How ULIPs Ensure Your Family's Financial Goals in Your Absence?

2025-10-01

22 Views

8 minutes read

Locate branch

Resume journey

Pay Premium

Live Life More Confidently

Get best insurance from our experts

Name is required Name should be Valid

Mobile Number is required Mobile Number should be Valid

Email is required Email should be Valid

DOB is required DOB should be Valid

Annual Income*

< 3 3-5 5-7 7-10 > 10

Annual Income is required

I agree that even if my contact number is registered with NDNC / NCPR, I would still want the Company to contact me on the given number and email id for the clarifications/product information sought by me and agree that I have read and understood the Privacy Policy and agree to abide by the same.

Please tick to proceed further.

Thank you for your interest in our product. Our financial expert will connect with you shortly to help you choose the best plan.

Everyone has a dream of providing their loved ones with the best quality education, a secure home, and a comfortable lifestyle. To achieve your dream, you should have a solid financial plan that ensures your family's goals remain intact during uncertain times. Promise4Care Plus is a variant under the Promise4Growth Plan that provides life coverage and ensures that your savings contributions are made even in your absence. Before diving into this plan in detail, let’s take a short glimpse of the ULIP Plan.

Key Takeaways

Promise4Care Plus provides life cover while helping grow your wealth through market-linked investments
Flexible fund management and tools like auto fund rebalancing and safety switch give you control over your investments
Premium Funding Benefit and death benefits ensure your family’s financial security even in your absence
Entry age, policy term, maturity age, and premium options offer flexibility across different life stages
Loyalty additions, wealth boosters, and disciplined contributions help build a substantial corpus for long-term goals

Understanding the ULIP Plan

A Unit-Linked Insurance Plan (ULIP) combines life insurance with investment opportunities. When you pay a premium, it splits into two parts: one part goes towards providing life cover, and the other is invested in market-linked funds such as equity, debt, or a mix of both. While the life cover ensures your loved ones remain financially secure in your absence, the wealth creation component helps you grow your money over time and helps in achieving important goals like education, retirement, or buying a home. Some of the key highlights of ULIP plans are as follows.

Dual Benefit: Combines life insurance with wealth creation
Flexible Investment Options: Choose between equity, debt, or hybrid funds based on risk appetite
Wealth Growth: Market-linked returns can help beat inflation
Fund Switching: Move between funds to match changing financial goals
Partial Withdrawals: Access money for milestones after the lock-in period
Tax Savings: Premiums qualify for deductions under Section 80C, and subject to conditions, maturity benefits may be exempt under Section 10(10D)

Turn Small Investments Into Big Wealth with ULIP

Full Name* Please enter correct name Please enter the Full name

Mobile Number* Please enter valid mobile number Please enter Mobile Number

Email* Please enter valid email Please enter Email

...Read more Consent is required

Promise4Growth Plus: A Comprehensive Choice

When selecting a ULIP plan, you want market-linked returns, protection for your loved ones, flexibility in changing times, and features that ensure your goals are not hampered during uncertainties. The Promise4Growth Plus meets all your expectations. Some of the key highlights are as follows:

Key Highlights:

Choosing a ULIP is about flexibility, protection, and alignment with your life goals. Promise4Growth Plus brings together all elements below, designed for long-term security and growth.

Multiple Plan Options to Match Life Stages: The plan offers variants like Promise4Wealth, Promise4Care and Promise4 Life. You can select the variant that best fits your current goal, like wealth accumulation, safeguarding dependents, or leaving a legacy.
Wide Fund Choice & Portfolio Management Tools: With Promise4Growth Plus, you get access to a large pool of funds (12 in Plus, 9 in the base version). You also get helpful tools like systematic transfer option, auto fund rebalancing, return protector option, safety switch option, etc. These allow you to manage risk, take advantage of market upside, and protect gains.
Flexibility Over Time: Premium paying term and policy term both offer flexibility. You may choose to pay over the full term or for a limited number of years. Also, features like partial withdrawals (after certain years), milestone withdrawals, switching between funds, premium redirection, etc, give you control throughout the life of the policy.

Did You Know?

From 22nd Sept 2025, GST will be applicable to all individual life insurance policies, including ULIPs, term, and endowment plans.

Source: Economic Times

Promise for Growth Plus -Grow your welth

Promise4Care Plus in Action

To see how Promise4Care Plus supports evolving life needs, let’s follow Rahul, a young professional in his early 30s, seeking a plan that grows with him and safeguards his family.

