PRNewswire
New Delhi [India], August 25: Canara HSBC Life Insurance Company Limited ("Canara HSBC Life Insurance") in partnership with Policybazaar, today announced the launch of its newest offering, the EZ Pension Plan. This individual linked pension plan is designed to enable policyholders to achieve financial independence in their retirement years. With rising healthcare costs and limited awareness around retirement planning, many are unprepared for life after work. The EZ Pension Plan attempts to fill this gap by helping customers steadily build a retirement corpus.
- With India's ageing population expected to nearly double by 2050, the new plan offers a disciplined approach to retirement savings.
- EZ Pension Plan aims to combine growth potential with flexibility to build a secure post-retirement income.
According to India Ageing Report 2023 (jointly prepared by UNFPA India and the International Institute for Population Sciences), India's demographic profile is shifting, with the share of citizens aged 60 and above projected to almost double by 2050. Longer lifespans and evolving lifestyles mean that the traditional sources of retirement income may no longer be sufficient for many. The EZ Pension Plan aims to provide a structured approach to help individuals accumulate funds over time while benefiting from the potential of market-linked growth. It also seeks to offer the flexibility to adapt to different life stages and financial priorities.
To support this, the plan includes features such as:
- Zero allocation charges ensuring 100% premium allocation to funds
- Flexibility to choose retirement age and premium payment term as per individual needs
- Unlimited free switches during the policy term
Commenting on the launch, Mr. Rishi Mathur, Chief Distribution Officer - Alternate Channels and Chief Marketing Officer, Canara HSBC Life Insurance said, "We are delighted to introduce the EZ Pension Plan, a product designed to strengthen the long-term financial security of our customers. Retirement is a stage of life that should be lived with peace of mind. We at Canara HSBC Life Insurance want to make that possible by offering a solution that combines flexibility, growth opportunities, and disciplined savings. This plan is about giving individuals the tools to take charge of their future, so they can focus on enjoying life during their retirement."
Vivek Jain, Chief Business Officer, Life Insurance, Policybazaar.com said, "Retirement planning in India has traditionally relied on personal savings or the support of family. Today, longer lifespans, rising healthcare costs, and evolving lifestyles are reshaping these expectations. At Policybazaar, we see a clear need for more structured financial solutions that can provide both growth and stability. Our partnership with Canara HSBC Life Insurance for the EZ Pension Plan reflects that vision, offering Indians a smart, flexible way to build a corpus and enjoy financial freedom in their golden years."
The EZ Pension Plan is available on Policybazaar.com offering customers access to a structured, market-linked retirement solution.
About Canara HSBC Life Insurance:
Incorporated in 2007, Canara HSBC Life Insurance Company Limited is promoted by Canara Bank and HSBC Insurance (Asia Pacific) Holdings Limited. Punjab National Bank is also a shareholder of the Company. As a bancassurance led insurance company with its corporate office at Gurugram, Haryana and more than 100 branch offices as of the date of the DRHP (defined below), pan India, Canara HSBC Life brings together the trust and market knowledge of public and private banks.
For more than 17 years now, the Company sells and services customers through multiple channels and well diversified network of Canara Bank and the Indian branch of the Hongkong and Shanghai Banking Corporation Limited in multiple cities across the country. The Company has a vast portfolio of life insurance solutions and offers various products across individual and group space comprising of life, health, term plans, retirement solutions, credit life and employee benefit segments through partner banks, digital, and direct field force.
With an aim to provide simpler insurance and faster claim process, the Company intends to keep the promises of their customers alive with their "Promises Ka Partner" philosophy.
Canara HSBC Life Insurance Company Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offering of its equity shares and has filed a draft red herring prospectus dated April 28, 2025 ("DRHP") with the Securities and Exchange Board of India ("SEBI"). The DRHP is available on the website of the Company at www.canarahsbclife.com/investor-relations/offer-documents , the SEBI at www.sebi.gov.in , the website of National Stock Exchange of India Limited at www.nseindia.com and the website of BSE Limited at www.bseindia.com and the respective websites of the Lead Managers at www.sbicaps.com , www.bnpparibas.co.in , www.business.hsbc.co.in , www.jmfl.com and www.motilaloswal.com .
Investors should note that investment in equity shares involves a high degree of risk. For details, potential investors should refer to the RHP which may be filed with the Registrar of Companies, Delhi and Haryana at New Delhi, in the future, including the section titled "Risk Factors". Potential investors should not rely on the DRHP filed with the SEBI, but should instead rely only on the RHP, in making any investment decision.
The equity shares proposed to be offered in the initial public offering may not be offered or sold in the United States except pursuant to an exemption from, or in transactions not subject to, the registration requirements of the U.S. Securities Act of 1933, as amended. There will be no public offer of securities in the United States.
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