Canara HSBC Life Insurance launched the Global Wealth Plan on Friday, marking a significant expansion in the USD-denominated unit-linked life insurance segment. According to reports from The Hindu BusinessLine, the product is exclusively distributed via Policybazaar and targets non-resident Indians seeking combined insurance and global investment exposure in US dollars. The plan is available through GIFT City, leveraging its status as an International Financial Services Centre to provide regulated access to internationally diversified investments. As reported by CNBC-TV18, this launch follows Ageas Federal Life Insurance's introduction of its Aurum Advantage plan on October 8, with Canara HSBC's plan focusing specifically on US dollar-denominated investments while Ageas Federal's allows investments in US dollars, euros and British pounds.
The product offers no allocation or administration charges, ensuring a larger share of premiums remains invested in the fund. As reported by The Hindu BusinessLine and CNBC-TV18, policyholders can invest across global equities, precious metals including gold and silver, and debt funds. The plan comes in three variants: Wealth (focused on long-term wealth creation), Wealth Plus (including Premium Funding Benefit for future premium payments if policyholder dies before maturity), and Wealth Forever (a whole-life option for legacy planning). Under Wealth Plus, if the life assured dies, the sum assured is paid immediately and future premiums due are funded by the insurer, allowing the policy to continue until maturity, subject to policy terms. All variants include life cover as standard.
According to the launch details reported by The Hindu BusinessLine and CNBC-TV18, the plan includes Loyalty Additions and Maturity Boosters designed to enhance overall fund value depending on the plan option chosen. The product structure addresses the needs of customers whose financial obligations span multiple geographies, offering a regulated Indian framework for international investment access. GIFT City's status enables NRIs to access globally diversified investments while transacting in dollars, providing a relevant structure for international financial planning. Foreign currency-denominated policies may appeal to customers who earn in foreign currencies or expect to meet future expenses overseas, such as NRIs saving for a child's education abroad in the currency in which those expenses will arise.
