Canara, HSBC and OBC life insurance co launched

New Delhi, Jun 16 (UNI) Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd, a partnership between Canara Bank, Oriental Bank of Commerce and HSBC Insurance (Asia Pacific) Holdings Ltd, today commenced operations.

Union Finance Minister P Chidambaram handed over the first eight policies of the company to underprivileged children at a function held in Bangalore today.

The new company, headquartered in Gurgaon, is capitalised at Rs 325 crore.

Canara Bank holds the majority 51 per cent stake in the company, while HSBC and OBC hold 26 per cent and 23 per cent, respectively, a company statement said.

To begin with the company has launched eight types of life insurance policies with a mix of traditional and unit-linked schemes.

The company will largely focus on the bancassurance model.

UNI SR AK KP2007