Canara HSBC Life Insurance is planning to foray into group insurance by early next fiscal. It also plans to come out with products for High Net worth Individuals (HNIs) and rural areas so that it could bring volumes and thus double its premium income to Rs. 1000 crore by the end of that fiscal.

Canara HSBC is a joint venture of HSBC, Canara Bank and Oriental Bank of Commerce. It is working on different products that cater to these segments and would shortly approach the industry regulator, Insurance Regulatory and Development authority (IRDA) to approve them to introduce these products. These products would be different from the existing retail products.

Harpal Karlcut, chief executive officer, Canara HSBC, said, "The group insurance market is fiercely competitive. There is a big opportunity for banks in the corporate sector because they already have a relationship with these customers. To begin with, you have to have a life product."

He said that the products were on various stages of development. The company is considering approaching the regulator sometime in Jan-March quarter and launching the products in the subsequent quarter.

The Canara HSBC joint venture was the fastest to cross Rs. 500 crore in weighted premium income within 14 months of operation. This income stood at Rs. 300 crore at the end of last fiscal.

Andhra bank, which collaborated with Bank of Baroda and Legal & General for an insurance venture, India First Life insurance, has approached the insurance regulator, Insurance Regulatory and Development Authority (IRDA) to protect the trail commission that it earns from its tie-up with Life Corporation of India (LIC).