Canara HSBC Oriental Bank of Commerce Life Insurance has rolled out its latest Smart Stage Money Back Plan, a traditional participating product.

The new product has been designed to offer regular guaranteed money back, guaranteed maturity benefit as well as all added bonuses to the customer during the term of the policy along with financial protection to the family by way of life cover.

Suitable for a child’s education and other related financial requirements, the new offering caters three guaranteed money back payouts of 15% of the sum assured each at the end of 4th, 8th and 12th policy year.

Besides offering family protection for 15 years through payout of death benefit and offers limited payment term of 11 years, the policy also provides a guaranteed maturity benefit equal to 55% of the sum assured at the end of the policy term.

Canara HSBC Oriental Bank of Commerce Life Insurance CEO John Holden said, "Based on consumer insights, the product was designed to meet their lifestyle and life stage requirements and provide multiple survival benefits to the customer in the form of guaranteed money back at regular intervals.

"The plan also provides family protection by way of life cover and maturity benefit making it a smart plan for the customers."