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Overview
Promise2Protect by Canara HSBC Life Insurance is a pure protection plan offering policyholders two plan options: Life Secure and Life Secure with Return of Premium. This plan financially safeguards your loved ones in case of your unfortunate demise during the policy tenure. You can cover yourself and your spouse under the same plan with the spouse coverage option. With two coverage options—level cover and increasing cover—this plan is an ideal choice for anyone seeking a comprehensive term plan.
Key Benefits of Canara HSBC Promise2Protect
- Special Exit Value
- Return of Premium Option
- Choice of Death Benefits
- Spouse Coverage Option
- Option to Increase Sum Assured
- Two Plan Options to Choose From
How Canara HSBC Promise2Protect Operates
Canara HSBC Promise2Protect operates as follows:
- Choose between return of premium and pure protection options.
- Select sum assured based on family needs, loans, or education goals.
- Pick a term that matches your earning years.
- Pay premiums monthly, quarterly, or annually.
- Opt for payout as monthly income, lump sum, or both.
- Add spouse cover under the same plan.
- Increase coverage at life milestones like childbirth and marriage.
- Receive a complete premium refund if you survive the policy term under the ROP option.
- The nominee receives the sum assured if death occurs during the term.
Features and Benefits
Special Exit Value
The Life Secure plan variant offers policyholders a special exit value if they wish to surrender their policy during the policy tenure.
Choice of Death Benefits
You can choose how your nominee will receive the death benefits: lump sum, income, or both.
Two Coverage Options
This plan allows you to choose from two coverage options: level cover (sum assured remains the same) and increasing cover (sum assured increases).
Policy Revival
Policyholders have the option to revive their lapsed policy within five years of the last unpaid premium.
Guaranteed Death Benefits
The Promise2Protect plan offers guaranteed death benefits to the policyholder's family in case of their unfortunate death during the policy tenure.
Maturity Benefits
The Life Secure with Return of Premium plan option of Promise2Protect returns all paid premiums if the policyholder survives the policy tenure.
Option to Increase Sum Assured
This plan provides policyholders with the option to increase their plan coverage from 10% to 100% of the existing sum assured with the ‘Increasing Coverage’ option.
Spouse Coverage
You can cover yourself and your spouse under the same plan with the ‘Spouse Coverage’ option. The plan offers a rebate on spouse coverage.
Exclusions
Suicide Exclusion
If the policyholder commits suicide within the first 12 months of policy purchase, no death benefits are paid to the family. Instead, the higher of 80% of the premiums paid to date or the surrender value is paid.
Plan Options Available with Canara HSBC Promise2Protect
| Plan Options | Benefits |
|---|---|
| Life Secure | This variant provides applicable death benefits in case of the policyholder's or spouse's death during the policy tenure, after which the policy lapses. No maturity benefits are linked with this plan option. |
| Life Secure with Return of Premium | Under this plan variant, the sum assured will be paid in case of the policyholder's unfortunate death during the policy tenure. If the policyholder survives the policy tenure, they will receive their premiums back. |
