Canara HSBC Oriental Bank of Commerce Life Insurance rolls out

Canara HSBC Oriental Bank of Commerce Life Insurance rolls out
“Guaranteed Income4Life”

·         Ensure Life Insurance coverage and financial protection for your family

·         Ensures Guaranteed benefits and Income for life

·         Customizable policy that offers flexibilities in terms and premium payments 

·         Product fulfills long term goals with guaranteed stable income

Canara HSBC Oriental Bank of Commerce Life Insurance strengthens its Guaranteed Savings portfolio with a new “Guaranteed Income4Life” plan acknowledging the needs of the customers in the given hour. It is a Non-Linked, Non-Par Individual Life Insurance Savings cum Protection Plan which not only offers an individual the opportunity to secure his/her life but also allows one to have regular income to take care of both long-term and short-term financial goals.

Understanding customer needs and the falling interest rates, the Company has made a flexible plan with end-to-end guaranteed benefits. The Plan can be customized as per the policy holder’s needs, in terms of premium payments or income, and individual’s life stage. Whether it is lifelong protection or fulfilling child’s education needs, preparing for early retirement or providing that extra income to make sure every promise is fulfilled; the product covers it all. Guaranteed Income4Life is specifically designed to cater to the requirements of the risk-averse investors and offers maturity benefits alongside of regular guaranteed payouts.

An Individual can avail the plan as per their protection and income needs as its offers three options depending upon the income period such as:-

       Guaranteed Income – Income from short to medium term up to 10 years

       Guaranteed Long-term Income – Income for long term of 15 to 20 years

       Guaranteed Life Long Income – Income for lifetime i.e. up to age of 99 years

The 3 plan options provide the individual with varied assured loyalty additions alongside other guaranteed benefits. Orchestrated to meet the protection and financial goals, this plan provides other benefits too such as Loan Facility, Death benefit, high premium boosters and an option to take commuted value post maturity. The plan also qualifies for tax benefits as per applicable laws.

Mr. Anuj Mathur, MD & CEO, Canara HSBC Oriental Bank of Commerce Life Insurance says, “Every individual seeks for a secured life and financial stability especially to safeguard their family from the unforeseen circumstances.  Understanding this imperative need of our potential customers and to delight our existing ones, we have come up with a new product- Guaranteed Income4Life, in this New Year. We believe this plan will be lauded by the customers and help them meet their financial goals with ease when interest rates on other financial instruments are bare minimum at the moment.”

Mr. Akshay Dhand, Appointed Actuary, Canara HSBC Oriental Bank Of Commerce Life Insurance adds, “Guaranteed Income4Life is our fourth product in guaranteed products portfolio and is one of our hallmark product because of its sound offering amid such uncertain time and market movements. The product has been specially designed to offer life insurance coverage and benefits of a savings product under one umbrella. A highly flexible plan which gives customers an option to choose from various payment terms starting from monthly, quarterly, half yearly to annually with a fixed income frequency as per discretion of the customer.”

Key benefits that ‘Guaranteed Income4Life’ offers:-

·         Protection: Ensure financial protection for your family in case of eventuality

·         Guaranteed Benefits: All the policy benefits are upfront guaranteed at start of the policy

·         Income Payouts: Maturity proceeds are paid in form of Regular Income to take care of the recurring expenses

·         Income to safeguard your child’s future: With Premium Protection Cover Option, in case of an eventuality, further premiums are waived and income will be paid as planned

·         Flexibility in plan: Regular Income can be annual/ semi-annual/ quarterly/ monthly – the way you want. In case required, take the discounted value of your future Regular Income at any time

·         Tax Benefits: As per applicable laws

Canara HSBC OBC Life Insurance rolls out

Canara HSBC OBC Life Insurance rolls out additional 

health cover for employees amid COVID-19

Canara HSBC Oriental Bank of Commerce Life Insurance, one of the India’s leading life insurance firms, has rolled out additional Group COVID care policy for its designate employees amid COVID-19 for their well being and safety. Understanding the dire need of situation when most of the Insurance industry employees are meeting and interacting with customers on a regular basis, the Company has come forward and implemented one of the unique initiatives within life insurance industry to safeguard employee health and well being. 

 The initiative will motivate employees and at the same time provide them the confidence to meet any financial exigency during these hard times. The policy will cover the necessary expenses in case of any medical emergency and can be utilized as and when the employee is detected COVID positive and requires medical attention on immediate basis. The expenses pertaining to COVID Hospitalization, Home care treatment, Ayush Treatment, Pre & Post hospitalization expenses up to 15 & 30 days will be covered in this additional policy.

 Commenting on the initiative, Mr. Anuj Mathur, MD & CEO, Canara HSBC Oriental Bank of Commerce Life Insurance says: - “Employee wellbeing & safety has always been our priority since inception and given the nature of our business, the Company has taken this measure to protect our employees in these unprecedented times.”

