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About Promise4Growth
In this policy the investment risk in investment portfolio will be borne by the policyholder
UIN: 136L089V01
Canara HSBC Life Insurance Promise4Growth- A Unit Linked Individual Savings Life Insurance Plan which can be customized as per your goals and changing requirements. With an unmatched combination of Portfolio Management Options and flexibilities, this plan gives you complete control over your savings and insurance needs.
Plan Options
A simple option that provides life coverage during the Policy Term and the accumulated fund value of your savings at maturity.
Option that provides life coverage and ensures that your savings contributions are made even in your absence by means of ‘Premium Funding Benefit’, where all future premiums get funded by the Company, thus ensuring a secure future for your dependents.
Option that will cover you till you turn 100 years of age! And also allows you to leave a legacy for your loved ones.
Why Buy
KEY HIGHLIGHTS OF CANARA HSBC LIFE INSURANCE Promise4Growth
- Life Cover: Keep your loved ones financially safe, throughout the policy term.
- Three Plan Options to choose from: Choose from 3 plan options i.e. ‘Promise4Wealth’, ‘Promise4Care’ or ‘Promise4Life’ basis your life stage needs
- Low Charges: Maximize your savings opportunity. Only Fund Management Charges and Risk Charges^ levied on your Policy
- Return of Mortality Charges (RoMC): Mortality Charges deducted during the Policy Term will be added to the Fund Value at maturity
- Premium Funding Benefit :To ensure your targeted savings contributions are made even in your absence
- Multiple Funds: Option to choose from a bouquet of 9 funds
- Multiple Portfolio Management Options: Optimize returns from the Policy as per your investment preference
- Increased Flexibilities: Flexibility of choosing to pay for entire Policy tenure or for limited years, altering your premium payment term and policy term
- Additionally available through the Online Channel
- Avail Tax benefits: You may avail tax benefits on premium paid and benefits received as per prevailing tax laws under Income Tax Act, 1961, as amended from time to time
Risk Charges include Mortality Charges & Premium Funding Benefit (PFB) charges. PFB charges are applicable only under Promise4Care option.
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- Benefits
- Portfolio Management Options
- Choice of Funds
- Enhanced Flexibilities
- Plan at a Glance
Death Benefit
| Plan Option | For In-Force Policy |
|---|---|
| Promise4Wealth and Promise4Life | Higher of:
|
| Promise4Care2 | Higher of the following will be payable as a lump sum:
Premium Funding Benefit2 will also become payable. All the charges, except Mortality charges & Premium Funding Benefit charges, shall continue to be deducted from the unit account until maturity of the Policy. At maturity, Fund Value is payable as a lumpsum or as per Settlement Option chosen by the Policyholder before death. Please note that Sum Assured payable on death under this cover option is not reduced by the withdrawals made prior to the death of the Life Assured. |
- Withdrawals here include partial withdrawals as well as withdrawals done under ‘Systematic Withdrawal Option’ and ‘Milestone Withdrawal Option’.
- Under Promise4Care, after the death of Life Assured, the Claimant will have limited rights only to the extent of making requests for change of address and contact details and receiving the Maturity Benefit under the Policy in the manner as opted by the Policyholder. The Claimant will not be able to alter or opt out of any fund related options (Systematic Withdrawal Option, Milestone Withdrawal Option, Premium Redirection, Switching, Partial withdrawal, Systematic Transfer Option, Return Protector Option, Auto Fund Rebalancing, Safety Switch Option, Settlement Option, Surrender etc.) as chosen by the Policyholder before his / her death.
Maturity Benefit
On Maturity of the Policy, following benefits are payable under the Plan Options:
- Promise4Wealth and Promise4Life options: In case the Life Assured survives till the maturity of the Policy, Fund Value as on the date of maturity is payable and the Policy will terminate upon payment of such benefit.
- Promise4Care option: Fund Value as on the date of maturity is payable to the Life Assured, if the Life Assured is alive or to the Claimant, if the Life Assured is not alive.
You also have the option to receive Maturity Benefit as a structured payout using Settlement Option under Promise4Wealth Option and Promise4Care option.
Additions in the fund
- Loyalty Additions from end of 5th Policy Year from the date of commencement and every 5th Policy Year thereafter i.e. 10th, 15th 20th Policy Year etc. till end of Premium Paying Term.
- Wealth Boosters at end of 10th Policy Year from the date of commencement and every 5th Policy Year i.e. 15th, 20th Policy year etc. thereafter till end of Policy Term
- Mortality Charges deducted during the Policy Term will be added to the Fund Value at maturity
Portfolio Management Options
1.Systematic Transfer Option (STO)
Reduces risks associated with lumpsum investing by investing in the equity market in a systematic manner. Entire Premium will be invested in the Liquid Fund and then systematically transferred on a monthly basis into an Equity Fund.
