Canara HSBC OBC Life has launched group protection-cum-savings product

By | August 5, 2011

A recent press report said that Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited has launched a traditional group protection-cum-savings product called Smart Sanchay Plan.

Smart Sanchay Plan offers life cover and accident protection along with fixed returns.

Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd is a joint venture between Canara Bank, Oriental Bank of Commerce and HSBC Insurance (Asia Pacific) Holdings Ltd.

According to reports the product will offer a sum assured of 10 times the annual premium for ages 35 years and below and 7 times for ages 36 years and above on the death of the life assured. If the death is due to accident, an additional amount equal to the sum assured will also be paid.

The insured members get assured returns at maturity on their total premiums paid which are equivalent to the existing savings account rate of 4 per cent. On survival at policy maturity, the policyholder will get guaranteed maturity benefit of 137.5 per cent of total premiums paid.

Smart Sanchay Plan has been designed for deposit accountholders of the distributor banks. The premiums will be deducted directly from the bank account of the accountholder. The plan is available to all new depositors who can opt for it after opening an account, as well as to existing customers who will need to enroll.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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