To Buy: 1800-258-5899 (9:30 AM to 6:30 PM)

|

customerservice@canarahsbclife.in

|

Locate Branch

Login
Search Button

ULIP - Unit Linked Insurance Plan

Unit Linked Insurance Plans

ULIP - known as Unit Linked Insurance Plan offers dual benefits of investment and life insurance.

Investing in the best ULIPs can help you fulfil the goal of long-term wealth creation and life coverage. ULIP is the best investment option to meet your financial goals. Buy ULIP from Canara HSBC Life Insurance to get life cover, multiple portfolio management options, flexible premium paying options, tax benefits along with a wide array of other benefits.

Get A Call Back
×

Get a Call Back

Do you want us to call back Please fill the form below

Get a Call Back

What is a Unit-Linked Insurance Plan?



What is ULIP (Unit Linked Insurance Plan)?

The full form of ULIP is Unit Linked Insurance Plan. A ULIP is an insurance product that provides you the double benefit of investment to achieve long-term wealth creation goal, and a life cover to secure your family’s future if there is an unfortunate event. The premium paid for ULIP is divided in two parts. One part of premium is used for your life cover and the remaining sum is invested in the fund of your choice. In ULIP plans, you can invest your money in equity, debt or a combination of both funds depending on your risk appetite. The returns on the investment depend upon the performance of the funds.

ULIP Plans from Canara HSBC Life Insurance

invest 4g Ulip Plan

Invest4G

Wealth Booster

Return of Mortality Charge

Loyalty Additions

Tax Benefits upto Rs.46,800.

Titaniun Plus Plan

Titanium Plus Plan

Flexibility of Premium Payment

Multiple Portfolio Management Options

Loyalty Additions & Wealth boosters

Option for partial withdrawals

Smart Goal Plan

Smart Goals Plan

Flexibility of Premium Paying Term

Partial Withdrawals

Increase/Decrease of Sum Assured

Auto Funds Rebalancing

How does a ULIP Plan Work?

A ULIP plays as both an insurance policy and an investment avenue. A ULIP has a pre-decided death benefit, which is paid to the nominee in case the unfortunate happens. In addition, if the policy holder survives the term of the ULIP, they receive the maturity value of the ULIP, which is the amount generated by the ULIP investments in equity and debt funds.

While the maturity benefit is subject to market linked risks, the insurance cover under a ULIP remains fixed. Like any other insurance, you need to pay a premium for unit linked insurance plan. In ULIPs, the insurance company deducts an amount of your premium towards life cover and the rest is invested in a number of qualified funds. Afterwards, you get returns based on the performance of funds you opted for. There are several investment options such as debt, equities, hybrid funds, etc., for you to choose from.

The total investment made is then divided into the 'units' with a unique face value, and every investor is allocated 'Units' based on their invested amount.

How to Select the Right ULIP Fund?

Investor Type Types of ULIPs Suited
Risk-Taking Investor If you have a high-risk appetite, then invest in equity instruments. They offer great returns, but also have high risk.
Risk-Averse Investor If you have low-risk appetite, then invest in debt funds such If you have low-risk appetite, then invest in debt funds such as fixed income bonds, corporate bonds, etc. They offer less returns and risks associated to them are also low.
Moderate Risk Investor If you are ready to take risk but not too much, then invest in balanced funds. Thus, lowering the risk factor.

Features of ULIP Plans

Flexible investment options

With ULIPs, you have the flexibility to select your fund as per your risk appetite. ULIPs come with a variety of funds to choose from. Investors with a low risk appetite can invest in debt funds while those with a high risk appetite can invest in equity funds.

Lock-in-period

ULIPs come with a lock-in-period of 5 years and offer good returns on investment over a long period of time.

So, it can be said that the longer you stay invested with a ULIP, the better it may become for your investments.

Premium payment options

There are three ways of making payments - single, limited, and regular payment options. Single payment option is a one-time investment where you are required to pay the premium amount as lump sum at the inception of the policy.

Liquidity

ULIPs also allow you to do partial withdrawals when you need it after completion of lock-in period.

Simply put, ULIPs provide liquidity only after the lock-in period is over.

Benefits of ULIP Plans

  1. Flexibility

    ULIP gives you the flexibility to switch to a different investment option. This can be useful if you do not have fixed financial goals and you want to shift from one fund to another.

