Canara HSBC Life Insurance Introduces Promise4Growth Plan

Current Context: On 6th May, Canara HSBC Life Insurance introduced a new Unit Linked Insurance Plan (ULIP) called Promise4Growth. This plan is designed for customers embarking on a journey towards financial prosperity and security.

• Here are some key details about the Promise4Growth plan:
• Plan Options: The product offers 3 plan options: Promise4Wealth, Promise4Care, and Promise4Life, each aligned with different savings goals and life stages.
• Tax Benefits: The policy holder may avail tax benefits on premium paid and benefits received as per prevailing tax laws under Income Tax Act, 1961.
• Investment Options: This plan offers an option to choose from a bouquet of 9 Unit Linked Funds.
• Flexibility: Promise4Growth provides unparalleled flexibility and offers a wide range of investment options, including a new fund called the ‘’Midcap Momentum Growth Index Fund’’.
• Growth Prospects: It offers substantial growth prospects for the individuals.
• The Promise4Growth plan from Canara HSBC Life Insurance provides an unmatched combination of Portfolio Management Options and flexibilities, giving you complete control over your savings and insurance needs.

Question:

Q.1 What tax benefits does the Promise4Growth plan offer?
a. Tax benefits only on benefits received.
b. Tax benefits only on premium paid.
c. Tax benefits on premium paid and benefits received as per prevailing tax laws under Income Tax Act, 1961.
d. No tax benefits.