Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited adds a new traditional product to its portfolio with the launch of Jeevan Nivesh Plan. It is an endowment plan with whole life cover option and helps build in savings over a period of time.
Jeevan Nivesh is a traditional endowment plan with an option to choose whole life cover till age 100. The plan is designed to cater to multiple needs of the customer in a single plan – one can opt for endowment with whole life cover option considering if the goal is to get a lump sum on policy maturity and enjoy the whole life coverage. On other hand, if the goal is to get a life cover only during the policy term and lump-sum on policy maturity then one can go for endowment option.
Under this option, customer will have the flexibility to convert the guaranteed sum assured on maturity as annual payouts, which are paid over next 15 years. These annual payouts also increase by 5% compounded every year to take care of the growing needs. Jeevan Nivesh is a very comprehensive plan that offers multiple options under regular and limited premium payment terms that can be customized to the savings horizon, premium affordability, and future financial goals.
Anuj Mathur, Chief Executive Officer, Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited said, “Jeevan Nivesh is an easy to understand simple product which delivers good customer value. With this plan we have also expanded our traditional product portfolio. This plan is in line with our target to penetrate in more semi urban and rural areas, since customers across these regions are seen to have a preference for traditional products with some kind of guarantees.”