Life insurance is becoming quite popular nowadays because the options like Canara HSBC OBC life insurance policies offer investment benefits apart from death benefits. The company is a joint venture between Canara Bank, HSBC insurance (Asia Pacific) Holding Ltd. and the Oriental Bank of Commerce (OBC).
In this joint venture the Canara Bank has an ownership of 51% equity, while HSBC insurance holds 26% and OBC owns 23% equity. Canara Bank and Oriental bank of commerce are both two of the largest public sector banks in India and HSBC Insurance holdings limited is the Asian arm of one of the largest banking and financial services group in the world. ‘
Canara HSBC Life Insurance Company
The company was launched on 16 June 2008 and it has on its records around 60 million customers along with a pan India network of about 7000 branches of the three shareholder banks. At the same time, the company has 28 centers across the country which provide the necessary coaching and training support to the staff. The Canara HSBC OBC Life Insurance is the pioneer in launching ‘Immediate Payouts on Death Claim’ under which the dependents of the deceased will get the fund immediately on registering a death claim under the unit linked policies.
The company has received the award from Economic Times of the ‘ET promising brands of 2015’. This award means that the company is a trustworthy brand and shows the customer centricity of the brand. Apart from this the company has also won many prestigious awards including ‘Best training Initiative for Insurance Sector’, ‘Life Insurance Company of the Year 2013’ and ‘Best Sales Development Program’ across industries in Asia.
Canara HSBC OBC life insurance has a strong distribution network of over 4100 branches all over the country. The company operates on a bancassurance model and has access to around 60 million customers and a network of 5300 bank branches.
On the other hand the company is supporting the earth hour, by continuing its association with WWF India for 8 consecutive years. The Cyclothon was organized in March 2016 which includes a Cyclothon of 21 kms and a walkathon with a distance of 7 km.
Different Life Insurance Products
The Term plans offered by this company are the cheapest and yet most vital of life insurance products. These products protect your family from financial uncertainties and help you to secure their future when you are not there for them anymore. On the other hand the ULIP plans offered by the company can help you to save for your particular dreams. These plans give you the flexibility to pay premiums for a shorter duration, choose your life cover and your money is invested in unit linked funds of your choice to take care of your long term financial goals.
Traditional Life Insurance Cover ULIP Plans
Canara HSBC OBC in collaboration with FICCI conducted a survey in the past which was aimed at understanding the behavior of the Indian Life insurance customers. The results of the survey show that a considerable number of Indian customers i.e. 64% prefer traditional insurance over ULIPs which only 19% Indian customers opt for.
According to this study are averse to risk in general and they prefer to opt for low to medium risk investments like bank FD, real estate, gold etc. over equity or equity linked products. It was also found that the most common frequency of paying premium is the annual one and the average premium sum is around Rs. 13000 and that 72% of customers prefer to buy insurance products from their own banks.
The survey also proved that a large majority of the Indian customers i.e. 75% consider insurance to be a savings scheme for their future rather than as a protection for their family in case of their demise.