· 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.
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 enablepolicyholdersto 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 fillthis gap by helping customers steadily build a retirement corpus.
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 mayno longer be sufficient for many. The EZ Pension Plan aims to providea structured approach to help individuals accumulate funds over time while benefiting from the potential of market-linked growth. It also seeks to offerthe 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.comoffering customers access to a structured, market linked retirement solution.