Guaranteed Income4Life Plan: Canara HSBC Oriental Bank of Commerce Life Insurance has launched a new plan ‘Guaranteed Income 4 Life’. It is a non-linked, non-cross individual life insurance saving cum protection plan. It helps the insured to meet the financial goals of short term and long term along with life coverage including family. A major feature of this plan is that the insured can choose the option of premium payment or guaranteed income as per his convenience.
Anuj Mathur, MD and CEO of the company says that in view of customer needs and falling interest rates, we have created a flexible plan with end-to-end guaranteed benefits. Lifetime security, education of children, early retirement etc. are covered under this plan. The ‘Guaranteed Income 4 Life’ plan has been specifically designed to cater to the needs of risk-taking investors. This plan also offers maturity benefits with regular guaranteed payouts.
According to income tenure, three options will be available
- Guaranteed Income – Income up to 10 years
- Long Term Income Guarantee – Income for a period of 15 to 20 years.
- Guaranteed Life Time Income – up to the age of 99
In all the three options of the plan, the insurance holder gets a loyalty addition along with guaranteed benefits. In order to meet the protection and financial goals, this plan also offers many other benefits such as loan facility, death benefit, high premium booster and the option of getting the commuted value after maturity. Apart from this, under the Income Tax Act, the insured can also take advantage of tax exemption.
Main benefits of Guaranteed Income4Life
- Protection: Family financial security on accident.
- Guaranteed Benefits: Guarantee all the benefits of the policy at the beginning of the policy.
- Income Payouts: Payment of maturity income in the form of regular income.
- Protection of future of child: In case of an accidental accident, further premiums are waived and will be paid as per the plan.
- Flexibility: Regular income can be yearly, half-yearly, quarterly and monthly. The benefit of the plan can be availed at any time as per the rules.
- Tax exemption: Benefits of tax exemption under the Income Tax Act.