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MUMBAI: Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited, a partnership between Canara Bank, Oriental Bank of Commerce and HSBC Insurance (Asia Pacific) Holdings Limited, on Tuesday launched 'Immediate Payouts on Death Claim' scheme, a first-of-its-kind, in India.

The scheme would help a deceased's family receive the fund value soon on registration of death claim under unit-linked policies, a press release issued here stated.

“We are the first to provide such a service in India. Keeping in mind the crisis that arises immediately after a death we have come out with this service. At such crucial times, one needs liquid assets that are available quickly, hence we pay the fund va lue immediately on registration of the death claim of the life assured and before final decision on the claim which inevitably takes some time,” Canara HSBC Oriental Bank of Commerce Life Insurance Company's CEO, Mr Harpal Karlcut, said. The initiative w ill be effective from October 25. - PTI

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