Canara HSBC Oriental Bank of Commerce Life Insurance launched its new insurance plan – Flexi Edge, a non-linked participating individual savings life insurance plan that will offer customers the ability to prioritize their long-term savings.
Flexi Edge, the company claims, will addresses the growing needs of customers starting from savings to income and unplanned or recurring expenses; along with providing life cover to the policyholder in the unfortunate event of death.
The plan offers the flexibility to choose from 3 plan options depending on one’s individualistic requirements:
1. Flexi Savings is a basic savings structure to serve various needs of the individual’s and offers lump sum benefit equal to 100 per cent of the sum assured, loyalty additions and accrued bonuses at end of the policy term. Once the insurance plan is coupled with premium protection benefits, the company says it becomes an ideal investment to take care of a child’s education and other needs even in absence of parents.
2. Flexi Income is the income variant of the plan to help take care of income needs and the increased expenses of the policyholder. The policy offers a lump sum benefit equal to 50 per cent of the sum assured at the end of the premium payment term in addition to guaranteed income and cash bonus every year post completion of the premium payment term till the end of the policy term. The policyholder is further entitled to lump-sum benefits equal to 100 per cent of the sum assured and accrued bonuses at end of the policy term.
3. Flexi Care is a whole life plan meant to take care of finances during the golden years of one’s life. The plan offers Cash Bonus every year from the end of the 2nd policy year till the end of the policy term (100-age at entry) along with lump sum benefits equal to accrued guaranteed additions at Milestone Age. Additionally, the policyholder will receive a lump sum benefit equal to 100 per cent of the sum assured and bonuses at end of the Policy Term.
Anuj Mathur, MD and CEO, Canara HSBC Oriental Bank of Commerce Life Insurance Company stated, “With the Flexi Edge plan, we want to create a feature-rich product that provides competitive returns to our customers.”
He further adds, “The product is designed in such a manner that it will offer full-term cover and several add-on options as per the suitability and flexibility required by the policyholder. We are certain that with Flexi Edge we will be able to offer our customers more income, savings, and care.”
Additional benefits of the Flexi Edge plan;
• Premium Protection Benefit – Waiver of future premiums on the death of the Life Assured
• Deferred Survival Benefit Facility – A survival benefit facility that allows customers to deposit the survival benefits with the company under the Flexi Income and Flexi Care plan option. The benefit will grow at a guaranteed rate agreed at the time of purchase of the policy.