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Canara HSBC Oriental Bank of Commerce Life Group Loan Protection Plan
Canara HSBC Oriental Bank of Commerce Life Group Loan Protection Plan
Their own house, their dream car, the best education for the children, the latest utilities to make life comfortable, this is what your customers would dream of for themselves and their families. You proactively plan for your customers, secure them by providing the means to meet their desired needs.
You provide various solutions to your customers through which they can reach their dreams. But with uncertainties in life, there always exists a fear in your customer’s mind of the unfortunate circumstances due to which their families are left with legacies of liabilities, when they are not around.
For you and for the financial protection of your customers, Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited proudly presents the Canara HSBC Oriental Bank of Commerce Life Group Loan Protection Plan, a plan that will allow your customers to fulfill dreams while their loved ones remain protected from the liability if they are not around. At the same time, you as the master policyholder can also mitigate the risk of loan recoveries, as the insurance cover we provide can offset some or all of the loan amount outstanding. So it’s an advantageous situation for you as well as your customers!
Key Features of Canara HSBC Oriental Bank of Commerce Life Group Loan Protection Plan
- All types of interest rates (fixed, floating or variant of the two) are covered
- Option of Joint borrower coverage
- Availability of Level Sum Assured and Decreasing Sum Assured
- Coverage options of Death Cover and Total Permanent Disability Cover
- Availability of Surrender Value
- Both new and existing* loans may be covered
* Existing loan: Loan 1st disbursement date is more than 8^ months prior to the membership form date.
^ May vary based on scheme rules.
What are the advantages to you, as a Master Policyholder under this Plan?
- In case of Death or Total Permanent Disability (TPD) of your borrower, we pay you the Sum Assured resulting in minimization of your losses due to future unpaid installments by your borrower
- A complimentary offering along with loan based products for your customers.
- Strengthening of your existing product offering suite through customization and providing insurance benefits
- Availability of four coverage options
What are the advantages to your customers under this plan?
- Peace of mind – In the unfortunate event of your borrower’s Death/TPD, his/her family need not be burdened with repayment of the loan.
- Flexibility - The insurance premium can also be funded by the master policyholder.
- Rebates are available for, females and joint borrowers, which further reduce the premium.
- Joint borrowers are also covered.
- Meeting credit and insurance needs with one solution – your borrower need not look for insurance elsewhere
- Availability of Single Premium payment mode
- Tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961#
- A voluntary plan for customers
- Member has the option to cancel his/her cover within 30 days if he/she disagrees with any of the terms and conditions of the plan.
#The tax benefits are as per the law prevailing on the date of issuance of this plan, and are subject to changes. For specific details, please contact your tax consultant.
What are the eligibility criteria?
| Criteria |
Minimum |
Maximum |
| Entry Age^ |
18 years |
64 years
|
| Cover age^ |
69 years
|
|
Cover Term^
|
1 year
|
30 years
|
| Sum Assured^ |
Rs. 10,000 |
No limit |
| Group Size |
25 |
No limit |
^ May vary based on scheme rules within the above limits.
Group Loan Protection Plan for Master Policyholder