Canara HSBC Oriental Bank of Commerce Life Insurance Company has introduced a new life insurance plan, designed to secure the children’s future financial needs.

Dubbed as ‘Smart Future Plan’, the key feature of the new offering is that it continues even in the unfortunate demise or permanent disability of the life assured, thereby ensuring that the immediate and future financial needs of the family are taken care.

Canara HSBC Oriental Bank of Commerce Life Insurance Company is joint venture between India’s nationalized banks Canara Bank and Oriental Bank of Commerce along with HSBC Insurance (Asia Pacific) Holdings.

Canara HSBC Oriental Bank of Commerce Life Insurance Company CEO Anuj Mathur said: ”Every parent has aspirations for their children. We as an organization are committed to help them realize their dreams through our products.

"We are delighted to launch a plan that is specifically designed to provide financial solutions to parents so as to prepare them better for their childs future.”

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By GlobalData

The insurer has rolled out the plan following a joint study by FICCI and Canara HSBC Oriental Bank of Commerce Life Insurance Company, which highlights that nearly 75% of policyholders buy life insurance products for meeting their children’s future financial needs like education and marriage.