Canara HSBC Launches New EZ Pension Plan

Canara HSBC Life Insurance has introduced a new EZ Pension Plan.

This plan helps people save for retirement by investing in one of two funds: a stock-based index fund or a debt fund.

You can choose to pay premiums regularly or as a single payment.

The plan has a minimum lock-in period of five years.

After the policy period, you can take out 60% of the fund value tax-free and use the remaining 40% to buy an annuity.

If something happens to you during the policy term, your nominee gets the higher of the fund value or 105% of the premiums paid.

The plan has some charges, like a policy administration fee and fund management costs.

Experts suggest that while the plan has good potential, it's risky and might not be the best option for everyone.

It's better to keep insurance and investments separate and consider other low-cost options first.