  2. Flexibility in ULIPs

    ULIP policy provides you with high flexibility as it allow you to control where and in what proportion your money will be invested. This is done by the following features provided by ULIPs

    1. a. Fund Switching Option

      Through the use of this feature, you can move your money between funds as you like. For example, you have invested a major part of the money in equity funds and now you want to transfer the some to safer debt funds. Fund switch allows you to do that.

    2. b. Redirection of Premium

      ULIP provides you with a host of funds to invest your money. If you have invested in one fund earlier and now you no longer find it suitable. You can still choose another fund and the next premium will be redirected to that fund.

    3. c. Partial Withdrawal Facility

      This option gives you chance to withdraw part of your funds if you want. This is free of cost if done after the lock-in period.

    4. d. Top-up Facility

      Through this feature, you can add additional funds to your existing investment without changing the policy.

  3. Transparency

    It offers transparency. With ULIPs, you don't have to worry about the hidden changes or fees. All charges such as management of funds, policy administration, etc are disclosed upfront before you to buy the product.

  4. Tax benefits

    ULIPs are efficient tax saving instruments. The premium that you pay towards the policy is exempt to deduction under section 80C of the Income Tax Act.

  5. Ideal for long term investment goals

    It is perfect for long term investment objectives. Before investing in ULIP plan, it is advisable to make a list of your long term financial goals that you want to fulfill through investment. Goals such as funding for your kid's higher education, purchasing a house, children marriage, etc.

  6. Market Linked Returns

    Returns that you can earn through a ULIP policy are market-linked. Returns vary according to the performance of the chosen asset in the market. The Premium you pay is invested in funds. These funds invest in different market securities according to your choice. You can either invest in debt, equity, or even a mix of both. Keep a close check on the NAV of securities to watch the returns.

  7. Death Benefits

    Since Unit Linked Insurance Plans offer you insurance, they provide death benefits as well. This refers to the amount your family will receive in case you die during the policy. The death benefit is not the same and varies according to the cause of death. It is usually higher of the sum assured and the fund value at the time of the death.

  8. Maturity Benefits

    Apart from the death benefits, ULIPs give you maturity benefits as well. If you manage to survive through the term of the policy, you are entitled to receive the maturity benefits. This is the value your fund has attained throughout the policy term. The more your fund grows, the higher the benefits you get.

  9. Withdrawal Benefits

    This benefit allows you to partially withdraw from your unit linked investment plan. This comes in handy during situations when you require money. You can withdraw from your investment at no additional charge after the lock-in period is completed. These withdrawals are tax-free.

ULIP Fees and Charges

Unit Linked Insurance Plan or ULIP is an insurance-cum-investment plan that not only offers life cover but also allows you to invest in several asset classes. Although, before investing in a Unit linked Insurance Plan, you need to know about the charges that you have to pay for the entire policy term. The structure/applicability of charge may differ from one insurer to other but here’re some of the most common ULIP charges and fees –

Premium allocation charges

This is a fixed percentage that is reduced from the premium at a higher rate in the starting years of a policy. This fee is charged by the insurance company before allocating the policy. This includes charges such as initial and renewal expenses, medical expenses, etc.

Policy administration charges

Insurance companies impose policy administration charges that are deducted on a monthly basis. Such charges are imposed for managing the administration of your policy.

Fund management charges

As the name suggests, fund management charges are imposed for managing your funds so that you earn potentially higher returns.

Partial withdrawal charges

ULIPs provide partial withdrawal of funds that allows investors to withdraw money partially. Although, such withdrawals attract penalty charges.

Mortality charges

These charges depend upon a number of factors such as age, amount of sum assured, etc. For instance, if you are buying a policy at the age of 25, then your mortality charge will be lower because life expectancy of a 25-year-old is higher as compared to that of a 50-year old individual. This charge will be deducted on a monthly basis.

Switching charges

Moving your investments from one fund to another is called switching in ULIPs. It allows investors to switch between funds every year on the basis of their performance and risk appetite. But, each switching would attract some charges depending on the insurance company’s charge structure.

Rider charges

These type of charges are levied on additional riders. For example, if you want to opt for a critical illness rider, you will have to pay extra charges.

Surrender Charges

These are the charges which will be imposed in case you decide to discontinue your ULIP policy. You will have to pay surrender charges only if you want to discontinue within the lock-in period. No charges apply after the lock-in period has been completed. Surrender charges are levied on the total value of the fund.

Why Should you Invest in a ULIP?

