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Canara HSBC Oriental Bank of Commerce Life Insurance Launches Smart Monthly Income Plan


December 17, 2013 - New Delhi, Delhi, India

-- New foray into guaranteed monthly income space

-- A traditional participating plan that provides
- Legacy planning for the family through Guaranteed Protection for 25 years
- Guaranteed monthly income for 15 years to meet the supplemental and retirement income needs
- Lump sum built up through bonuses
- Premiums can be netted off against income received from year 11


Canara HSBC Oriental Bank of Commerce Life Insurance today announced the launch of its Smart Monthly Income Plan, a traditional participating product, designed to provide life cover and guaranteed extra income to meet the rising cost of living.

The Smart Monthly Income Plan provides the customer with a life cover for 25 years and regular guaranteed income for 15 years starting from the 11th policy year. It especially caters to the diverse financial goals of the customer through a guaranteed supplemental monthly income towards meeting the lifestyle and retirement needs and in legacy planning for family through guaranteed protection. It helps the customer to accumulate a lump sum through annual and final bonuses. Bonuses accrued till the time of death are payable along with the death benefit. The product also offers a flexibility of premium payment through set-off option that allows the customer to adjust the premiums payable from the receivable monthly income during policy years 11 to 15.

Speaking at the launch, Mr. John Holden, Chief Executive Officer, Canara HSBC Oriental Bank of Commerce Life Insurance, said, “We are pleased to offer Smart Monthly Income Plan, our first guaranteed monthly income plan, for the customers of our banks. Based on consumer insights, the product was designed to provide a dual benefit of protection through life cover and regular guaranteed income flow to meet supplemental income and retirement needs. The guaranteed income and accrued bonus through the term make the product ideal for planning for future financial needs”.

With the launch of Canara HSBC Oriental Bank of Commerce Life Insurance Smart Monthly Income Plan, the Company has further strengthened its product suite to provide the right solution for protecting one’s family and saving for future financial needs.

Click here to view the Key Information on the Smart Monthly Income Plan

About Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited (www.canarahsbclife.com)

Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited was launched in June 2008 and is jointly owned by two of India’s largest public sector banks – Canara Bank (holding 51%) and Oriental Bank of Commerce (23%) – and HSBC Insurance (Asia Pacific) Holdings Limited (26%), the Asian insurance arm of one of the world’s largest banking and financial services groups – HSBC. The Company has exclusive access to around 60 million customers and a pan-India network of over 6500 branches of Canara Bank, HSBC and Oriental Bank of Commerce.

The formidable distribution strength and in-depth local market knowledge of Canara Bank and Oriental Bank of Commerce coupled with the considerable Insurance experience, product range and proven Bancassurance capabilities of HSBC make this an unparalleled union of financial strength, expertise and most importantly, trust.

To deliver affordable Insurance solutions to address the needs of the rural population, the social sector and economically weaker sections of the society, especially those who have no or very little access to organised financial services, the Company has also tied up with two Rural Regional Banks (RRBs) – Pragati Krishna Gramin Bank in Karnataka and Kerala Gramin Bank (formerly known as South Malabar Gramin Bank) in Kerala that have a network of over 600 branches and reach out to more than 6 million customers.

Canara HSBC Oriental Bank of Commerce Life Insurance Company understands that today innovation is a key differentiator. Based on customer needs, the Company currently offers 13 products – 5 unit-linked and 8 traditional; 8 out of these are individual and 5 are group products.

The company achieved statutory break-even in 5th year of operations owing to its bancassurance business model, leading to a lean cost structure, strong persistency levels and superior underwriting process. Since launch on June 16, 2008 to November 30, 2013, the Company’s business in terms of Gross Written Premium (GWP) stood at Rs 7579.3 crore and the number of policies sold are 4,21,000.

To view the Key Information on the Smart Monthly Income Plan, please click on the links given below

Key Information on the Smart Monthly Income Plan

To view the photograph, please click on the link given below:

John Holden, CEO, Canara HSBC OBC Life Insurance Company Limited

Source: Business Wire India

BusinessWireIndia

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