Canara Bank is the fourth largest bank in the country. It was established in 1906 and is well known for its customer centric banking services. It is a public banking sector created with a mission to provide enhanced banking experience with proper customer satisfaction.
Getting an Insurance policy from Canara Bank
Among the various banking services, Canara Bank’s insurance policy stands out as one of the unique and quality services offered by the Bank. To supply the customers with the best insurance policies, Canara Bank has entered into a joint venture with HSBC Insurance Holding Ltd. and Orientatal Bank of Commerce (OBC). In this partnership, Canara Bank holds 51%, HSBC Insurance holds 26%, and OBC holds 23% equity shares. It was announced on 16th June, 2008.
Types of Life insurance plans Offered by Canara Bank
Life insurance is a security given to the policyholder by the insurer/company to compensate the family of the policyholder after his unfortunate death. The company agrees to pay the claim without much complications in case of deaths.
Term plans : It is the most basic life insurance policy. The policyholder can secure his Insurance for a given period of time. If the policyholder outlives the tenure of terms plans insurance, he is given back the premium amount. But if the policyholder dies before the tenure, his Insurance claim is given to his family or his nominee.
Savings plans : Savings plans allow you to save some money from your premium payment for future lumpsum returns. This way, you can have an insurance policy along with saving benefits. The premium amount paid is divided into two parts. One part of it is used as the insurance amount and the other part of it is used for investing in funds which gives back considerable returns.
Child plans : Child plans are made to secure the financial future of your child. The insurance plan gives back the claim in lumpsum amount , or it can also be withdrawn in small amounts for education or Marriage.
Retirement plans: It is mostly a savings plan rather than an insurance policy to secure one’s life after retirement. This makes your retirement life comfortable. In case of any unforeseen event during the term of the policy, the insurance amount is to be given to the nominee.
Health plans : Health insurance is such a necessity. This plan covers the policyholders medical expenses , provides protection against uneventful losses and stabilises an individual’s financial conditions during unhealthy times. The premium amount paid qualifies for tax deduction.
Benefits of Insurance policy by Canara Bank
- Credibility : The Canara Bank is a government regulated bank and is surely reliable to give out the best and affordable insurance policies. It has over 60 million customers and has sold lakhs of policies. They are also legally registered under IRDAI.
- Trust : The consumers have entrusted their money with the bank for years now. It has partnered with certain big shots of the insurance market and also trustworthy companies like HSBC Insurance company and OBC
- Network : The Bank is widespread in the country. They have over 40 branch offices and 20000 bank branches all over India. They can be easily accessible by people living anywhere in the country.
- Assurance : The joint venture offering insurances have often been credited for their honest and efficient work. They have been awarded “Life insurance company of the year 2020” at India Insurance summit and awards 2020 held in Mumbai.
How to buy an insurance policy by Canara Bank?
The Insurance policy can be bought online or can directly from the branch.
The interested party can visit their nearest branch and enquire about the policy. The bank staff will guide them through the procedure to obtain the policy.
One can also buy the policy online by visiting the website of Canara Bank. Click on the life insurance policy, fill out the necessary details and provide the documents to get your own premium account.
Get your insurance policy from one of the most trusted banks in India without wasting your time and ensuring the monetary status of your loved ones with or without you. Your life might be unpredictable but it is surely insured with Canara Bank.