Canara HSBC Oriental Bank of Commerce Life Insurance launched Key Information Document, a single-page document that summarises the key benefits of a product and provides a snapshot to customers in simple language and format. It also highlights the importance of disclosures by customers.
The Key Information Document is introduced as part of the sales process. It will help customers understand the most important features and conditions of the finalised insurance product. It will be signed by both the customer and the Specified Person* of the corporate agent.
Mr. John Holden, Chief Executive Officer, Canara HSBC Oriental Bank of Commerce Life Insurance, said, The introduction of Key Information Document reiterates the Company’s commitment to customer centricity and customer education. This initiative is an effort in making life insurance purchase more transparent thereby helping customers buy our products with more confidence. This will also help the Company in increasing persistency.
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