Canara HSBC Term Insurance
Promise2Protect by Canara HSBC Life Insurance is a pure protection pla ...Read More
A quick read on what this Canara HSBC Term Insurance term plan covers and why it might be a fit for you.
Promise2Protect by Canara HSBC Life Insurance is a pure protection plan that offers policyholders to choose from two plan options: Life Secure and Life Secure with Return of Premium. This plan safeguards your loved ones financially in case of your unfortunate demise during the policy tenure. You have the option to cover you 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 looking for a comprehensive term plan.
Canara HSBC Promise2Protect offers a range of benefits including:
A quick honest summary — the strengths and the trade-offs.
Eligibility criteria pulled straight from the policy wording.
Let's understand how the Canara HSBC Promise2Protect Plan works with a simple premium illustration.
Mr Patel is looking for a term plan that offers comprehensive coverage to his loved ones along with an option to avail of a special exit value on policy surrender.
He booked a free appointment with one of PolicyX’s expert insurance advisors. The expert suggested buying the Canara HSBC Promise 2 Protect plan.
Mr Patel bought the Promise2Protect plan from PolicyX.com. Let’s understand how this plan works for him.
| Plan Option | Age of Policyholder | Annual Premiums | Policy Tenure | Premium Payment Term | Total Premiums Paid | Sum Assured |
| Life Secure | 30 years | Rs 28,162 | 40 years | 10 years | Rs 2,81,620 | Rs 1 crore |
| Life Secure with Return of Premium | Rs 36,995 | Rs 3,69,950 |
Key Takeaways:
(i) Life Secure: In case of Mr Patel’s demise during the policy tenure, his family would receive benefits worth Rs 1 crore and his policy would lapse. If he survives the policy tenure the policy would lapse on maturity without paying any benefits.
(ii) Life Secure with Return of Premium: In case of Mr Patel’s demise during the policy tenure, his family would receive benefits worth Rs 1 crore and his policy would lapse. If he survives the policy tenure, all the paid premiums will be returned.
Canara HSBC Promise2Protect operates as follows:
Key features that make Canara HSBC Promise2Protect stand out.
Special Exit Value
Life Secure plan variant offers policyholders with special exit value in case they wish to surrender their policy during the policy tenure.
Choice of Death Benefits
You have the option to choose how your nominee will receive the death benefits. There are three options available- 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
The policyholders have the option to revive their lapsed policy within the first five years of the last unpaid premium.
Promise2Protect plan offers policyholders to choose from two plan options.
| Plan Options | Benefits |
| Life Secure | This variant provides applicable death benefits in case of the policyholder/spouse's death during the policy tenure and the policy will lapse with effect. No maturity benefits are linked with this plan option. |
| Life Secure with Return of Premium | Under this plan variant, the sum assured applicable will be paid in case of the policyholder’s uncertain death during the policy tenure. In case the policyholder survives the policy tenure, they will receive their premiums back. |
Here are the key benefits of the Canara HSBC Promise2Protect.
Guaranteed DeathBenefits
Promise2Protect plan offers guaranteed death benefits to the policyholder’s family in case of their uncertain death during the policy tenure.
Maturity Benefits
Life Secure with the Return of Premium plan option of Promise2Protect returns all the paid premiums in case the policyholder survives the policy tenure.
Option to IncreaseSum Assured
This plan provides policyholders with an option to increase their plan coverage from 10% to 100% of the existing sum assured with the ‘Increasing Coverage’ option.
Spouse Coverage
You have the option to cover you and your spouse under the same plan with the ‘Spouse Coverage’ option. The plan offers a rebate on spouse coverage.
Here is the list of exclusions associated with the plan:
Promise2Protect is a comprehensive term life insurance plan that offers policyholders to choose from two plan options- Life Secure and Life Secure with ROP. You can avail a lot of benefits with this plan including increasing sum assured, spouse coverage, special exit value, return of premiums, etc. This plan is an ideal option for anyone looking to safeguard their family financially in the event of their uncertain death.
If you are still confused about whether Canara HSBC Promise2Protect is an ideal choice for you or not, you can contact us at PolicyX.com.
We offer No Spam, No Gimmicks, and Only Expert Insurance Advice.
Promise2Protect is a comprehensive term life insurance plan that offers policyholders to choose from
The 11 most-asked questions about Canara HSBC Promise2Protect, answered.
PolicyX content is researched in-house and reviewed by an IRDAI-certified insurance specialist before publication.
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