Canara HSBC Oriental Bank of Commerce Life Insurance today said it has covered over 25,000 lives in the social sector between April and August this year, already crossing the target mandated by the regulator for the current financial year.
"We are committed to financial inclusion, which helps development of society. Insuring 25,000 mandated lives in the social sector in the first five months of the current financial year is just the start.
"Together with the banks, we will continue to focus on the social sector and provide affordable life insurance solutions aligned to their needs," Canara HSBC Oriental Bank of Commerce Life Insurance Chief Executive Officer John Holden said in a release.
The company had also overachieved the mandated target in FY2013-14 by covering over 56,000 lives against a target of 25,000 lives.
This has been achieved through the company's bancassurance business model, which enabled the private insurer to reach out to financially vulnerable population, covering bank customers with a no-frill accounts and members of self help groups, micro-credit groups, joint liability groups and tenant farmers' group with bank accounts.
The company provides life insurance cover through Sampoorna Kavach, a group micro insurance product that ensures speedy enrollment through a single-page form and individual's declaration of good health.
Canara HSBC Oriental Bank of Commerce Life Insurance Company, launched in June 2008, is jointly owned by public sector banks - Canara Bank (holding 51 per cent) and Oriental Bank of Commerce (23 per cent) - and HSBC Insurance (Asia Pacific) Holdings (26 per cent), the Asian insurance arm of one of the world's largest banking and financial services groups - HSBC.