 Adding to MD and CEO, Ms. Kiran Yadav, Chief People Officer, Canara HSBC Oriental Bank of Commerce Life Insurance says: - “Looking at the severity of COVID situation across the globe, it becomes our responsibility to extend best possible care to our workforce. Rolling out COVID care policy to designate employees will empower them to take more considered decisions and continue their efforts on the work front.

 

Canara HSBC Oriental Bank of Commerce Life Insurance closes

Canara HSBC Oriental Bank of Commerce Life Insurance closes FY 19-20 with Individual Claims settlement ratio at 98.12% and IEV of Rs. 2,907 Crs

Performance driven by

-       Customer centric approach

-       Digital selling amplification

-       Well versed distribution strength / Leveraging Banca-insurance model

-       Balanced product mix

-       Sustainable business driven approach

Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited announces annual performance for the financial year 2019-20 reporting Indian Embedded Value of Rs. 2,907 Crs.  

Key Highlights of Company performance for FY2019-20:

-       Individual New business premium income on weighted premium income (WPI) grew by 7% at Rs. 975 crores in FY 2019-20 vs Rs. 915 crores in previous year

-       Over the last five years, the Company's individual new business premium (weighted premium income) has grown at a compounded annual rate of 24% while the overall industry has grown by 12%

-       The Company's gross written premium has increased by 13% to Rs. 3,943 Crs in FY 19-20 from Rs. 3,491 crores in FY18-19

-       Indian Embedded Value of Rs. 2,907 crores as the March 31, 2020. Growth of 13% over previous year (Rs. 2,575 Crs as of 31^st March 2019)

-       Company's Individual claims settlement ratio is 98.1% for FY 19-20 and at overall level (Individual plus group) claim settlement ratio is at 99.1%

-       Company's 13^th month persistency stands at 81%, and 61^st month stood at 50%

-       Operating expense ratio stood at 13% for FY 19-20

-       Company recorded profit for 8^th year in a row. For the year FY 19-20, PBT stood at Rs. 105 Crs

-       Assets under management (AUM) is Rs. 15,374 crs as on March 31, 2020

-       Company's solvency margin is 365% as on March 31, 2020

-       Over 33 lakh lives covered under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

-       Digitally enabled Insurance Self Network platform (ISNP) for one stop solution of customer’s Insurance requirements

Over the last 2 years, the Company has also enhanced its focus on growing its digital business and direct sales channel over and above the bancassurance channel. The Company has deployed various analytical and propensity models for collections leading to significant increase in the persistency rates across various buckets.

In FY19-20 Company had launched several new products such as Guaranteed Income Advantage plan, Health first plan (online), Pension4life, iSelect+, Titanium plus; Group – Group term edge plan, group traditional plan to suit the diversified needs of consumers.

Company saw good success of its health product “Health First Plan” which sold more than 16,000 policies by 31^st March 2020. Apart from this, Guaranteed Income Plan and Guaranteed Savings Plan were introduced to offer long term benefits with regular guaranteed income which has seen a sharp uptake across various customer segments. Further, the Company had aligned its distribution strategy to focus on the higher penetration through mass market products like POS Easy Bima and POS Easy Bachat (Point of Sale product).

The Company continues to embrace newer technologies to drive efficiency & productivity in its processes, enabling process simplification and continued enhancement to customer experience and delight.  While the Company was one of the early adopters of tab based sales process, the Company has also focused on servicing through enhanced IVR servicing solutions, dedicated mobile servicing portal with Whatsapp Bot and Video Tele-calling.

Commenting on the financial results of the Company, Mr. Anuj Mathur, Managing Director & Chief Executive Officer, Canara HSBC Oriental Bank of Commerce Life Insurance said, “FY 19-20 has been good for us in terms of growth of overall business until COVID19 hit the entire country. The Company was quick to react and was able to leverage on the digital assets, platforms that it has created with bank partners, which helped curtail the impact. The focus of the Company remains customer centricity. We have launched many initiatives in the previous financial year in customer servicing area, including servicing through whatsapp and various other digital avenues.  Our claims settlement ratio is at 98.1% for individual business and 99.1% on overall basis, including group business. The Indian Embedded Value of the Company as of 31^st March 2020 is Rs. 2,907 Crs. The Company has been generating profits for 8^th year in the row and the PBT for the year stood at Rs.105 Crs.

In the current year, we shall continue to focus on transformation & simplicity in our business processes. We are exploring various avenues wherein we can further digitally integrate with our partner banks to make insuring lives a very simple and seamless process with product offerings meeting all customer needs.

We have completed 12 years of operations on 16^th June and I would like to thank all our shareholders, distribution partners, customers and employees for their trust and continued support and wishing everyone good health.”