Why Should you Invest in a ULIP?

Unit Linked Insurance Plan or ULIP is a one-stop option for those looking for a long-term investment instrument that offers both transparency and flexibility. Also, it’s a perfect choice for those looking for a cost-effective way to enter the investment market. ULIPs come with a range of fund options that help in meeting the investment needs of the policyholder. Besides, here’re few more reasons that show the need to buy a ULIP -

  1. To avail tax benefits:

    If you are looking for an investment instrument that helps you save on taxes, then ULIP is the best bet for you. You can enjoy tax benefits on the premiums that you pay towards the policy as per Section 80C of the Income Tax Act. Also, death benefits paid under the plan are exempt from tax as per Section 10D of the Income Tax Act.
  2. To enjoy dual benefits packed in a single plan:

    It offers a dual benefit of insurance and investment in a single policy. A ULIP plan not only offers life cover that protects your family against financial difficulties but also provides numerous investment instruments that helps you maximize your returns.
  3. Higher returns:

    ULIP offers higher returns offering a range of investment options to choose from. This includes debt funds, equity funds, etc. You can choose any of these based on their performance and your risk appetite. You are also allowed to switch between funds based on the market outlook.
  4. Long-term wealth creation:

    If you want to meet your long-term financial goals, then switch to ULIP. ULIPs come with a lock-in period of 5 years that keeps you invested for a longer tenure. This accumulated money helps you meet your long-term financial goals such as buying a house or car, children’s education, marriage or other major financial objectives.

How to Effectively Manage ULIPs?

Unit Linked Insurance Plan or ULIP is a long-term investment instrument that helps you achieve your dreams in a robust and effective manner. Although, to make the most out of your Unit Linked Insurance Plan, you need to learn how to manage them wisely. You need to ensure that your returns are balanced out so that any loss caused by one asset class is covered by the other. Therefore, it minimizes the overall risk of your investments. Here are some tips that will help you manage ULIPs effectively

  1. Balance between equity-debt portfolio

    - ULIP as an investment plan allows you to switch between assets. Each asset has different characteristics like equity funds are ideal for investors who like taking risks. It happens to be riskier than other funds but offers higher returns. On the other hand, debt funds offer least risk but also low returns. It is perfect for those investors who are risk averse. Thus, you need to balance the investment portfolios.
  2. Stay updated with the market

    - It is advisable to keep yourself updated with the market trends and economic scenarios as this will help you take a better decision. For example, if you have invested in equity funds, but due to the change in market trends, equity market looks overvalued and costly, you can switch out of equity funds and switch back when the market is normal.
  3. Understand life stage needs

    - Choosing between equity and debts funds mainly depends on your life stage needs. Thus, policyholder needs to understand which life stage they are on as they get more risk averse with time. Therefore, you should try to switch from equity funds to less-riskier debt funds as you get older.

Overall, ULIP is a market linked insurance plan. Keeping the market fluctuations in mind, you need to manage them properly in order to reduce risks and gain higher returns.

How to Choose the Best ULIP Plan?

a. Choose the fund option that aligns with your goal

ULIP policies provide you with the flexibility in choosing the funds you want. It will be better if you choose the fund options that can help you reach your goal effectively. Investing in equity can grow your funds higher in the long term but also has a high risk involved. Whereas debt funds are safer and less reactive to market changes, but returns are safer, lesser. So, it is necessary to identify the goal first and then choose the fund accordingly.

b. Choose a suitable life insurance cover amount

Other than providing the opportunity of investment, ULIPs provide you with life coverage as well. This helps in securing your family in case something happens to you. So, in this regard, you must choose a life cover that will be sufficient for your family to achieve their goals. You must also make sure that the cover chosen doesn’t result in high premiums.

c. Stay for as long as you can under your ULIP

ULIPs are a long-term investment plan. So, it can give you the best results when you stay invested longer. This is why ULIPs have a lock-in period of 5 years. The longer you stay in the policy, the more time you are giving your investments to grow. This will allow you to create huge wealth due to compounded returns.

d. Maximum tax saving benefits of ULIPs

ULIP plans provide you with tax benefits. There are deductions as per the Income Tax Act 1961 available under various sections if you have invested in ULIP. These involve

Deduction up to 1.5 Lakh is available on the premium that is paid towards the policy under section 80C.

Also, the maturity, as well as the death benefits received, are tax-free under section 10(10)D.

