Group Insurance Policy | Group Life Insurance Plans | Canara HSBC Oriental Bank of Commerce Life Insurance
 
  • Canara HSBC Oriental Bank of Commerce Life Insurance
    Corporate Group Term Plan

    Protecting the interest of your employees!


    corporate group term plan

    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 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 and Group Term cover offered for Employee Deposit Linked Insurance (EDLI).

    Eligibility Criteria

    Criteria Minimum Maximum
    Entry Age for a member in Group Term (last birthday)
    18 Years
    79 Years
    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 for Group Term (last birthday)
    80 years
    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.
    Policy Term 1 year
    (renewable yearly)
    Sum Assured for a member in
    for Group Term
    Rs1,000 No Limit
    Sum Assured for Group Term
    in lieu of EDLI
    Rs1,31,000 Rs10,00,000
    Group Size 10 No Limit

    For detailed description of the product features, benefits, flexibilities & boundaries, kindly refer to the brochure.

    Benefits for you

    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.

    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.

    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.

    Flexibility in Premium Payment
    You have the option to pay your premiums annually, semi-annually, quarterly or monthly.

    No Medical Requirements
    No medical examination is required up to Free Cover Limit, subject to insurability conditions.

    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).

    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.

    Tax Benefit#
    The tax benefits are as per the prevailing law and are subject to changes.For specific details, please contact your tax consultant.

    #Tax Benefits under the policy will be as per the prevailing Income Tax laws and are subject to amendments from time to time. For tax related queries, contact your independent tax advisor

    UIN:136N020V02

  • Canara HSBC Oriental Bank of Commerce Life Insurance
    Group Secure

    Help your customers protect their peace of mind!



    Group Secure Plan

    When it comes to helping your customers fulfill their dreams, you want to ensure that you can provide them the perfect solution for their requirements. Canara HSBC Oriental Bank of Commerce Life Insurance Group Secure is an insurance plan that will help ease your customer's worries by safeguarding their family's future from the loan liabilities.

    'Group Secure' plan can be offered to customers of financial institutions/ bank/ co-operative banks/ credit societies/other lending institutions providing various types of loans like housing loans, vehicle loans (Car, 2-Wheeler, commercial vehicle), education loans, personal loans, loan against property and business loans.

    Eligibility Criteria

    Criteria Minimum Maximum
    Entry age (last birthday)
    12 years^
    64 years
    Cover ceasing age
    -
    69 years
    Cover term
    2 year for Single premium;
    5 years for Regular and Limited
    premium option.
    30 years^
    Sum Assured
    Rs10,000
    No limit*

    ^ The eligibility criteria may vary based on type of loan and scheme rules within the above limits.
    * There is no upper limit on the basic Sum Assured in case of Death cover only option. However in case of Death and TPD option, the Sum Assured will be limited to a maximum of Rs10,000,000 per member
    For detailed description of the product features, benefits, flexibilities & boundaries, exclusions kindly refer to the brochure.

     

    Benefits for you

    Plan Options
    Choice of Level or Reducing Sum Assured.

    Coverage options
    Choice of Death Cover or Death and Total and Permanent Disability Cover.

    Flexible premium payment options
    Single pay, Limited pay (5 years) or Regular pay. Limited and Regular pay options will only be allowed to provide cover against Home loan and Loan against Property.

    Premium Funding
    Option to get the insurance premium funded by the Bank, in which case, the premium is added to the loan amount and is paid by the borrower to the bank along with the EMI.

    Enhanced coverage during Moratorium period of loan
    For loans with a moratorium period, the cover term will also include the moratorium period and during the moratorium period the cover may be level or increasing as per the terms and conditions agreed with the Master Policyholder.

    Joint Life coverage
    Joint borrower coverage available for a maximum of three joint borrowers, with two options for coverage namely, Joint Basis (coverage for full sum assured for all borrowers) and Loan Share Basis (coverage as per loan share percentage).

    #Tax Benefits under the policy will be as per the prevailing Income Tax laws and are subject to amendments from time to time. For tax related queries, contact your independent tax advisor

    UIN:136024V02

  • Canara HSBC Oriental Bank of Commerce Life Insurance
    Sampoorna Kavach Plan

    Ensure the protection at an affordable cost!




    As an organization that takes care of the welfare of its members and secures them by providing means to meet their needs, you always take care of your members and their priorities. But with the uncertainties of life, there always exists a fear in their mind of the unfortunate circumstances where their families might suffer, when they are not around.

