On October 19, 2020 Canara HSBC Oriental Bank of Commerce (OBC) Life Insurance Company Limited launched, ‘Invest 4G’ a Unit Linked Individual Life Insurance Savings Plan. It is an individual life insurance savings plan that can be customized according to the individuals’ goals and changing requirements.
- The plan is a product suited for new-age digital buyers.
Points to be Noted
It provides a combination of Portfolio Management Options and flexibilities, giving choice to choose protection that suits each person’s needs and provide an opportunity to save on future goals.
Gist about Invest 4G
Offers 3 options
It offer 3 option to individual namely,
- Life Option– It ensures financial security for a family during the customer’s unfortunate demise
- Care Option– It offers life coverage along with Premium Funding Benefit.
- Century Option– It is a full life option available to policyholders up to the age of 100.
i.The plan provides the opportunity to choose from a range of 8 Unit Linked Funds.
ii.An individual can choose to assign their premiums to any, all or a combination of the Unit Linked Funds as per their risk.
iii.Instead of the 8 Unit Linked Funds, an individual can select one among 4 different Portfolio Management Options to manage and build on wealth, namely,
Systematic Transfer Option (STO), Return Protector Option (RPO), Auto Funds Rebalancing (AFR), Safety Switch Option (SSO).
Mortality Charges Deducted will be added to the Fund Value
At the maturity date, an amount equal to the total of all the Mortality Charges that was deducted during the Policy Term (excluding charges due to extra mortality risk) will be added to the Fund Value.
Single Premium Payment Option
The Single Premium Payment Option can be added that includes both 10x cover multiple and 1.25x cover multiple.
The policyholder will be paid a pre-decided percentage that ranges from 1% to 12% of the Fund Value, at a chosen frequency for the remainder of the Policy Term.
Premium can be reduced- with conditions
There is an option to minimise the premium up to 50% of the original Annualized Premium, if the premiums are paid for the 1st 5 policy years.
Recent Related News:
Canara HSBC Oriental Bank of Commerce(OBC) Life Insurance Company Limited(Canara HSBC OBC Life Insurance)and Andhra Pragathi Grameena Bank (APGB) have entered into a strategic tie up virtually. The distribution tie up is to sell life insurance, health and pension products at all the branches of APGB. It is the 1st virtual launch of Canara HSBC OBC Life Insurance tie up with APGB.
About Canara HSBC OBC Life Insurance Company Limited:
MD & CEO- Anuj Mathur
Head Office– Gurugram, Haryana