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 firstThe 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.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.