Checklist: Things to Keep in Mind before Investing in a ULIP

How to Choose the Right Amount of Life Insurance Cover in a ULIP Plan?

Factors To Decide Example
Current Income At current income level of 5 Lakh per annum, opt for a life cover that provides coverage of Rs. 1 Crore.
Age If your age is b/w 20-30 years, buy a life insurance cover of 15 times your annual income while if you are b/w 45-55 years, buy life insurance 10 times your annual income.
Financial Liability Ensure your life coverage is enough to cover your financial liabilities like outstanding debts, mortgages, education loans, etc.
Inflation Rate In 15 years, at 7% inflation rate, the value of Rs. 1 crore would whittle down to an equivalent of Rs. 33 lakh in present terms
Life Goals Know your financial goals such as your child’s education, marriage, sustaining lifestyle, etc., while deciding on your life insurance coverage.

Most Common ULIP Myths Demystified

Myth 1 -ULIPs are costly

ULIPs had a heavy charge structure way back in 2008. However, IRDAI intervened and the cost of ULIPs have reduced significantly over the years. If you are refraining yourself from investing in ULIP due to high cost, you don’t have to worry now.

Myth 2 – ULIP is a risky investment option

Under ULIPs, investors are allowed to choose funds based on their risk appetite. ULIPs come with several fund options such as debt and liquid funds for low-risk investors while equity funds for high and moderate risk investors.

Myth 3 – Lock-in-period of 3 years

Earlier, the lock-in-period was 3 years. But, post 2010, IRDA revised the guidelines and extended the lock-in-period from 3 years to 5 years. Now, ULIPs have a lock-in-period of 5 years.

Myth 4 – ULIPs does not offer flexibility

ULIPs offer complete flexibility to the investors. It provides the flexibility to switch between funds based on your risk appetite. It also gives you the flexibility to partially withdraw money from your accumulated Fund Value before the policy matures.

Myth 5 – Not a good option

ULIP is an ideal option for both your insurance and investment needs. It not just offers life cover but also provides investment options as well.

Myth 6 – ULIPs provide low returns

ULIPs offer maximum returns as compared to other investment options, if you choose wisely. It is one of the best investment options if you want to gain higher returns to fulfil your long-term goals.

Myth 7 - ULIPs allow continuation

This is not true. There are no restrictions to exit in the ULIP plan. You can discontinue from a ULIP anytime you want. If you decide to exit from the ULIP after the lock-in period, you can do so without paying any charges. However, surrender charges apply if you decide to exit before the lock-in period is over, you will be required to pay surrender charges.

Myth 8 - Health and accidents cover is not provided in ULIPs

This statement is also misleading. Apart from providing you with the dual benefit of both investment and insurance in a single plan, ULIPs offer riders as well. You can receive additional protections such as Accidental death benefit, waiver of premium, etc. in the form of riders. ULIPs also provide a partial withdrawal facility that can help you in times of emergency.

What are the Types of ULIPs Offered by Canara HSBC Life Insurance?

Online ULIP Plan - INVEST 4G

ULIP PLAN

Boost your savings with our new age ULIP i.e. Invest 4G ULIP available online. This is a perfect investment option for new age investors who want to achieve their long term financial goals. This zero commission investment product comes with loyalty additions and wealth boosters. In terms of returns, Invest 4G perform better than other investment options due to its minimum charge structure.

Invest 4G - ULIP Plan Key Benefits

  1. Flexibility of switching and redirection between the fund options
  2. Partial withdrawals
  3. Option to choose between 8 different funds and 4 portfolio strategies
  4. Loyalty Additions & Wealth Boosters
  5. Return of Mortality Charge on Maturity

Offline ULIP Plans

Titanium Plus Plan (Savings cum protection plan)

  • Policy Term
  • Single pay - 5 years
  • Limited Pay & Regular Pay - 10 to 30 years

Premium Amount Details

Premium Payment Mode Minimum Maximum
Annual Rs.1,25,000/- p.a. No Limit
Monthly Rs.16,667/- p.m.
Single Rs.1,25,000/- p.a.

