Canara HSBC Life Insurance Company Limited has launched ‘Promise4Wealth’, a Unit Linked Insurance Plan (ULIP) designed to combine long-term wealth creation with life insurance protection.
The product aims to provide market-linked returns along with financial security, aligning with evolving customer preferences for investment and protection hybrid products.
‘Promise4Wealth’ ULIP
Key Highlights
- Type: Unit Linked Individual Savings Life Insurance Plan (ULIP)
- Objective: Wealth creation and life cover
- Availability:
- Digital platforms
- Policybazaar
- Licensed intermediaries
Core Features
1. Zero Premium Allocation Charge
- 100% of premium is invested from inception
- No deduction at entry level- enhances returns
2. Charges Benefit
- Mortality Charges & Policy Administration Charges
- Returned at maturity (select options)
- Boosts long-term fund value
3. Investment Options
- Wide range of funds: Debt, Equity, Balanced, Liquid
- Includes passive fund linked to:
- BSE 500 Enhanced Value 50 Index
- Focus: Undervalued but fundamentally strong companies
Plan Variants
1. Maximiser
- Focus: Wealth maximisation
- Benefit:
- Life cover during policy term
- Fund value paid at maturity
2. Shield
- Focus: Protection and continuity of savings
- Key Benefit (Premium Funding): Future premiums paid by company upon death
- Death Benefits:
- Lump sum Sum Assured
- Monthly income (1/12th of annual premium)
- Paid for remaining term (max 120 months)
3. LongLife
- Focus: Legacy planning
- Life cover up to 100 years of age
- Suitable for wealth transfer across generations
Additional Benefits
- Loyalty Additions & Wealth Boosters: Periodically credited to fund value
- Encourages long-term investment discipline
- Suitable for:
- Retirement planning
- Child education planning
- Wealth accumulation
About Canara HSBC Life Insurance
- Established: 2007
- Joint Venture:
- Canara Bank – 36.5%
- HSBC Insurance Asia Pacific Holdings Limited – 25.5%
- Punjab National Bank – 13%
- Remaining: Public shareholders
- Headquarters: Gurugram, Haryana
- Network: 100+ branches (Pan India)