In today’s world, the certainty of life and steady source of income cannot be guaranteed. Owing to that, many companies have come up with different schemes and plans to cater the requirement of customers to provide both, the post-retirement income and life insurance cover.
With customers dreaming of a financial plan to secure their future and their family in various adverse situations, there is a definite need for part protection and part investment plan.
Looking at this demand, Canara, HSBC and Oriental Bank of Commerce have come up with such a plan for these customers. This joint venture is between two public sector banks of India – Canara Bank and Oriental Bank which have come together with foreign insurance company HSBC Insurance (Asia Pacific) Holdings Limited.
This new Life Insurance plan provides protection along with individual’s financial needs in future.
This plan helps in creating and building a retirement fund which can be used to offer a steady and constant post-retirement income, as per the company statement.
It has a maximum tenure of 40 years and the minimum sum assured is Rs. 25 Lakhs while maximum sum that is assured is Rs. 10 Crore.
It also provides capital protection by ensuring a minimum guarantee for 101 percent of all the premiums that are paid as the maturity value.
This plan offers value for money investment along with a choice of opting protection plan as per customer’s requirement.
The plan provides numerous benefits to the customer regarding worthy investment plan along with insurance or protection cover.
It also allows the customer to get this cover without going through various hassles and complicated process.
Grievances resolution department is quite efficient which allows the customer with peace of mind in case there is any complication at any stage of this plan.
As mentioned above, the unique features and characteristics of this plan seem like an attractive offering. In case you are looking for steady income source after your retirement and also wish for insurance cover during this period, then this plan is the perfect solution for your requirements and woes.