Life Insurance

LIFE INSURANCE SCHEMES MARKETED BY ALL OUR BRANCHES

Life insurance coverage is one of the integral components of the Financial Inclusions. Life insurance products not only provide social security to the insured but also enable to use the same as a saving cum wealth creation tool.

Our Bank has entered in to life insurance business as a Corporate Agent of Canara HSBC OBC Life insurance company Ltd., (Corporate Office : Gurgaon). The stake holders and ownership pattern of the Company is as under.


Canara Bank (51%), Oriental Bank of Commerce (23%), HSBC (26%)

Our Bank is duly authorized by the Insurance Regulatory Authority of India (IRDA). The Chief Insurance Executive of our Bank and select officers who have undergone the necessary training and passed the IRDA stipulated examination are in charge of insurance business. The Relationship Managers and Marketing Executives of the Company are supporting our Branches in marketing of the insurance products.

For the present, the following schemes are extended to our customers.

Canara HSBC Oriental Bank of Commerce Life Secure Smart Plan

Unique Selling Proposition
  • Limited Premium Paying Term: This plan has a limited premium paying term of 10 years, with a benefit term of 15 years.

  • Addition: The product offers Sum Assured additions as a percentage of the Sum Assured. 1st such addition will be accrued at the policy commencement date. Subsequent additions will be accrued each time the premium is paid.

  • Increase in Benefits: Guaranteed Benefits increases with each SA Additions till the Premium Paying Term.

Boundary Conditions
  • Entry Age*: 18 yrs – 60 yrs
  • Premium Paying Period: 10 years
  • Policy Term: 15 years
  • Premium: Min Rs 10,000 (S taxes extra)
  • *Age as on last birthday
  • Sum Assured Limit: It would be based on the Age, Premium, Gender and Mode of premium payment opted by the customer.
  • Sum Assured Additions: As a percentage of the Sum Assured. 1st such addition will be accrued at the policy commencement date. Subsequent additions will be accrued each time the premium is paid. Sum Assured additions shall be benchmarked on a periodical basis to 5-Year Government of India security yield.

Disclaimer

Pragathi Krishna Gramin Bank is a Corporate Agent of Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited bearing License Number 5906995. The Corporate Agent does not underwrite the risk or act as an insurer. The contract of insurance is between the insurer and the insured and not between the bank and the insured "