Canara-HSBC Life InsuranceIndia
Canara HSBC Oriental Bank of Commerce Life Insurance Company is backed by two of India's largest nationalized banks, Canara and Oriental bank joining hands with one of the world's largest banking and financial services organization, HSBC. Canara Bank has a rating of AAA/Stable Credit Rating Information Services of India. It has over 2641 branches spread across the geographical segments and has a clientele base exceeding 31 million. HSBC Bank is one of India's leading financial services groups. It employs over 25,000 people in its banking, investment banking and capital markets segment, asset management, insurance broking and global resourcing operations in the country. Oriental Bank of Commerce was established in 1943 and is currently the eleventh largest bank in India. The Bank has a credit rating of AA+/FAAA/P1+ from CRISIL.
Of the Joint venture, Canara Bank holds 51% of the equity, HSBC Insurance (Asia Pacific) Holdings Ltd. owns 26% of the equity and the Oriental Bank of Commerce owns the remaining 23% of the equity. This joint venture has an initial paid up capital base of Rs.325 crores which may further increase according to the expansion plans. Canara HSBC Oriental bank of Commerce started its operation on 16th of June, 2008 after receiving the required approvals from the Insurance Regulatory Development Authority.
Canara HSBC Life has a strong distribution network of over 4100 branches all over India. It offers innovative life insurance products designed to meet the needs of the individuals, groups and organizations. Canara HSBC Life Unit Linked Whole Life Plan is a unique investment linked plan which will not only ensure protection and investment returns but also covers the policyholder until the age of 99 years. This Plan has the flexibility of choice on amount of cover and investing in fund options matching your risk profile and your financial capabilities.