Premium Payment Term|Pay: Single Premium|Limited Pay: 5/7/10/15 Years|Regular Pay: Equal to Policy Term

Know More

Smart Future Plan (Long Term Investment Plan)

  • Policy Term
  • You can select any of the policy term - 10/15/20/25 years

Premium Amount Details

Minimum
Policy term Payment Mode
Annual. Monthly
10 years Rs 50,000 p.a. Rs 5,000 p.m.
15/20/25 years Rs 25,000 p.a. Rs 3,000 p.m.
Maximum : No Limit

Premium Payment Term|You can select any premium paying term from 10 to 20 years

Know More

Smart Goals Plan (Savings cum protection plan)

  • Policy Term
  • Option A - 10 years (fixed)
  • Option B - 15/20/25 years

Option A

Premium Payment Details
Premium Payment Mode Minimum Maximum
Annual Rs 50,000/-p.a. No Limit
Monthly Rs 5,000/-p.m.

Premium Payment Term|5 Years fixed

Option B

Premium Payment Details
Premium Payment Mode Minimum Maximum
Annual Rs 25,000/-p.a. No Limit
Monthly Rs 3,000/-p.m.

Premium Payment Term|10 years to 25 years

Know More

Smart Life Long Plan (Whole Life Plan)

  • Policy Term
  • Up till 99 years of age

Premium Payment Details

Premium Payment Mode Minimum Maximum
Annual Rs 25,000/-p.a. No Limit
Monthly Rs 3,000/-p.m.

Premium Payment Term|Minimum 10 years and maximum 99-Age at Entry years.

Know More

Secure Bhavishya Plan (Unit Linked Pension Plan)

  • Policy Term
  • Minimum policy term is 10 years
  • For Regular/ Limited Pay-Maximum policy term is limited to 35 years.
  • *Option to increase the Policy Term / accumulation period

Premium Payment Term

Minimum Maximum
Single Pay One time premium only No Limit
Limited Pay 5 years 34 years
Regular Pay 10 years Equal to the Policy Term
Know More

Insure Smart Plan (Wealth Creation Plan)

  • Policy Term
  • 10 years (Fixed)

Premium Payment Details

Payment Mode Minimum Maximum
Annual Rs 50,000 No Limit

Premium Payment Term|5 Years(Fixed)

Know More

Future Smart Plan (Savings cum protection plan)

  • Policy Term
  • You can choose any of the policy term - 10/15/20/25 years

Premium Amount Details

Minimum
Policy term Payment Mode
Annual.
10 years Rs 50,000 p.a.
15/20/25 years Rs 25,000 p.a.
Maximum : No Limit

Premium Payment Term|You can select any premium paying term from 10 to 25 years

Know More

Grow Smart Plan (Whole Life ULIP)

  • Policy Term
  • For whole life

Premium Payment Details

Payment Mode Minimum Maximum
Annual Premium Rs 25,000 No Limit

Minimum 10 years|Maximum 99 less age at entry years

Know More

ULIP Plans - FAQs

In order to understand ULIP NAV, you first need to understand how ULIPs work. In ULIPs, a portion of premium from different investors is accumulated to create one investment corpus. This money is invested in several different market instruments. So to divide the returns properly among all the investors, the fund manager divides the net asset value in to small units with a specific face value. NAV is the per market share value of a fund. To better understand the definition of NAV, take a look at the formula below -

Net Asset Value = [Assets-(Liabilities + Expenses)] / Outstanding Units

The main difference between SIP - a systematic investment plan and ULIP is that ULIP offers you insurance as well. In SIP, you are required to invest a certain sum of money at an interval chosen by you. This reduces the market risks and helps you grow your wealth over some time.

ULIP, on the other hand, provides you with an option to invest your funds systematically and earn a return and gives your life coverage as well. ULIP gives you chance to invest in your own chosen fund. So, you not only get market-linked returns but also insurance cover.


Learn More
Basis ULIP Traditional Plans
Meaning Financial product that gives you the benefits of both investment and insurance in a single plan Type of plans which is characterized by guaranteed returns and low risk.
Funds You can choose to invest in both equity and debt. The funds involved are mostly debt.
Charges Contains multiple charges such as fund allocation, surrender charges Few minimal charges involved
Transparency Full transparency. All charges are known. The investor also has the option to track his funds. Low transparency no tracking allowed.
Lock-in period 5 years No lock-in period
Withdrawal Can withdraw after lock-in period is over Once invested, you cannot withdraw before maturity
Switching Allows you to switch between funds Not allowed.

Here’re the following major benefits of buying ULIP

1. Tax Benefits – It helps you to reduce tax liabilities. This means you are liable to enjoy tax benefits on the premiums paid towards the policy as per Section 80C of the Income Tax Act.

