Ca­nara HSBC Ori­en­tal Life launches ‘PoS’ prod­uct

The Hindu Business Line - - FRONT PAGE - KR SRI­VATS

Ca­nara HSBC Ori­en­tal Bank of Com­merce Life In­sur­ance Com­pany (CHOICE) has come up with a ‘Point-of-Sale’ prod­uct tar­geted at the mass-mar­ket seg­ment.

A first

The prod­uct — ‘PoS - Easy Bima Plan’— is the first PoS prod­uct for the com­pany and is a pure term in­sur­ance plan that not only gives life cover but also re­turns all pre­mi­ums paid dur­ing the pay­ment term on sur­vival till ma­tu­rity, Anuj Mathur, Chief Ex­ec­u­tive, CHOICE, told Busi­nessLine here.

Sim­ple doc­u­men­ta­tion

“We have worked at mak­ing the buy­ing process very sim­ple as this just re­quires a one-step iden­ti­fi­ca­tion of the cus­tomer and fill­ing up of a sim­ple pro­posal form.

“...very sim­ple doc­u­men­ta­tion with­out med­i­cal tests,” Mathur added.

The af­ford­able pre­mi­ums start from ₹1,000 an­nu­ally and there is in­built dou­ble life cover in case of ac­ci­den­tal death, he said.

While this prod­uct has ini­tially been launched through a re­gional ru­ral bank of Ca­nara Bank, it would be avail­able in the bank branches of Ca­nara Bank and Ori­en­tal Bank of Com­merce (OBC) in the next two months, Mathur said.

“We are also plan­ning to make this prod­uct avail­able on­line in the next cou­ple of months,” he said.

‘PoS - Easy Bima’ is a pure term in­sur­ance plan that not only gives life cover but also re­turns all pre­mi­ums paid dur­ing the pay­ment term on sur­vival till ma­tu­rity

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