Canara HSBC Oriental Bank of Commerce Life Insurance today announced the launch of its Smart Monthly Income Plan, a traditional participating product, designed to provide life cover and guaranteed extra income to meet the rising cost of living.

The Smart Monthly Income Plan provides the customer with a life cover for 25 years and regular guaranteed income for 15 years starting from the 11th policy year. It especially caters to the diverse financial goals of the customer through a guaranteed supplemental monthly income towards meeting the lifestyle and retirement needs and in legacy planning for family through guaranteed protection. It helps the customer to accumulate a lump sum through annual and final bonuses.

Bonuses accrued till the time of death are payable along with the death benefit. The product also offers a flexibility of premium payment through set-off option that allows the customer to adjust the premiums payable from the receivable monthly income during policy years 11 to 15.

Speaking at the launch, Mr. John Holden, Chief Executive Officer, Canara HSBC Oriental Bank of Commerce Life Insurance, said, "We are pleased to offer Smart Monthly Income Plan, our first guaranteed monthly income plan, for the customers of our banks. Based on consumer insights, the product was designed to provide a dual benefit of protection through life cover and regular guaranteed income flow to meet supplemental income and retirement needs. The guaranteed income and accrued bonus through the term make the product ideal for planning for future financial needs".

With the launch of Canara HSBC Oriental Bank of Commerce Life Insurance Smart Monthly Income Plan, the Company has further strengthened its product suite to provide the right solution for protecting one’s family and saving for future financial needs.