Canara HSBC Life Insurance has launched “Wealth Edge”, a Unit-Linked Individual Savings Insurance Plan (ULIP). The plan offers customers to choose from eight diverse investment funds with a facility to access the accumulated wealth as per the individual’s needs with a Systematic Withdrawal Option (SWO)/Milestone Withdrawal Option (MWO).
“Wealth Edge has been designed to help fulfil the life goals of an individual by providing utmost flexibility. The need of the hour was to develop a product that ensures that the customer’s needs are met while at the same time offers them a shield in case of uncertainties and secures their financial future. This product will empower one to deliver the promises that they would have made to their near and dear ones,”said Anuj Mathur, MD and CEO, Canara HSBC Life Insurance.
Wealth Edge offers three different plans depending on an individual’s need and current requirements. These plans are:
- Invest Plus provides life coverage during the policy term as well as accumulated fund value at maturity
- Premium Plus handles all financial responsibilities in absence of the life assured
- Life Plus aids retirement planning which will make sure that the life assured remains covered till the age of 100 years.
In a statement, the insurer said that this plan recognizes the importance of life goals and helps customers fulfil them along with the added shield of life insurance to protect them and their families against any uncertainties in the future.
Investment strategy options
Wealth Edge offers the following investment strategies depending on your financial needs and goals:
- Systematic Transfer Option (STO) enables you to systematically invest in the equity market and reduces your risk
- Return Protector Option (RPO) helps you safeguard your returns against market volatility
- Auto Funds Rebalancing Option (AFR) helps you maintain your desired fund allocation and book the potential gains from the market
- Safety Switch Option (SSO) enables an automatic asset allocation based on when you want to achieve your goal
- Loss Protector Strategy (LPS) helps you minimize your losses in case of a market downturn
How it works
Step 1: Choose your Plan Option and Premium Amount. Decide the Plan Option and Premium Amount that you want to save under this product basis your life-stage and financial needs.
Step 2: Choose your Premium Payment Term, Policy Term and the Sum Assured Multiple. You have the flexibility to choose your Premium Payment Term, Premium Payment Mode and Policy Term basis your horizon. In addition to that you also have the flexibility to choose your Sum Assured Multiple basis your protection/insurance needs.
Step 3: Choose your Funds and Portfolio Management Option. You can choose from a range of 8 (eight) different Unit Linked Funds with different risk appetites. Further, you may select one among following 5 different Portiolio Management Options: STO, RPO, AFR, SSO and LPS
(Disclaimer: The above content is for information purposes only and based on the information shared by Canara HSBC Life Insurance. Please read the offer document carefully before applying)