Canara HSBC OBC Life launches new Ulip Insure Smart Plan for customers

Canara HSBC Oriental Bank of Commerce Life Insurance, which entered the life insurance space in June 2008, has launched a new Unit-linked insurance plan (Ulip) ‘Insure Smart Health’.

The company is a joint venture between two of India’s largest public sector banks - Canara Bank and Oriental Bank of Commerce, and HSBC Insurance (Asia Pacific) Holdings Limited. It has shown a year-on-year growth as a result of its efficient bancassurance model with a network of over 4600 branches of Canara bank, Oriental bank and HSBC. The company has recorded 82% growth in FY 2010-11 over previous year.

The new Ulip ‘Insure Smart Health’ proposes to ‘Guarantee your place at the top, whatever the environment’.

A policyholder can choose to invest in NAV Guarantee Fund that guarantees the highest NAV attained over the initial 7 year period, at maturity. This plan should appeal to risk averse customers who want to invest in a ULIP with minimal risks, as it assures gains against any potential downsides.

Alternatively, depending on varying investment needs, a policyholder can choose to invest in non-guaranteed funds.

The plan is open to all customers between 8 years and 70 years of age and the minimum annual premium starts at Rs 50,000 with no cap on the maximum limit. The premiums have to be paid for 5 years while the policy term will continue for 10 years.

Advantages of Insure Smart Plan are:

Premium has to be paid only for the first 5 years for a 10 year policy-term

Six free switches allowed in a guaranteed NAV fund.

Partial withdrawals allowed from 6th policy year for expenses.

Freedom to increase or decrease the sum assured from 6th policy year.

Read our complete expert review of 'Insure Smart Plan' Ulip by Canara HSBC Life Insurance

With the addition of the new Insure Smart Plan, Canara HSBC Life Insurance has expanded its product portfolio which caters to a vast number of insurance customers in India.