New Delhi, Oct 16:Canara HSBC Life Insurance Company Limited has announced the launch of Global Wealth Plan, an individual, unit-linked, non-participating life insurance-cum-savings plan available through GIFT City. The plan provides customers with access to global investment opportunities through USD-denominated insurance-linked investments, combining long-term wealth creation with life protection. The product is being currently distributed through Policybazaar, extending access to NRI customers on its platform who are seeking USD-denominated investment and protection solutions through GIFT City.
As an International Financial Services Centre, GIFT City enables NRIs to access internationally diversified investment opportunities through a familiar and trusted framework. The ability to invest and receive benefits in US Dollars makes the solution particularly relevant for customers with global lifestyles, helping them grow wealth, protect their families and plan for future goals in the same currency in which many of their expenses and obligations may arise.
Commenting on the launch, Rishi Mathur, Chief Distribution Officer, Alternate Channels and Chief Marketing Officer, Canara HSBC Life Insurance, said,
“Customer needs of Non-Resident Indians are evolving rapidly, with a growing preference for solutions that combine long-term wealth creation with financial protection. Through our partnership with Policybazaar, we are expanding access to global investment opportunities via GIFT City. Global Wealth Plan brings together USD-denominated investing, globally diversified fund options and life insurance protection within a single solution. With three distinct plan variants, customers can align their investments to their unique goals, whether building wealth, securing a child’s future or creating a lasting legacy, while benefiting from the assurance of life cover.”
Vivek Jain, Chief Business Officer Life insurance, Policybazaar, said,
“NRI customers are increasingly seeking opportunities to diversify their portfolios and participate in global growth themes. Global Wealth Plan has been designed to meet this evolving need by combining access to international investment opportunities through GIFT City with the long-term discipline and protection of life insurance. We are pleased to partner with Canara HSBC Life Insurance to bring this differentiated offering to customers looking to build wealth through a globally diversified investment solution.”
Key Product Highlights
- Global investment access: Customers can invest in US Dollars through GIFT City across a range of global equities, precious metals like Gold/Silver and debt funds.
- The offering has no allocation charges or administration charges, allowing more of the customer’s premium to remain invested.
- Three purpose-led options: Wealth for long-term wealth creation, Wealth Plus with Premium Funding Benefit to help secure family financial goals, and Wealth Forever with whole life cover to support legacy creation and wealth transfer. All three options come with life benefits.
- Goal Protection Benefit: Under Wealth Plus, in the event of the Life Assured's death, the Sum Assured is paid immediately, and all future due premiums are funded by the Company, allowing the policy to continue until maturity.
- Fund Boosters: The Plan also offers benefits like Loyalty Additions & Maturity Boosters basis the option selected by the customer, which helps to boost the overall fund value.
With Global Wealth Plan, Canara HSBC Life Insurance brings together global investment access, wealth creation and life protection in a solution designed around different stages of a customer's financial journey. From creating wealth and securing a child's future to preserving wealth for generations, the plan seeks to provide customers with greater flexibility in how they build and protect their financial future.
