Money & Banking

Canara HSBC Oriental Life launches ‘PoS’ product

KR Srivats New Delhi | Updated on January 09, 2018 Published on August 29, 2017

‘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

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.

Published on August 29, 2017
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