Canara HSBC Oriental Bank of Commerce Life Insurance has launched its new insurance plan – Flexi Edge – an unlinked participating individual savings life insurance plan that allows customers to prioritize their long-term savings.
Flexi Edge meets growing customer needs, from savings to unexpected or recurring revenue and expenses; in addition to providing life cover to the policyholder in the event of an unfortunate death, according to a statement from Canara HSBC OBC Life Insurance.
The plan offers customers the flexibility to choose from three options based on their individual needs:
1. Flexi Savings is a basic savings structure to meet the diverse needs of the client and provides a lump sum benefit equal to 100% of the sum insured, loyalty add-ons and accrued bonuses at the end of the policy term . Once the insurance plan is coupled with Premium Protection Benefit, it becomes an ideal investment to take care of the child’s education and other needs even in the absence of the parents.
2. Flexi Income is the income variant of the plan to help support the income needs and growing expenses of the policyholder. The policy provides a lump sum benefit equal to 50% of the sum insured at the end of the premium payment period in addition to guaranteed income and a cash bonus each year after the end of the premium payment period until the end of the policy term. The policyholder is furthermore entitled to lump sum benefits equal to 100% of the sum insured and accrued bonuses at the end of the policy term.
3. Flexi Care is a whole life plan to take care of finances during the golden years of one’s life. The plan provides a cash premium each year from the end of the 2nd policy year until the end of the policy term (100 years at entry) as well as lump sum benefits equal to the guaranteed additions accrued to the policy term. milestone age. In addition, the policyholder will receive a lump sum benefit equal to 100% of the sum insured and premiums at the end of the policy term.
Anuj Mathur, MD and CEO, Canara HSBC Oriental Bank of Commerce Life Insurance Company said, “Our mission has always been to empower people by leveraging unique insurance plans and products to lead customers to a financially secure future. sure. With the Flexi Edge plan, we want to create a feature-rich product that delivers competitive returns to our customers. The product is designed to provide long-term coverage and several additional options depending on the suitability and flexibility required by the insured. We are confident that with Flexi Edge we will be able to offer our customers more revenue, savings and care.”
The Flexi Edge plan will also provide policyholders with benefits such as:
• Premium protection benefit – Waiver of future premiums upon death of the insured
• Deferred Survivor Benefit Facility – A unique Deferred Survivor Benefit Facility allows the client to deposit survivor benefits with the company under the Flexi Income and Flexi Care plan option. The benefit will increase at a guaranteed rate agreed upon at the time of policy purchase, according to the press release.
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