2. Long-term growth– One of the major benefits of buying a ULIP plan is that it offers long-term benefits. ULIPs come with a lock-in period of 5 years which will keep you invested for a longer period.

3. Dual benefits – ULIPs not only offer life coverage but also come with a wide range of investment funds that will help you earn great returns. This includes balanced funds, debt funds or equity funds. You can invest in any of them depending on your need and risk appetite.

4. Flexibility – It gives you the flexibility to switch between funds basis your risk appetite. You could select multiple funds and different investment strategies.

5. Partial withdrawal option – It allows you to make partial withdrawal in case of any uncalled medical emergency or contingency after completion of lock-in period.

If you want to enjoy the triple benefits of life cover, good returns, and tax savings, then you must invest in ULIP. It's a great investment plan as compared to other investment options. In ULIP, the premium paid towards the policy is divided in two sections-Insurance and investment. Therefore, an individual investing in such plan will not just fetch good returns but will get life protection cover as well.

ULIPs are life insurance products that provide paths to invest. And just like other investment option, there's no guaranteed investment return in a ULIP. Although, if you like taking risks and want to earn more returns on your investment, then opt for equity funds.

Generally, minimum lock-in period for ULIP is 5 consecutive policy years. During this time period, if the policyholder discontinues or surrenders the policy, then they will not able to receive any payouts. Withdrawals are only allowed at the end of the lock-in period. In addition to this, if you surrender your policy before the lock-in period ends, then you will have to pay surrender charges as well. Also, it is advisable not to exit your plan after the completion of 5 years of lock-in period, because if you stay invested for a longer duration it will help you reap better benefits.

ULIP is a perfect investment option if you are looking for long term wealth creation. It could be buying your own house, a new car, going on a long vacation, or your child’s higher education or marriage, ULIP helps you to meet all your long-term financial goals. Moreover, it comes with a lock-in period of 5 years which keep you invested for a longer period and helps you earn better returns. The lock-in period is calculated from the date when the policy is issued.

The best time to invest was yesterday, the next best time is today. This statement fits aptly in the case of ULIPs as well. The earlier you can invest in ULIPs the more time you will give your investment to grow. This will help you achieve your goals.

At the time of maturity of ULIP policy, you will get the fund value on your prevailing NAV. Fund value is the number of units of policy multiplied by NAV (net asset value).

Value of the fund = Total units of policy x NAV (Net Asset Value)

Well, discontinuing your premium payment will disrupt your savings as well as financial goals. In such a case, you can approach your life insurance company and ask for the revival of discontinued policy within the stipulated timelines. Also, you will have to pay all the unpaid premiums to revive the ULIP policy.

ULIP plan is a combination of investment and insurance. Thus, one must hold this plan for a duration of at least 10 years so as to get investment benefits out of it. As an early exit will have its own consequences. ULIPs have a lock-in-period of 5 years. Thus, you may surrender your policy before the completion of 5 years, but you will be paid only after the end of 5 years.

It's not risky to invest in ULIP if you chose a safer path. Risk factor in ULIPs depends on the investment option you choose. If you are not okay with sharp movements, then choosing a low risk investment is a better idea. For people with high risk appetite, it's good to choose equity funds while risk-averse investors can go for debt funds.

Yes, ULIPs do offer tax benefits. In fact, it is one of the best tax saving instruments. As per Income Tax Act, 1961, you can save tax on your hard earned money by investing in unit linked insurance plan. The premium paid towards ULIP is allowed a tax deduction of up to 1.5 lacs under section 80C of the Income Tax Act.

You can withdraw free of any charge after the initial lock-in period. This lock-in period is generally 5 years. Some plans have a fixed number of withdrawals after that you are charged. While some plans give you unlimited free withdrawals as well.

If you want to withdraw before the lock-in period, you will have to incur the policy changes.

Yes, you can cancel/surrender your ULIP plan. This cancellation will incur expenses in the form of discontinuance charges if done before the lock-in period is over. Also, this ceases your life cover benefit as well. This is why discontinuing your policy is not advisable.

Knowing the multiple benefits ULIP offers, it is recommended to choose the best plan depending your age and objectives. Canara HSBC offers different ULIPs that are just perfect for you and will help you meet your financial goals.

We offer a range of ULIP plans for you to enjoy the benefits of investment and life insurance protection at the same time.

Online Plans Pay Premium Get a Call Contact Us