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Insurance joint venture between HSBC and two state run banks, Canara Bank and Oriental Bank of Commerce was capitalized at 3.25 billion rupees on Monday, June 16, 2008. The insurance scheme will be accessible to over 40 million customers according to company officials. The Canara HSBC Life Insurance Company is the 19th life insurer to commence business in the country.
Finance minister P Chidambaram inaugurated the operations of the new joint venture life insurance company on Monday. The finance minister at the inauguration remarked that there was huge unmet demand for insurance products in India. He further noted that insurance is not only against death but is also for a steady income stream in the old age.
The first insurance policies from the venture were given to eight school children from underprivileged backgrounds. The finance minister also used the occasion to fire a salvo at the insurance industry asking for simple products to be designed that can be understood by common people.
The first insurance policies from the venture were given to eight school children from underprivileged backgrounds. The finance minister also used the occasion to fire a salvo at the insurance industry asking for simple products to be designed that can be understood by common people.
