Canara HSBC Oriental Bank of Commerce Life Insurance, a joint venture between start-run lenders Canara Bank, Oriental Bank of Commerce and HSBC Insurance (Asia Pacific) Holdings, said it has started new services to serve group business.
The company said after establishing in the retail business, it has now launched a new channel-group business targeted at the corporate segment. The launch of this business will enable the company to reach out to a larger number of customers, leveraging on the strong corporate relationships of the three partners, it said in a release.
The company will specifically focus on employee benefits for corporates and has launched traditional plan that offers employee retirement benefits, namely gratuity, superannuation/pension, leave encashment and other benefits, to allow trustees and administrators to enhance employee loyalty and manage their organisation's liabilities in an efficient manner.
The company is planning to launch a complete suite of products on the group platform in the coming months, including a unit-linked option and group term insurance for employer-employee groups.
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