Promise2Protect life insurance

Promise2Protect gives you a choice of 2 plan options:

• Life Secure
• Life Secure with Return of Premium

Life Secure

With Life Secure, you can cover yourself and, if you decide to, your spouse as well. The sum assured will then be paid out if one of the lives assured dies while the policy is in force.

You (and your spouse, if included) can be covered for the term of the contract, subject to the terms and conditions of the policy. The policy will end on the death of the last surviving person covered, or when the policy reaches the end of its term.

Life Secure with Return of Premium

With Life Secure with Return of Premium, the sum assured will be paid out if the life assured dies while the policy is in force. The policy will end once this has been paid out.

If the life assured survives until the end of the policy term, the sum assured on maturity will paid out to the policyholder on the maturity date, and the policy will end.

It isn't possible to cover your spouse with this plan option.

You can choose from level or increasing cover, depending on which you'd prefer.

Level cover

If you choose level cover, the sum assured will remain the same for the duration of your policy. However, if you're paying regular premiums, you can request to increase your sum assured up to 3 times during your policy term when any of these life events happen:

• Marriage
• Birth/legal adoption of a child
• House purchase

You'll need to make your request within 1 year of the life event taking place.

Increasing cover

With increasing cover, your sum assured will increase by 10% a year (simple interest), up to a maximum of 100% of the original sum assured. This could be useful if you want your sum assured to keep up with inflation and other changes in your life.

With Promise2Protect, you can choose how you'd like the sum assured to be paid out on the death of one of the lives assured.

The options you can pick from are:

• A lump sum – receive the whole sum assured at once
• A monthly income – level or increasing by 5% or 10% a year, and payable for 60 months
• Part lump sum and part monthly income – with splits of 25/75, 50/50 and 75/25 available

Once you've selected your payout option, you can't change it.

When it comes to your premiums, you can choose:

• How long you'd like to pay for (premium payment term)
• How often you'd like to pay (premium payment mode)

The actual premium you'll need to pay will depend on various factors, including age, gender, smoking status, plan option, sum assured and policy term, as well as the premium payment term and premium payment mode you choose.

How often you'd like to pay

You can choose from the following premium payment mode options:

• Monthly
• Quarterly
• Half yearly
• Yearly

Changing the frequency of your payments

If you've chosen the 'Life Secure' plan option, you can ask to change your payment frequency from the next policy anniversary date (subject to the application of a 'modal factor').

You'll need to make your request at least 60 days before the policy anniversary date when you want the change to take place. There is no fee for making this change.

• Under regular premium payment of Life Secure Plan option there will be no surrender value payable
• Your policy will lapse if you do not pay due premium within the grace period under the Life Secure Plan option whereas if you do not pay due premium within the grace period after payment of first policy year premium under Life Secure with Return of Premium option, your policy will acquire paid-up status
• Non-resident customers should take into consideration the statutory and regulatory requirements of their respective jurisdictions and shall ensure compliance with the same before buying this product. By facilitating purchase of this product, HSBC India makes no representation that the product is suitable for any particular customer or is appropriate in accordance with any applicable local laws, rules or regulations
• You should go through the product brochure to have a complete understanding of the policy you are purchasing. You must disclose all details (including health details) correctly in the proposal form
• Acceptance of the application will be subject to underwriting as per the insurer's board-approved underwriting policy
• Purchase of insurance product is purely voluntary and is not linked to availing of any other facility from the bank
• Tax Benefits as per the Income Tax Act, 1961 as amended from time to time, may be available. For tax-related queries, contact your independent tax advisor

During the 30 day 'free look' period

We want you to be happy with the cover you've chosen. So if you find you're not satisfied with the terms and conditions of the policy and haven't made a claim, you can you can request a cancellation by returning your policy document, along with a written request stating your reasons for non-acceptance. You'll need to do this within 30 days of first receiving the policy document (known as the 'free look' period), whether you received it electronically or otherwise.

You'll receive a refund of any premiums paid, less a deduction of the proportionate risk premium for the period of cover, stamp duty charges and expenses incurred on any medicals.

After the free look period

If you decide you no longer want or need your policy after the 30-day free look period, you can cancel your policy at any time. Just bear in mind that you won't receive a refund of any premiums you've already paid, and you won't be covered any more.