Canara HSBC Life Insurance launches Alpha Wealth
Mumbai 18 December 2023
Canara HSBC Life Insurance’s “Alpha Wealth” is a versatile life insurance product designed to meet various financial needs and goals while offering life coverage. This plan is particularly notable for its wide-ranging benefits and features, which cater to different life stages and investment preferences.
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Canara HSBC Life Insurance Alpha Wealth – A Linked Individual Savings Life Insurance Plan
| Feature | Description |
|---|---|
| Life Cover | Up to 99 years |
| Plan Options | Three options: Alpha Invest Plus, Alpha Premium Plus, Alpha Life Plus |
| Withdrawal Options | Systematic and Milestone Withdrawal Options |
| Choice of Funds | Eight diverse investment fund options |
| Premium Payment Terms | Flexible options ranging from one-time to regular payments |
| Investment Strategy Options | Five options: STO, RPO, AFR, SSO, LPS |
| Tax Benefits | As per prevailing tax laws |
| Loyalty Additions and Wealth Boosters | Rewards for long-term investment |
| Death Benefit | Various options across different plans |
| Maturity Benefit | Fund value payable at policy maturity |
| Return of Mortality Charges | Refund of all mortality charges at maturity |
| Customization Options | Premium amount, payment term, policy term, sum assured multiple, funds and portfolio management options. |
Here’s a table summarizing the fund options available in the Alpha Wealth plan by Canara HSBC Life Insurance:
| Fund Option | Type |
|---|---|
| Equity II Fund | High risk, high return; predominantly in equities |
| Growth Plus Fund | High risk; mix of equities and debt instruments |
| Balanced Plus Fund | Moderate risk; balanced mix of equities and debt |
| Debt Fund | Low to moderate risk; mainly in debt instruments |
| Liquid Fund | Low risk; in money market and liquid instruments |
| Value Fund | Moderate risk; value-based equity investing |
| Opportunity Fund | Moderate to high risk; dynamic asset allocation |
| India Multi-Cap Equity Fund | High risk; diversified equity investment. |
Key Features and Benefits:
1. Life Cover up to 99 Years: Alpha Wealth provides life insurance coverage for an extended period, ensuring long-term financial security for policyholders and their loved ones.
2. Three Plan Options: Policyholders can choose from three distinct plans: Alpha Invest Plus, Alpha Premium Plus, and Alpha Life Plus. Each plan is tailored to different life stages and financial goals. Alpha Invest Plus focuses on the accumulation of fund value at maturity; Alpha Premium Plus offers a lump sum death benefit and waives future premiums in the event of the policyholder’s death; and Alpha Life Plus is aimed at creating a retirement corpus along with life insurance coverage.
3. Systematic and Milestone Withdrawal Options: These options provide flexibility for policyholders to withdraw funds systematically as per their financial needs.
4. Choice of Funds: The plan offers a range of eight diverse investment fund options, allowing policyholders to tailor their investment strategies according to their risk appetite.
5. Flexible Premium Payment Terms: Policyholders have the option to customize their premium payment terms based on their financial goals, with choices ranging from one-time payments to regular payments throughout the policy term.
6. Investment Strategy Options: There are five investment strategy options, including Systematic Transfer Option (STO), Return Protector Option (RPO), Auto Funds Rebalancing Option (AFR), Safety Switch Option (SSO), and Loss Protector Strategy (LPS). These strategies cater to different investment needs and risk profiles.
7. Tax Benefits: The plan offers tax benefits as per prevailing tax laws, providing an additional financial advantage to policyholders.
8. Loyalty Additions and Wealth Boosters: These features enhance the policy’s corpus, rewarding long-term investments.
9. Death Benefit: In case of the policyholder’s unfortunate demise, the plan ensures financial protection for their family through various death benefit options across the different plans.
10. Maturity Benefit: On the policy’s maturity, the fund value is payable, with an option for structured payout using the Settlement Option.
11. Return of Mortality Charges: This feature returns all mortality charges deducted during the policy term at maturity, subject to certain conditions.
12. Customization Options: Policyholders can choose their premium amount, premium payment term, policy term, sum assured multiple, and fund and portfolio management options, allowing for a high degree of customization to suit individual needs.
General Overview:
The Alpha Wealth plan is introduced as a solution to help policyholders realize their financial aspirations and achieve significant milestones, all while ensuring the future security of their loved ones.
This comprehensive package of features and benefits makes Alpha Wealth a flexible and attractive option for a wide range of insurance and investment needs.
Disclaimer – This is a news article and should not be considered as product recommendation. We would have done minor mistakes in explaining product benefits. Further, BFSI domain is a service industry. So, each individual customer has mixed experience on how product features are actually served. Take enough time to research, clarify all your doubt’s and then only invest in any financial or insurance product.
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