Mumbai: Private insurer Canara HSBC Oriental Bank of Commerce Life Insurance Tuesday launched Smart Monthly Income Plan, a traditional participating product, designed to provide life cover and guaranteed extra income.
"Smart Monthly Income Plan is our first guaranteed monthly income plan for the customers of our banks. The product provides a dual benefit of life cover and regular guaranteed income flow to meet supplemental income and retirement needs," John Holden, CEO, Canara HSBC Oriental Bank of Commerce Life Insurance, said in a release issued here.
"The guaranteed income and accrued bonus through the term make it ideal for planning for future financial needs," he said.
The Smart Monthly Income Plan provides the customer with a life cover for 25 years and regular guaranteed income for 15 years starting from the eleventh year of the policy.
It especially caters to the diverse financial goals of the customer through a guaranteed supplemental monthly income towards meeting the lifestyle and retirement needs and in legacy planning for family through guaranteed protection.
The plan helps the customer to accumulate a lumpsum through annual and final bonuses.
Bonuses accrued till the time of death are payable along with the death benefit.
The product also offers a flexibility of premium payment through set-off option that allows the customer to adjust the premiums payable from the receivable monthly income during policy years 11 to 15.
The minimum entry age for this policy is 18 years and maximum is 55 years and the maturity age is 43 years and 80 years.
Canara HSBC Oriental Bank of Commerce Life Insurance Company is a joint venture between Canara Bank, Oriental Bank of Commerce and HSBC Insurance (Asia Pacific) Holdings.
First Published: Tuesday, December 17, 2013, 15:33