Articles January 5, 2021

We all want security for the future but most fail to accumulate enough savings to ensure the same. We suggest you to invest in a unit-linked insurance plan (ULIP) as it is a life cum investment product that gives security with higher returns at maturity. And in this article, we have brought to you the two best ULIPs – Aditya Birla Sunlife Empower Plan and Canara HSBC Invest 4G Plan. First, let’s know about Canara HSBC Invest 4G which is a protection and savings oriented ULIP that not only gives you a choice of protection but also allows saving for life goals. The Aditya Birla Sunlife Empower Plan is a unit-linked, non-participating pension plan that helps you accumulate your premium and the investment returns into a corpus for retirement. To choose between the two, compare Aditya Birla Sunlife Empower Plan Vs Canara HSBC Invest 4G Plan on this page below.

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What are the Key Features of Aditya Birla Sunlife Empower Plan and Canara HSBC Invest 4G Plan?

Under Aditya Birla Sunlife Empower Plan, you will need to bear the investment risk chosen by you in the investment fund (Income Advantage Guaranteed or Maximiser Guaranteed). These investment funds are subject to investment risks and the unit prices may go up or down as per the market value of the underlying assets.

Note – Past performance is no guarantee of future results under Aditya Birla Sunlife Empower Plan.

Whereas in the case of Canara HSBC Invest 4G Plan, the Life Cover ensures financial protection to your family in case of your death. And it gives you the flexibility to customize your plan as per your goals. The choice of Investment Funds ranging from 0-100% equity exposure should match your risk appetite. There are multiple portfolio management options for you to optimize returns.

Compare the Benefits of Aditya Birla Sunlife Empower Plan & Canara HSBC Invest 4G Plan

In the table below, you can check out the benefits of Aditya Birla Sunlife Empower Plan and Canara HSBC Invest 4G Plan.

List of BenefitsAditya Birla Sunlife Empower PlanCanara HSBC Invest 4G Plan
Death BenefitThe greater of the Guaranteed Death Benefit or the Fund Value will be payable.Under Life Option and Whole of Life Option, the highest of the following will be payable:
Sum Assured minus Partial Withdrawal, if any

  1. Fund Value

  2. 105% of all premiums


Under Life Option with Premium Funding, the higher of the following will be payable:

  1. Sum Assured

  2. 105% of total premiums


All future Premiums are funded by Canara HSBC OBC Life Insurance as and when due, and the fund value will be paid on maturity.
Guaranteed AdditionsAdditional units are added to your policy from the sixth policy anniversary year. Guaranteed Additions range from 0. 25-%-0.35%Loyalty Additions starting from the end of every fifth policy year from the commencement of the policy such as the 5th Policy Year, 10th Policy Year, 15th Policy Year.
Loyalty Additions = 0.5% of the average Fund Value of the last 60 monthly policy anniversaries.
Wealth BoosterN/AWealth Boosters ranging from 1.00-3.00% will be added to your policy starting from the end of 10, 15, 20, 25 and 30th policy year
Maturity BenefitN/APolicy Fund Value will be payable based on the prevailing NAV at maturity
Vesting BenefitThe greater of Guaranteed
Vesting Benefit (GVB) or the Fund Value will be received. A minimum GVB of 101% of the basic paid premiums will be applicable.
N/A
Surrender BenefitIf surrendered after five years from the date of inception.

  1. Your policy converts into a single pay deferred pension plan

  2. Or the balance is received as a stream of regular income

  3. Or you come into an income (annuity) phase



If surrendered during five years from the date of inception, the fund value will be transferred to the Pension Discontinued Policy Fund.
If surrendered within the first five years from the date of inception, the fund value will be transferred to the Discontinued Policy Fund.
Whereas If surrendered after five years from the date of inception, the fund value is paid immediately to the life assured.

Exclusions from Aditya Birla Sunlife Empower Plan & Canara HSBC Invest 4G Plan

You should know about the insurance policy exclusions before you purchase it. So we have brought to you the exclusions from Aditya Birla Sunlife Empower Plan v/s Canara HSBC Invest 4G Plan. Do compare the plans based on exclusions too.

Under Aditya Birla Sunlife Empower plan, the company shall pay the Fund Value as on date of death plus any charges recovered after the date of death, in case the life assured dies due to suicide within 1 year after the issue or revival date, whichever is later. Whereas in the case of Canara HSBC Invest 4G Plan, the nominee or beneficiary of the policyholder is entitled to the fund value or policy account value, as available on the date of death. Also, there will be no charges after the date of death. And any charges recovered after the date of death of the Life Assured is paid back.

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