BANGALORE: Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited, a joint venture between Canara Bank and Oriental Bank of Commerce and HSBC Insurance (Asia Pacific) Holdings Limited, recently announced the launch of Canara HSBC Oriental Bank of Commerce Life Insurance Smart Sanchay Plan, a traditional group protectioncum- savings product.Smart Sanchay Plan has been designed for deposit account holders of the distributor banks and is tailor-made for the company’s bancassurance model of distribution.The plan is available to all new depositors who can opt for this product after opening an account, as well as to existing customers who simply need to enrol.The plan provides life cover and accident protection along with fixed returns.The maturity benefit is fixed and is equivalent to the premiums invested at 4 per cent (current savings rate of interest).The premium is deducted directly from the bank account of the account holder.Speaking on the launch, 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.Smart Sanchay Plan has been exclusively designed for the deposit customers of our distributing banks and is a perfect match of savings along with protection.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 and financial protection up to 10 times the premium is available to the family in case of the insured’s demise with double Sum Assured on accidental death.” The plan caters to mass market bank customers with an affordable annual premium as low as Rs. 6,000.Apart from addressing the savings and protection needs of the customers, this product offers an extremely simple three-step enrolment process.Perez further added: “The key constituent of this plan is the ease of enrolment which is as simple as opening a bank account.There is no lengthy documentation or medicals required to get started.” A group insurance product, Smart Sanchay can be sold by all in-branch employees of the banks.It will be initially available at all branches of Canara Bank, Oriental Bank of Commerce, Pragathi Gramin Bank, Shreyas Gramin Bank and South Malabar Gramin Bank
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