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Canara HSBC Life Insurance Introduces Promise4Growth Plan

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Promise4Growth Canara HSBC Life Insurance ULIP PlanOn May 6 2024, Canara HSBC Life Insurance Company Limited introduced Promise4Growth, a new Unit Linked Insurance Plan (ULIP), designed for customers embarking on a journey towards financial prosperity and security.

About Promise4Growth:

i.The product offers 3 plan options: Promise4Wealth, Promise4Care, and Promise4Life, each aligned with different savings goals and life stages.

ii.Under this, the policy holder 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.

iii.This also offers option to choose from a bouquet of 9 Unit Linked Funds.

Key Points

i.Promise4Growth provides unparalleled flexibility and offers a wide range of investment options, including a new fund called the ‘’Midcap Momentum Growth Index Fund’’and substantial growth prospects for the individuals.

ii.It enables the clients to navigate different economic cycles and milestones by offering them the flexibility to choose from a variety of funds and smoothly switch between them, thereby  allowing clients to chart their own course for financial prosperity.

ICICI Prudential Life Insurance Launches its First ICICI Pru Platinum Plan

On May 6 2024, ICICI Prudential Life Insurance Company Limited, a leading private insurer in India, launched its first new ULIP called ICICI Pru Platinum.

  • This aims to bridge the gap between the interests of distributors and policyholders by aligning distributor commissions with the customer’s fund value.
  • The distributor commissions are linked to their customers’ Assets under Management (AUM).

About ICICI Pru Platinum:

i.It offers customers a choice of four portfolio methods in addition to a variety of 21 funds, 13 of which are equity funds and four of which are debt and balanced.

ii.In addition, the plan offers four portfolio options for those who prefer a pre-defined asset allocation

iii.The plan offer choice to choose between two life cover variants:

  • Growth Plus variant entitles the nominee to receive either the sum assured or the fund value, whichever is higher.
  • Protect Plus variant offers the nominee both the sum assured and the fund value.

iv.For FY2024, the plan has a claim settlement ratio of 99.2%, with an average turnaround time of just 1.3 days.

About Canara HSBC Life Insurance Company Limited  
Canara HSBC life Insurance is a joint venture promoted by Canara Bank (51%) and HSBC Insurance (Asia Pacific) Holdings Limited (26%). Punjab National Bank (PNB) also holds 23% as an investor.
Managing Director (MD) and Chief Executive Officer (CEO) – Anuj Mathur
Headquarters – Gurugram, Haryana
Established in 2008

About ICICI Prudential Life Insurance Company Limited:
Managing Director and Chief Executive Officer (MD & CEO) – Anup Bagchi
Headquarters – Mumbai, Maharashtra
Established – 2000