Canara HSBC OBC Life Insurance rolls out ULIP plan

NEW DELHI: Canara HSBC Oriental Bank of Commerce Life Insurance Company on Monday said it has launched a new unit linked plan, which aims at providing cover to a child's future and fulfilling the financial needs.

The company has entered into child protection space by launching Canara HSBC Oriental Bank of Commerce Life Insurance Future Smart Plan, the insurer said in a statement.

Canara HSBC Oriental Bank of Commerce Life Insurance Future Smart is a unit linked insurance plan that provides long-term investment opportunity to build a bright future for your child, the statement added.

The company is owned by Canara Bank (holding 51 per cent) and Oriental Bank of Commerce (23 per cent) and HSBC Insurance (Asia Pacific) Holdings (26 per cent).

"Our Future Smart Plan ensures that the future financial needs of a child remain undisturbed even in case of an unfortunate event," Canara HSBC OBC Life Insurance Director (Sales, Marketing & Products) Mario Perez said.

The product offers tax benefit to customers on premiums paid under Section 80C and Section 10(10D) respectively, of the IT Act, 1961.

The company also has two more ULIPs in its product basket - Canara HSBC OBC Life Grow Smart Plan and Canara HSBC OBC Life Dream Smart Plan.