Canara HSBC Oriental Bank of Commerce Life Corporate Group Term Plan
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| ...protecting the interest of your employees! |
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As an organization one of the most valuable assets that you have are your employees, it is they who strive to make you a success. To safeguard their interests and help them focus on the challenges at hand it is imperative that you provide them life insurance, especially when there are the people who are financially dependent upon them.
To meet this need, we bring you the Canara HSBC Oriental Bank of Commerce Life Corporate Group
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| Term Plan which is an annually renewable group term assurance plan. This plan helps you to provide life cover to your employees at a low cost. This plan helps you secure your employees peace of mind. This plan can be offered to employer-employee groups for Group Term, spouse of the members covered under the group scheme and Group Term cover offered for Employee Deposit Linked Insurance (EDLI). |
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Coverage Options: As a master policy holder, you have the option to choose the life cover for your members as flat, graded, Future Service Gratuity(FSG), Group Term in lieu of EDLI, a multiple of Cost to Company (CTC) or any other criteria as mutually agreed with the company |
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Benefits: In case of death of a member the death benefit equivalent to the Sum Assured for that member will be payable to nominee/appointee/employer as advised by you |
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Profit Sharing: You have the provision to opt for profit sharing arrangement at inception or renewal of the scheme subject to the prevailing rules and regulations |
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Flexibility in Premium Payment: You have the option to pay your premiums annually, semi-annually, quarterly or monthly |
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No Medical Requirements: No medical examination is required up to Free Cover Limit, subject to insurability conditions |
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Flexibility to Revise Life Cover: You have the flexibility to revise the Sum assured as per any change in the Sum assured variables (example - salary revision, promotion etc) |
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Revision in Premium Rates and other terms and conditions: This is an annually renewable plan where you have the option to renew the plan with revised terms and conditions including premium rates |
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Spouse Cover: Your members have the option to cover their spouses at group rates |
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Tax Benefits: The tax benefits are as per the prevailing law and are subject to changes.For specific details, please contact your tax consultant |
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| Entry Age for a member in Group Term in lieu of EDLI (last birthday) |
18 years |
As long as the person is a member of Provident Fund scheme. |
| Maximum cover age for a member in Group Term in lieu of EDLI |
No limit, as long as the person is a member of Provident Fund scheme. |
| Sum Assured for a member in for Group Term |
`1,000 |
No limit |
| Group Size |
10 |
No limit |
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| Insurance is a subject matter of solicitation. |
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