Source : Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited
Tuesday, January 7, 2014 5:45PM IST (12:15PM GMT)
 
Canara HSBC Oriental Bank of Commerce Life Insurance Launches Smart Stage Money Back Plan
 
New Delhi, Delhi, India

Canara HSBC Oriental Bank of Commerce Life Insurance today announced the launch of its Smart Stage Money Back Plan, a traditional participating product, which provides regular guaranteed money back, guaranteed maturity benefit plus all added bonuses to the customer during the term of the policy along with financial protection to the family by way of life cover.
 
The Smart Stage Money Back is an ideal plan to be financially ready for a child's education and other related needs or fulfilling one’s aspirational needs like purchasing a house or a family vacation.
 
The plan provides three guaranteed money back payouts of 15% of the sum assured each at the end of 4th, 8th and 12th policy year and a guaranteed maturity benefit equal to 55% of the sum assured at the end of the policy term. All benefits in this plan are tax free as per prevailing income tax laws. The product also provides family protection for 15 years through payout of death benefit and offers limited payment term of 11 years.
 
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 Stage Money Back Plan, our entry into guaranteed money back space, for the customers of our banks at an affordable premium starting as low as Rs 11,080 annually at the minimum eligible entry age and sum assured.  Based on consumer insights, the product was designed to meet their lifestyle and life stage requirements and provide multiple survival benefits to the customer in the form of guaranteed money back at regular intervals. The plan also provides family protection by way of life cover and maturity benefit making it a smart plan for the customers.
 
Mr. Holden further added, “Another important aspect of this plan is that it creates an element of trust and gratification by payout of guaranteed benefits at regular intervals starting as early as end of 4th policy year and hence offers liquidity to customer unlike in traditional endowment plans
 
With the launch of Canara HSBC Oriental Bank of Commerce Life Insurance Smart Stage Money Back 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.
Key Information

Parameter Description
Entry Age 8 years – 55 years
Max Maturity Age 70 years
Policy Term 15 years
Premium Payment Term 11 years
Premium Mode Annual and Monthly (Monthly Mode is available through SI/ECS only)
Min/ Max Premium Min: Depends on minimum entry age and minimum Sum Assured
Max: No Limit
Sum Assured Min: Rs 1,00,000
Max: Subject to underwriting
Premium Mode Annual and Monthly (Monthly Mode is available through SI/ECS only)
Death Benefit Death benefit Sum Assured is higher of

  1. Sum Assured or
  2. 10 times Annualised Premium – Higher of [{ Higher of (SA,  10*Annualised Premium Excluding Service Tax ) + Accrued Bonus}, 105% of total Premium Paid]
Maturity Benefit
  1. 55% of the Sum Assured
  2. Accumulated Annual Bonuses (for all 15 years in the policy) along with Final Bonus, if any will be paid
Guaranteed Money Back Guaranteed Money Back (% of Sum Assured) payouts at the end of the 4th, 8th, 12th and 15th policy year
High Sum Assured Rebate Rebates on tabular premium rate per thousand Sum Assured are given as follows:

Sum Assured (`) Rs Rebate on Premium %
(per ` 1000 of Sum assured)
Less than 1,50,000 0
1,50,000 up to 1,99,999 5
2,00,000 up to 2,99,999 7.5
3,00,000 up to 4,99,999 10
5,00,000 up to 9,99,999 12
10,00,000 and above 13
  • Bonuses: Annual and Final bonuses if any are payable in case of death or maturity
  • Tax Benefit: Tax Benefits under the plan will be as per the prevailing Income Tax laws and are subject to amendments from time to time

 
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 6200 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 14 products – 5 unit-linked and 9 traditional; 9 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 December 31, 2013, the Company’s business in terms of Gross Written Premium (GWP) stood at Rs 7702.5 crore and the number of policies sold are 4,24,705.

 
Media Contact Details

Nonika Raj Kumar, Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited ,9717882227 , nonika.rajkumar@canarahsbclife.in

Zohar Reuben, IPAN Hill+Knowlton Strategies ,9820920816 , zohar.reuben@hkstrategies.com