Beginning with Family Protection: At age 30, he chose the Promise4Care Plus variant, prioritising financial security for his family while still building wealth. With a strong life cover and market-linked growth, Rahul laid the foundation for long-term protection and stability, knowing his loved ones were secure against uncertainties.
Investments with Confidence: As Rahul’s career advanced, he relied on portfolio management tools such as Auto Fund Rebalancing and the Safety Switch Option. These features ensured his investments grew steadily while protecting gains, giving him confidence to face market fluctuations without worry.
Meeting Life’s Important Goals: When his daughter’s education expenses arise, the plan’s partial withdrawal facility offered timely support. He accessed funds when needed while keeping the overall growth of his policy intact. This flexibility allowed him to balance immediate needs with future aspirations.
Staying Protected in Tough Times: During a health crisis that interrupted Rahul’s income, the flexible premium options of Promise4Care Plus kept his policy active. His family’s financial protection continued without disruption, giving him peace of mind during an otherwise challenging period.
Building Sustainable Wealth for Retirement:Over the following decades, Rahul’s consistent contributions, supported by loyalty additions and wealth boosters, grew into a strong retirement corpus. Approaching retirement, he enjoyed the reassurance of both wealth accumulation and lifelong family protection through a plan that adapted to his evolving needs.

Why the Promise4Care Plus Variant is Best for Achieving Family Goals?

Promise4Care Plus stands out for people who want to safeguard their family in their absence. Here’s what makes Promise4Care Plus particularly worth considering.

Premium Funding Benefit (PFB): If you pass away, Promise4Care Plus ensures that future premiums are taken care of by the company. This is helpful if your income is the primary support for family goals.
Death Benefit: Under Promise4Care Plus, in case of death during the policy term, your nominee receives:

The higher of (Sum Assured) or (105% of all premiums paid up to date), plus the Premium Funding Benefit amount. This ensures your family is protected both in terms of the cover amount and continuation of savings contributions.
Flexibility in Liquidity and Policy Terms: Promise4Care Plus is a growth-oriented variant that gives you tools like partial withdrawals, milestone withdrawals, the ability to redirect future premiums, switching between funds, etc.

Eligibility Criteria for Promise4Care Plus

Promise4Care Plus is designed to provide comprehensive protection and growth throughout different stages of life. Before choosing this plan, it is important to understand the eligibility criteria. These parameters ensure that the plan aligns with your financial goals while offering the flexibility to adapt as your needs evolve.

Maturity Age: For Promise4Care Plus, the maturity age depends on the premium paying term (PPT). If the PPT is less than 10 years, the plan matures when the policyholder reaches 28–70 years of age. For PPT of 10 years or more, the maturity age extends to 28–75 years, providing long-term coverage and security.
Policy Term: The policy term for Promise4Care Plus ranges from 10 to 25 years. This allows policyholders to choose a term that matches their financial planning horizon, whether for short-term goals or long-term protection needs.
Premium Paying Term (PPT): Policyholders can opt for a limited pay or regular pay option. The limited pay term ranges from 5 years up to one year less than the policy term, while the regular pay option aligns with the full policy term.
Sum Assured: The sum assured under Promise4Care Plus is based on the annualised premium, ensuring that coverage is proportional to your contributions and provides adequate protection for your family’s future.
Annualised Premium: The annualised premium starts at ₹12,000, with no upper limit, allowing policyholders to scale their investments according to financial capacity and protection needs.
Premium Payment Mode: Premiums can be paid annually, semi-annually, quarterly, or monthly, giving flexibility to manage cash flow while keeping the policy active and ensuring uninterrupted coverage.

Final Thoughts

Unit-Linked Insurance Plans (ULIPs) offer a unique combination of life protection and wealth creation, making them an ideal choice for securing your family’s future. By investing systematically, you can build a substantial corpus while ensuring your loved ones are financially protected in your absence. Plans like Promise4Care Plus include features such as Premium Funding Benefit, flexible fund options, and market-linked growth, helping you stay on track even during uncertainties. With disciplined savings, tax advantages, and adaptability to changing goals, it provides both peace of mind and long-term financial security for your family. Secure your loved ones’ future with Canara HSBC Life Insurance today and take the first step toward achieving lasting financial confidence.

Glossary

ULIP: A plan that blends life insurance with investment in market-linked funds
Sum Assured: The guaranteed payout your family receives if you are no longer around
Premium Funding Benefit: A feature where the insurer pays future premiums so your family’s goals stay on track
Wealth Boosters: Extra units added by the insurer to enhance your long-term fund value
Fund Switching: The option to shift investments between equity, debt, or balanced funds as per market conditions

FAQs

Promise4Care Plus is a variant of the Promise4Growth Plan that ensures that your savings contributions are made even in your absence.

Individuals aged 18–45 years for PPT <10 years or 18–50 years for PPT ≥10 years can opt for a policy term of 10–25 years.

Yes, partial and milestone withdrawals are allowed after the lock-in period, letting you meet financial goals without affecting overall growth.

The Premium Funding Benefit covers future premiums, and the nominee receives the higher of the sum assured or 105% of premiums paid.

Multiple fund options and tools like Auto Fund Rebalancing, Safety Switch, and fund switching help manage risk and optimise returns.

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

How ULIP Works - Benefits & Features Explained

How Does Promise4Life Plus Help in Generational Wealth Creation?

Unit Linked Insurance Plans - Top Selling Plans

Canara HSBC Life Insurance offers online ULIP plans that blend life insurance protection with investment growth, helping you build wealth while securing your family's future.