2. Return Protector Option (RPO)
Protects investment gains from future market volatility. Automatic transfer of investment gains from Equity Fund to Debt Fund.
3. Auto Funds Rebalancing (AFR)
Helps in maintaining investments in a specific proportion across different Unit Linked Funds, irrespective of market movements. After every 3 months, the investments are automatically rebalanced in in various Unit Linked Funds to the allocation proportions chosen by you.
4. Safety Switch Option (SSO)
The funds are systematically moved to a relatively low risk Liquid Fund in the last four policy years to avoid market movements and safeguard the funds near policy maturity
Choose from a range of 9 Unit Linked Funds to cater to your investment needs. You can choose to allocate your Premiums to any, all or a combination of the Unit Linked Funds as per your risk preference.
- Emerging Leaders Equity Fund
- India Multi-Cap Equity Fund
- Midcap Momentum Growth Index Fund
- Equity II Fund
- Growth Plus Fund
- Balanced Plus Fund
- Large Cap Advantage Fund
- Debt Fund
- Liquid Fund
Enhanced Flexibilities
1. Milestone Withdrawal Option (MWO)
MWO is a systematic partial withdrawal facility. In this option, at the end of the 10th Policy Year and every 5th year thereafter (excluding the milestone coinciding with the Policy maturity date), 20% of the available fund value on the date of payment will be given to the Policyholder subject to Life Assured attaining 18 years of age as on the date of the payout.
2. Partial Withdrawals
This product allows the Policyholder to make partial withdrawals from 6th policy year onwards free of charge provided all due Premiums for first 5 policy years have been paid and the Life Assured has attained the age of 18 years.
3. Systematic Withdrawal Option (SWO)
SWO is a systematic partial withdrawal facility. Under this option, a pre-decided percentage of the fund value will be withdrawn and paid to the Policyholder at a chosen frequency for the remainder of the Policy Term.
4. Change in Premium Payment Term
Flexibility to change your Premium Payment Term to align it with your changing financial situation.
5. Option to Increase Policy Term
Flexibility to change your Policy Term to align it with your changing horizon.
6. Settlement Option
Option to receive your maturity benefit through Settlement Option in installments as per the frequency chosen, over a maximum period of 5 years.
7. Premium Redirection
This facility allows the Policyholder to modify the allocation of future premiums into the Unit Linked Funds in a different investment pattern from the option exercised previously by the Policyholder.
8. Switching
Switching allows the Policyholder to change the investment pattern during the Policy Term / Settlement Period by moving amounts invested in one fund to other fund(s) that are offered under this product.
9. Change in Premium Payment Mode
The Policyholder can change the premium payment mode by submitting a written request to the Company anytime during the PPT.
10. Option to Reduce Premium
You can choose to reduce your premium basis your financial needs.
| Eligibility Conditions | Promise4Wealth | Plan Options Promise4Care | Promise4Life |
|---|---|---|---|
| Entry Age1 | 0 – 65 years | 18 – 50 years | 18 – 65 years |
| Maturity Age | 18 – 80 years | 28 – 80 years | Up till age 100 years |
| Policy Term (in Years) | 10 - 30 years | 10 - 30 years | 100 minus Age at entry |
| Premium Paying Term (PPT) | Limited Pay: 5 to PT-1 years Regular Pay: Same as PT | Limited Pay: 10 to PT-1 years Regular Pay: Same as PT | |
| Sum Assured | 10 X Annualized Premium2 | ||
| Annualized Premium2 | ₹ 12,000 – No Limit | ||
| Premium Payment Mode3 | Annual, Semi- Annual, Quarterly and Monthly | ||
Note:
- The definition of age used is age as on last birthday. The entry ages given above are only applicable for policies issued with standard mortality rates.
- Annualized Premium is the sum of total due Premium(s) in a Policy Year during Premium Payment Term that is selected by the Policyholder.
- You may change your Premium Payment Mode anytime during the Policy Term by submitting a written request at least 60 days prior to the next Policy Anniversary. The change in Premium payment mode will be effective only on the next Policy Anniversary. Change in Premium Payment Mode is not allowed post the death of Life Assured under Promise4Care plan option. The Company may accept first 3 month’s premiums in advance at Policy inception for monthly payment policies. Collection of advance Premium shall be allowed within the same financial year for the Premium due in that financial year. However, where the Premium due in a financial year is being collected in previous financial year, the Premium may be collected for a maximum period of three months in advance of the due date of the Premium. The Premium so collected in advance shall only be adjusted on the due date of the Premium. Such advance Premium, if any, paid by the Policyholder shall not carry any interest.