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INSURANCE SERVICE PROVIDE by CANARA BANK Introduction INSURANCE SERVICE PROVIDE BY CANARA BANK Introduction Canara Bank is an Indian state-owned bank headquartered in Bangalore, in Karnataka. It was established at Mangalore in 1906, making it one of the oldest banks in the country. The government nationalized the bank in 1969. As of November 2015, the bank had a network of 5784 branches and more than 9153 ATMs spread across India. The bank also has offices abroad in London,Hong Kong, Moscow, Shanghai, Doha, Dubai, and New York. HISTROY Ammembal Subba Rao Pai, a philanthropist, established the Canara Hindu Permanent Fund in Mangalore, India, on 1 July 1906.[2] The bank changed its name to Canara Bank Limited in 1910 when it incorporated. Canara Bank's first acquisition took place in 1961 when it acquired Bank of Kerala. Bank of Kerala had been founded in September 1944 and at the time of its acquisition on 20 May 1961 had three branches. The second bank that Canara Bank acquired was Seasia Midland Bank (Alleppey), which had been established on 26 July 1930 and had seven branches at the time of its takeover.[3][4] In 1958, the Reserve Bank of India had ordered Canara Bank to acquire G. Raghumathmul Bank, in Hyderabad. This bank had been established in 1870, and had converted to a limited company in 1925. At the time of the acquisition G. Raghumathmul Bank had five branches. [5] The merger took effect in 1961.[4] Later in 1961, Canara Bank acquired Trivandrum Permanent Bank. Trivandrum Permanent Bank had been founded on 7 February 1899 and had 14 branches at the time of the merger.[4] Next, Canara Bank acquired four banks in 1963: the Sree Poornathrayeesa Vilasam Bank, Thrippunithura, Arnad Bank,Tiruchirapalli, Cochin Commercial Bank, Cochin, and Pandyan Bank, Madurai. Sree Poornathrayeesa Vilasam Bank had been established on 21 February 1923 and at the time of its acquisition it had 14 branches. Arnad Bank had been established on 23 December 1942 and at the time of its acquisition had only one branch. Cochin Commercial Bank had been established on 3 January 1936, and at the time of its acquisition had 13 branches.[4] The Government of India nationalised Canara Bank, along with 13 other major commercial banks of India, on 19 July 1969. In 1976, Canara Bank inaugurated its 1000th branch. In 1985, Canara Bank acquired Lakshmi Commercial Bank in a rescue. This brought Canara Bank some 230 branches in northern India. In 1996 Canara Bank became the first Indian Bank to get ISO certification for "Total Branch Banking" for its Seshadripuram branch in Bangalore. Canara Bank has now stopped opting for ISO certification of branches. Overseas subsidiaries, branches and offices Canara Bank established its International Division in 1976. In 1983, Canara Bank opened its first overseas office, a branch in London. Two years later, Canara Bank established a subsidiary in Hong Kong, Indo Hong Kong International Finance. In 2008-9, Canara Bank opened its third foreign operation, this one a branch in Shanghai. Later Canara Bank established a branch each in Leicester and Bahrain, and converted its Hong Kong subsidiary into a branch. It also has a representative office in Sharjah. Together with State Bank of India, Canara Bank established a joint venture in Moscow, Commercial Bank of India LLC. Canara Bank provides the general manager and the branch managers for Al Razouki Intl Exchange Co (LLC), which a number of business leaders and Non-Resident Indians (NRIs) established in 1981 in the United Arab Emirates to facilitate remittances to India by tourists and NRIs. Since 1983, Canara Bank has been responsible for the management of Eastern Exchange Establishment, Doha, Qatar, which Abdul Rahman M.M. Al Muftah had established in 1979.[6] Canara Bank opened its seventh overseas branch in New York, USA on 10 June 2014. Subsidiary companies Canfin Homes Limited (CFHL), which a network of 110 branches and 28 satellite offices throughout India. Canbank Factors Limited Canbank Venture Capital Fund Limited Canbank Computer Services Limited Canara Bank Securities Limited Canara Robeco Asset Management Company Limited Canbank Financial Services Limited Canara HSBC Oriental Life Insurance Company Limited Regional rural banks Canara Bank sponsors two regional rural banks (RRB). Kerala Gramin Bank – is the largest RRB in India. Its headquarters are at Malappuram and it operates in all districts in Kerala. It was established in 1976 as a Scheduled Commercial Bank. [1] Pragathi Krishna Gramin Bank has its headquarters at Bellary, Karnataka, and has 645 branches spread over eleven districts. Canara bank is a state level lead bank in Kerala. Life Insurance bank has started a Joint Venture Insurance Company “Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited”. The new JV insurance company was launched on 16th of June 2008. In the JV insurance company, Canara bank has a stake of 51%, HSBC Insurance (Asia Pacific) Holdings Ltd 26% and Oriental bank of Commerce 23%. We also act as a Corporate Agent of Our JV Company. For further details log on to www.canarahsbclife.com 1. Canara HSBC Oriental Bank of Commerce Life Insurance Dream Smart Plan 2. Canara HSBC Oriental Bank of Commerce Life Insurance Grow Smart Plan 3. Canara HSBC Oriental Bank of Commerce Life Insurance Future Smart Plan 4. Canara HSBC Oriental Bank of Commerce Life Insurance Insure Smart Plan 5. Canara HSBC Oriental Bank of Commerce Life Shubh Labh Plan 6. Canara HSBC Oriental Bank of Commerce Life Group Secure Plan 7. Canara HSBC Oriental Bank of Commerce Life Smart Sanchay Plan 8. Canara HSBC Oriental Bank of Commerce eSmart Online Pure Term Plan 9. Canara HSBC Oriental Bank of Commerce Smart Monthly Income Plan 10. Canara HSBC Oriental Bank of Commerce Smart Stage Money Back Plan 11. Canara HSBC Oriental Bank of Commerce Smart Goals Plan 12. Canara HSBC Oriental Bank of Commerce Smart Lifelong Plan Dream Smart Plan Canara HSBC Oriental Bank of Commerce Life Insurance Dream Smart Plan provides the flexibility to choose the amount of premium and life cover along with the investment along with the Option to choose Premium Payment Term as per the financial capabilities of the customer. This plan caters to need of long term protection, Investment plan for wealth creation. The key features of Canara HSBC Oriental Bank of Commerce Life Insurance Dream Smart Plan are as mentioned below: This is a unit linked Investment cum protection Endowment plan Option to choose Premium Payment Term This plan provides the flexibility to choose the amount of premium and life cover along with the investment patterns as available in fund options available the product as per investment risk appetite of the proposer. Loyalty Addition by way of free allocation of Units payable once during the policy term Choice of 5 investment funds Flexibility to switch percentage of your existing fund between other funds and adjust your investment portfolio. Tax benefit as per section 80C and 10(10D) of Income Tax Act. eligibility criteria The eligibility criteria for Canara HSBC Oriental Bank of Commerce Life Insurance Dream Smart Plan are as follows: Parameters Canara HSBC Oriental Bank of Commerce Life Insurance Dream Smart Plan Entry Age* Min: 7 years; Max: 60 years Maturity Age* Max: 80 years Policy Term 20 years Premium Paying Term Min: 10 years; Max: 20 years Premium Paying Mode Only Yearly (Advance Premium: Can be collected within same financial year but can be adjusted on due date only) Premium Limits Min Annualized Premium: ` 25,000 Decrease & Increase in the premium is not allowed eSmart Term Plan This solution is for the customers if: Your family is dependent on your income or you need relieve your family of your loan liability in case of any unfortunate event on your life. You are looking for pure life insurance cover of – Rs 25 Lacs or more and not investments or savings Your age is between 18 to 70 years of age (as on last birthday) You are looking to cover yourself for the next 5/10/15/20/25/30/35/40 years (provided maximum maturity age is 75 years) Can Life assured and proposer be two different individual in eSmart Term Plan? In this plan, life assured and proposer are the same. How much will be the annual premium? Actual premium will depend on company’s assessment of risks on your health, lifestyle, occupation etc. The table below provides annual premium (exclusive of service tax and cesses, as applicable) for various combinations of age and term for a non-tobacco user;Accidental Death Benefit shall not be paid on death of the life insured occurring directly or indirectly as a result of (any of the following): The life insured flying in any kind of aircraft, other than as a bonafide passenger (whether fare-paying or not) on an aircraft of a licensed airline. The life insured taking part in any hazardous sport or pastime (including but not limited to hunting, mountaineering, racing, steeple chasing, bungee jumping, etc.). The life insured performing service in any active military, air force, naval, paramilitary or similar organization. The life insured taking part in any strike, industrial dispute, riot, etc. The life insured taking part in any criminal or illegal activity. Self-inflicted injury, or suicide -whether sane or insane. The Policyholder being under the influence or abuse of drugs, alcohol, narcotics or psychotropic Future Smart Plan Canara HSBC Oriental Bank of Commerce Life Insurance Future Smart Plan is a unit linked saving cum protection Endowment plan designed for the benefit of Child. It’s a comprehensive plan, which will not only ensure protection but also used for building savings corpus for various milestones. The benefits under the product are designed such, that in case of the unfortunate death of the Life Assured, the immediate, intermediate and future needs of the child/beneficiary are addressed.
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