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Canara HSBC OBC Life Insurance and IndianMoneyInsurance.com tie up to sell Life Insurance

Posted On: 2019-10-16 16:43:41

Private life insurance company, Canara HSBC Oriental Bank of Commerce Life Insurance partners with IndianMoneyInsurance.com operated by Suvision Insurance Broker Private Limited to sell life insurance plans. IndianMoneyInsurance digital platform will host the life insurance products offered by Canara HSBC Oriental Bank of Commerce Life Insurance.

India continues to remain a very large opportunity given the economic growth pattern, favourable demographic profile, increasing awareness and financial literacy on the need for insurance. Canara HSBC Oriental Bank of Commerce Life Insurance business model enables the Company to reach out to the vast population spread across the various parts of the country. IndianMoneyInsurance is a wholly owned subsidiary of IndianMoney.com; India's largest free financial education company founded by C S Sudheer in 2008. This partnership will further strengthen Canara HSBC Oriental Bank of Commerce Life Insurance Company's efforts of offering value to the customers so that their financial needs of protection & investment are met.

This partnership gives policyholders the convenience of choosing an insurance policy with just a few clicks. As a one stop solution to meet the needs of IndianMoneyInsurance customers, Canara HSBC Oriental Bank of Commerce Life Insurance will offer iSelect Term Plan which provides enhanced protection cover for the family at an affordable premium.

Speaking on the tie-up, Rishi Mathur, Chief Digital and Strategy Officer, Canara HSBC Oriental Bank of Commerce Life Insurance said, "We are delighted to announce our Company's tie-up with IndianMoneyInsurance for the distribution of life insurance products. With this collaboration, customers of IndianMoney get access to a bouquet of products which would offer core protection and deliver value through the range of solutions that our Company offers. This partnership would bring in convenience and an assurance of quality."

Commenting on the collaboration, C S Sudheer, Founder and CEO of IndianMoney Group said, "Insurance penetration stands at a mere 3.69% in India. Channelizing insurance is the key to bring millions within the ambit of financial inclusion. Through this partnership, IndianMoneyInsurance.com would bring life insurance to the masses, increasing insurance penetration in the country. Our technology enabled platform brings transparency and enables a hassle free purchase and this policy is already live on our platform".

Shares of CANARA BANK was last trading in BSE at Rs.180 as compared to the previous close of Rs. 180.6. The total number of shares traded during the day was 206311 in over 1396 trades.

The stock hit an intraday high of Rs. 182.7 and intraday low of 178.55. The net turnover during the day was Rs. 37284295.


Source: Equity Bulls

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