Canara HSBC Oriental Bank of Commerce Life Insurance Launches Insure Smart

Online, May 10, 2011 (Newswire.com) - Continuing the tradition of delivering products with enhanced value for the customer under its SMART Solutions umbrella, Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited - a joint venture between two of India‟s largest public sector banks, Canara Bank and Oriental Bank of Commerce, and HSBC Insurance (Asia Pacific) Holdings Limited, announced the launch of Canara HSBC Oriental Bank of Commerce Life Insurance Insure Smart Plan.

A unit-linked insurance plan, Insure Smart Plan provides the option of NAV guarantee fund and is equipped with investment friendly features. The core proposition of Insure Smart Plan is „Guarantee your place at the top, whatever the environment.

Speaking on the launch, Mr. Mario Perez, Director - Sales, Marketing & Products, Canara HSBC Oriental Bank of Commerce Life Insurance Company, said: "At Canara HSBC Oriental Bank of Commerce Life Insurance Company, all products have been designed on the basis of consumer insights gathered through extensive customer research. Insure Smart Plan has been tailor-made to cater to the savings and protection needs of the customers. In addition to this, NAV Guarantee Fund provides an element of guarantee on investments to customers with lower risk appetite."

Mr. Perez further added: "Using the SMART Solutions umbrella, Canara HSBC Oriental Bank of Commerce Life Insurance Company aims to provide smart choices and cater to the diverse financial needs of the customers across different segments, at various life stages and accentuate the primary objective of Life Insurance which is protection along with long term wealth creation."

Key features of Canara HSBC Oriental Bank of Commerce Life Insurance Insure Smart Plan are:

a) NAV Guarantee Fund: Offers a guarantee of the highest NAV over the fund.s initial 7 years, applicable at maturity

b) Short Premium Payment Term & Policy Term: Has a 5-year premium payment term and 10-year policy term

c) Loyalty Addition: Loyalty addition of 1% of the total fund value at maturity, based on the prevailing NAVs

d) Option of Other Funds: Offers a choice of 5 non-guaranteed funds with 100% equity orientation to 100% debt.

e) Lower Allocation Charge on SI/ECS: Offers lower allocation charges to customers opting for ECS (Electronic Clearing Service)/SI (Standing Instructions) for payment of premium - an unbeatable combination of lower costs and increased convenience.

f) Partial Withdrawal: Allows customers to make partial withdrawal for any unforeseen contingency from the 6th policy year.

g) Risk Cover of Choice: Customer can not only choose the risk cover to secure their family‟s financial needs, they can also increase or decrease the sum assured.

h) Tax Benefits: The customer can avail tax benefits on premiums paid and the benefit paid out under the policy, subject to the applicable provisions of Section 80C and Section 10(10D) respectively, of the Income Tax Act, 1961

With the launch of Canara HSBC Oriental Bank of Commerce Life Insurance Insure Smart Plan, the Company has further strengthened its product suite to provide a wider choice to customers and help them find the right solution for protecting their family and future financial needs.

The new life insurance plan is available pan-India through the 5,500 branches of Canara Bank, HSBC,Oriental Bank of Commerce, Pragathi Gramin Bank, Shreyas Gramin Bank, South Malabar Gramin Bank and HSBCInvestDirect Securities (India) Limited.