Locks the premium rate at inception for the first 5 policy years, allowing an increase in death benefit cover up to 100% of Sum Assured without fresh underwriting. Available with Life Secure option (Regular Pay, Level Cover) only.

Note: Only one of ATPD or CI can be opted for the same life. CCB and BYP are available only with the Life Secure plan option.

What are the Exclusions under Canara HSBC Life Insurance Promise2Secure?

Death Benefit: There are no exclusions other than the suicide clause. If the Life Assured/Spouse commits suicide within 12 months of policy commencement or revival, the benefit payable is 80% of Total Premiums Paid till the date of death, or the applicable early exit value/surrender value, whichever is higher.

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