With an aim to become a significant life insurer in India, Canara Bank, HSBC Insurance (Asia-Pacific) Holdings Limited and Oriental Bank of Commerce (OBC), together established an insurance company in March 2007. Headquartered in Gurgaon (Haryana), Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd commenced its business on 16 June 2008, after receiving approvals by the Insurance Regulatory Development Authority (IRDA). Canara Bank holds 51% equity of Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd, while the holdings of HSBC and OBC are 26% and 23%, respectively.
The initial paid up capital of the Joint Venture is INR 325 Crore. The Joint Venture of three most trusted banks in India has emerged with a promise that it would become a significant player in the booming life insurance market in India, which has witnessed the entry of numerous private insurers over the last few years. In order to become a prominent name in the life insurance market in India, Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd has spread across India, with as many as 4100 branches networked all over the country, in order to cater to its customers.
The Unit Linked Whole Life Plan offered by Canara HSBC Oriental Bank of Commerce Life Insurance provides an ideal balance between protection and investments for the changing needs of the policy holder, through different stages of life. The Plan boasts of enabling the person to secure himself/herself as well as fulfill the dreams of his/her family for a lifetime. The Plan is also flexible, because it offers the choice on the amount of cover as well as the flexibility of investing in fund options. Apart from the individual product, there are group products as well, offered by the company.
Talking about the individual stake holders of Canara HSBC Oriental Life Insurance, all the three are some of the most trusted to bank upon. Canara Bank is an established names in the field of commercial banking services, mutual funds, housing and venture capital financing, factoring and insurance segments for the past many years. HSBC Bank is one of India's leading financial services groups, with prominent role in investment banking and capital markets, asset management, insurance broking, software development and global resourcing operations in the country. Oriental Bank of Commerce is the eleventh largest banks in India in terms of assets.