Canara HSBC Life Unveils IncomeNow For Regular Income Needs

Canara HSBC Life Insurance Company Limited has announced the launch of IncomeNow, a Non-Linked, Non-Participating, Individual Life Insurance Savings cum Protection Plan. The plan is carefully designed to support individuals seeking a combination of guaranteed income, life insurance protection, and long-term financial security.

With changing lifestyles and financial needs spread across multiple life stages, customers are placing greater emphasis on regular income and clarity in long-term planning. IncomeNow offers assured, defined benefits and a regular income stream which gets initiated within a few weeks from the policy start date, enabling customers to plan their finances with clarity and confidence. The plan is designed to support key goals such as meeting ongoing income needs, planning for retirement, and securing financial protection for families.

IncomeNow offers guaranteed income starting from the first policy year, with customers able to choose between two distinct income structures based on their financial preferences:

• Early Income option: Designed for customers who prefer stability and predictability, this option provides a fixed level of guaranteed income from the first policy year, payable consistently throughout the policy term, along with a lump sum benefit at maturity.
• Step-up Income option: Designed for customers whose income needs are expected to increase over time. This option provides guaranteed income from the first policy year that rises in pre-defined steps during the policy term, helping payouts align with evolving expenses, along with a lump sum maturity benefit.

The plan offers flexibility through features such as the Savings Wallet, which allows policyholders to accumulate their income payouts for future use, and a Premium Offset option, enabling the use of guaranteed income towards future premium payments. These features allow policyholders flexibility to decide how their income payouts are used during the policy term. Further, being non-linked and non-participating, all benefits under the plan remain guaranteed. 

Commenting on the launch, Rishi Mathur, Chief Marketing Officer and Chief Distribution Officer- Alternate Channels, Canara HSBC Life Insurance, said, “By launching IncomeNow, we  have created a curated proposition to address two distinct income needs that emerge from our customer insights. Most customers look for steady and predictable income but prefer that they see the income starting immediately. There are also segments where customers prefer income that grows gradually to match future financial responsibilities, and where customers value flexibility to accumulate or set-off the income stream for premium payment. With the launch of IncomeNow, Canara HSBC Life Insurance reaffirms its commitment to offering dynamic and innovative solutions that are cognizant of and evolve with customers’ varied financial goals.”

IncomeNow offers Premium Payment Terms ranging from 2 to 12 years, with Policy Terms extending up to 40 years, subject to eligibility criteria. Tax benefits under the plan may be available as per prevailing income tax laws.