The Canara HSBC Oriental Bank of Commerce Life Insurance recently came up with a new linked insurance product called ‘iNVESTSHIELD’. It aims to protect and meet an individual’s present as well as future financial needs.
These days, the trend of buying online is increasing manifolds and they have capitalized on this. iNVESTSHIELD is an online product. This product attracts me for several reasons, the main one being the ‘Premium Funding’ option. In this, in the event of the life insured’s death –  in addition to the immediate benefit payout (higher of Sum Assured or 105% premium paid), the Insurance Company shall fund the remaining premiums for the remaining policy term and the fund value is also paid on maturity. Thus, this plan shall not only offer value for money investment but also provide a choice for opting the protection suitable. Moreover, it also offers the convenience of buying online through a simple and user friendly process. Also, the customer has a flexibility of multiple funds depending upon the risk appetite and switching between funds as well as systematic investment. I believe that it is a must-buy for all young parents, as in case of any unfortunate event, the product offers policy continuity without payment of any future premiums.

Other features that have impressed me are:

  • Flexibility to customize the plan as per one’s need
  • Zero Premium Allocation Charge throughout the premium payment term of the Policy
  • Loyalty Additions for additional allocation of units to boost  the retirement fund
  • Choice of Investment Funds ranging from 0% to 100% equity exposure, to match one’s risk appetite
  • Premium waiver benefit option which helps the parents to plan a secure future for their children.
  • Safety Switch Option enables one to move  funds systematically to a relatively low risk Liquid Fund to avoid market movements in the last four Policy years
  • Liquidity through partial withdrawals to help meet unplanned financial needs
  • Tax benefits on premium paid and benefit received during Policy term under Section 80C and Section 10(10D), as per the Income Tax Act, 1961, as amended from time to time

Go at now and check it out! #InvestShield

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