Canara HSBC Life Insurance, has announced the launch of 'Promise4Future,' a non-linked participating individual life insurance savings cum protection plan designed to offer policyholders a unique combination of life protection and savings.

This innovative offering combines the dual benefit of long-term protection and the opportunity to benefit from the returns generated in the participating fund of the company.

Promise4Future will enable policyholders with an opportunity to create a robust savings corpus while ensuring a long-term protection cover for their loved ones.

The plan is being offered in two variants:

Savings4Future: this option will enable the policyholder to grow their savings while staying protected at every stage of life. In case of death, the nominee will receive the higher of the sum assured on death and bonuses (if any) or 105% of premiums paid. At the end of the policy term, the policyholder will be entitled to Guaranteed Sum Assured plus bonuses.

Income4Future: this option will enable a steady income stream, and a lump-sum benefit to meet interim financial needs of the policyholder. At the end of the policy term, the policyholder will receive a lump-sum payout, guaranteed income, and cash bonuses, ensuring financial security for the future. In the event of the demise of the policyholder, the nominee will be entitled to the sum assured on maturity and bonuses.

This product further offers a range of valuable benefits, including flexible premium payments, high-premium boosters, and the option for partial or full withdrawals under deferred survival benefit. Annual bonuses on death or maturity, terminal bonus to further enhance the policy's value at maturity.

Moreover, Promise4Future includes an option for policyholders to revive their lapsed or paid-up policies, within five years of the first unpaid premium, subject to underwriting approval.

This product will be made available through the multiple distribution channels of Canara HSBC Life Insurance, ensuring wide accessibility and convenience for policyholders.

Rishi Mathur, Chief Distribution and Marketing Officer, Canara HSBC Life Insurance, said, " At Canara HSBC Life Insurance, we design products leveraging the keen insights from customer research such as our recent customer survey. We recognize the need for offerings that provide both financial security and some degree of upside beyond guaranteed returns. With the introduction of Promise4Future, we are addressing these expectations through a product that combines life-stage protection with opportunities for income generation and eventual wealth creation for our policyholders. This plan empowers policyholders with the options and relevant tools to navigate their financial journeys confidently."