Plan your future with Secure Bhavishya Plan
India 22nd August, 2016: Canara HSBC Oriental Bank of Commerce Life Insurance has introduced a new linked insurance product – ‘Secure Bhavishya’ – that is designed to protect and meet an individual's future financial needs.
‘Secure Bhavishya’ is a Unit linked pension plan which will help customers build-up a retirement fund which can be used to provide a steady post retirement income . This plan offers the benefit of ‘capital protection', by way of minimum guarantee of 101% of all premiums paid as the maturity value.
Mr. Anuj Mathur, Chief Executive Officer, Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited said, “The product philosophy we follow is to focus on customer needs and design propositions accordingly. Our aim is that our 'proposition to customer' must be market competitive, for target customer segments, and provide good value for money to our customers. Keeping this into consideration, we have launched Secure Bhavishya Plan catering end to end retirement planning. With uncertainties in life increasing post retirement, this product provide steady stream of income lifelong to provide financial security to the customer. This is a product to build-up a retirement corpus that can be used to provide a steady post retirement income.
Salient features of the Plans are:
Canara HSBC Oriental Bank of Commerce Life Insurance Secure Bhavishya Plan
•Guaranteed Maturity (Vesting) Benefit of 101% of premiums paid (including top-up premiums, if any), provided all due premiums are paid
•Equity allocation to ensure superior returns over a long term
•Very low life cover (105% of premiums paid is the death benefit in the product) to ensure that significant portion of premiums are invested towards building the retirement fund
•Facility of unlimited top-ups depending upon one's retirement needs
•Option to choose retirement age and premium payment term as per age and life stage
•Flexibility to choose Annual or Monthly premium payment modes
•Loyalty Additions to boost the fund value after every 5 years, starting from 10th policy year
About Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited
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 access to around 60 million customers and a pan-India network of over 8000+ branches of Canara Bank, HSBC and Oriental Bank of Commerce. The Company has a solvency ratio of 422% and has been making profits for the last 4 years. During the last year, the company’s profit has grown by 22% at Rs 126 crores. The company has been rated ‘CARE AAA’ by rating agency CARE for its claims payment ability.
By selling through the three banks' branches, seeking to seamlessly integrate systems and processes to reduce costs Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited aims to pass on the savings to customers through lower charges thus making the Company's products among the most competitive and accessible in the market.