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Sudhanshu Ranade

Chennai , July 1

HSBC Bank has set its eyes on personal and business insurance in collaboration with the Tata-AIG Life and General Insurance companies. The bank has on offer a range of life and non-life insurance schemes in the personal insurance segment. The life insurance schemes include MahaLife Gold and Nirvana Pension Plan.

MahaLife Gold offers lifetime coverage on payment of premium for 15 years. Maximum age allowed is 55 years.

The Nirvana Pension Plan isprimarily intended to provide an annual income after retirement.

Its USP is that with increasing life expectancy, the typical individual will be in need of income for many decades after retirement.

The insured can withdraw 25 per cent of the benefit amount in cash at the selected age of retirement.

The balance amount is used to buy an annuity that will yield a monthly income either for a specified period or for the rest of the individual's life, according to choice.

The USP of the Loan Repayment Protection plan is that "unfortunate events in life cannot be prevented, but you can still protect your family from such mishaps.

Especially when it comes to paying your home loan instalments ."

Cover under this policy is available not only in the event of death but also permanent disability of the primary applicant.

In the event of disability or death, HSBC Bank must be informed in writing. After approval by Tata AIG Life, the insurance proceeds will be paid directly to HSBC to offset the outstanding home loan.

Other life and non-life personal insurance schemes include Assure EduCare, Assure Security and Growth Plans, Assure Lifeline Plans, Assure Golden Years Plan, medical insurance, home and motor vehicle insurance, personal accident cover and travel insurance.

Information on each of the above schemes is available at HSBC's Web site. Likewise, business insurance is available for a wide array of enterprises, including small and large scale manufacturers, banks and financial services, FMCG distributors, retailers, construction, doctors/lawyers/other professionals, film and entertainment business, hospitals and health care, hotels, imports/exports, mining, offices, oil and gas, shipping, telecom and transport.

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