Canara HSBC Oriental Life launches Smart Stage Money Back plan
Mumbai: Canara HSBC Oriental Bank of Commerce Life Insurance today launched Smart Stage Money Back plan, a traditional participating product that offers regular guaranteed money back, maturity benefit and all added bonuses during the policy term along with life cover.
“This is our entry into guaranteed money back space and is 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.
“The plan also provides family protection by way of life cover and maturity benefit making it a smart plan for the customers,” Canara HSBC Oriental Bank of Commerce Life Insurance Chief Executive John Holden said in a release.
Another important feature of this plan is that it offers guaranteed benefits at regular intervals, starting as early as end of fourth policy year and, hence, offers liquidity to customer unlike in traditional endowment plans, he added.
The minimum entry age for the policy is eight years while the maximum entry age is 55 years. The maturity age is 70 years and the policy term is 15 years. Smart Stage Money Back Plan also offers tax benefits.
Canara HSBC Oriental Bank of Commerce Life Insurance is jointly owned by two of India’s public sector banks Canara Bank and Oriental Bank of Commerce and HSBC Insurance (Asia Pacific) Holdings, the Asian insurance arm of one of the world’s largest banking and financial services groups HSBC.