India-based Canara HSBC Oriental Bank of Commerce Life Insurance has signed an insurance distribution pact with IndianMoneyInsurance.com.

Under the terms of the agreement, Canara HSBC Life Insurance will sell its insurance policies using IndianMoneyInsurance online platform, which is managed by Suvision Insurance Broker Private.

Besides a range of insurance plan, the insurer will also offer its iSelect Term Plan that features enhanced protection coverage for the family.

The collaboration will enable interested people to buy insurance online.

Commenting on the partnership, Canara HSBC Oriental Bank of Commerce Life Insurance chief digital and strategy officer Rishi Mathur 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.”

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IndianMoney Group founder and CEO C S Sudheer stated that the insurance saturation in India is very low and stand at 3.69%.

Sudheer further added that the collaboration will help Canara HSBC Life Insurance to offer life insurance coverage to the masses using IndianMoney digital platform that will facilitate easy purchase of the insurance plan.