    Presenting Canara HSBC Oriental Bank of Commerce Life Insurance Sampoorna Kavach Plan. A yearly renewable group term plan intended to meet and fulfill the life protection needs of the members of your group at an affordable cost.

    This is a traditional, non- participating life protection plan which will safeguard your members in case of an unfortunate event.


    Eligibility Criteria

    Criteria Minimum Maximum
    Entry Age^
    18 Years
    60 Years
    Policy Term^
    1 Year (renewable yearly)
    Sum Assured^
    Rs5,000 Rs50,000

    *Age as per last birthday (l.b.d.)
    ^ The maturity benefit payable under this product will remain same even if the saving bank account interest rate undergoes any change
    1The premium is base premium excluding service tax
    For detailed description of the product features, benefits, flexibilities & boundaries, kindly refer to the brochure.

     

    Benefits for you

    Death benefit
    In the unfortunate event of members death, the sum assured will be paid to the nominee.
    There is no maturity benefit payable under this plan.

    Simplicity
    This plan has a simple enrolment process where the members are required to fill up a simple form to get the cover.

    No Medicals
    The insurance cover will be provided based on individuals declaration of his/her good health and the members need not undergo any medical examination.

    Affordable
    Your members need for protection of life is met at an affordable cost.

    Flexible
    The members have the flexibility of renewing the plan every year. However the renewal is subject to terms and conditions of the Master Policy and underwriting decision of the Insurer.

    #Tax Benefits under the policy will be as per the prevailing Income Tax laws and are subject to amendments from time to time. For tax related queries, contact your independent tax advisor

    UIN:136N022V02

  • Canara HSBC Oriental Bank of Commerce Life Insurance
    Group Superannuation Plan

    Your employees deserve the best.


    Employee pension benefits offer various challenges to you (trustees/administrators/employer) in terms of managing employee liabilities in an efficient manner. Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited presents "Canara HSBC Oriental Bank of Commerce Life Group Superannuation Plan" that addresses your varying needs by providing security and stability to the fund without compromising on performance.

    Group Superannuation Plan is a non-linked, non participating fund based variable insurance group product to employer-employee groups. As an employer, you can use this plan to provide employee benefits i.e. funding your superannuation/pension benefits.

    Eligibility Criteria

    Criteria Minimum Maximum
    Age at entry (last birthday)
    Higher Of:
    18 years.
    Minimum age as per scheme rules.
    Lower Of:
    79 years.
    Maximum age as per scheme rules.
    Maturity age (last birthday)
    Not Applicable
    Lower Of:
    80 years.
    Maximum retirement age as per scheme rules.
    Group Size
    10 members
    No Limit
    Initial Contribution
    Defined Benefit (DB):
    Rs 100,000 per scheme.Defined Contribution (DC):
    Rs 1,000 per member per annum.
    No Limit
    Sum Assured (per member) Rs 1,000 Rs 1,000

    For detailed description of the product features, benefits, flexibilities & boundaries, kindly refer to the brochure.

    Features at a glance

    The benefits are payable on various events viz. resignation, death, retirement, termination or disability as per scheme rules.

    The contribution with respect to defined benefit group fund based schemes shall be made in accordance with the Actuary's certificate as per AS 15 (Revised). In case the Scheme Account Value is overfunded as per such certificate, the Company may allow "nil contribution" under the schemes.

    Interest Credits: A minimum guaranteed interest rate of 0.01% per annum (minimum floor rate) will be applicable to all the contributions credited to Scheme Account on a pro - rata basis. Further, a non-zero positive additional interest rate, which is over and above the minimum floor rate, will be declared every quarter in advance and will be applied at the end of quarter balance. Contributions, net of withdrawals during the quarter would be given proportional interest.

    A life cover of flat INR 1,000 will be provided to each member under the scheme on yearly renewable basis.

    #Tax Benefits under the policy will be as per the prevailing Income Tax laws and are subject to amendments from time to time.

    UIN:136N026V01

  • Canara HSBC Oriental Bank of Commerce Life Insurance
    Group Traditional Benefit Plan

    Give your employees more reasons to celebrate life.


    Employee retirement and other benefits offer various challenges to you (trustees/administrators/employer) in terms of managing employee liabilities in an efficient manner. Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited presents "Canara HSBC Oriental Bank of Commerce Life Group Traditional Benefit Plan" that addresses your varying needs by providing security and stability to the fund without compromising on performance.

    Group Traditional Benefit Plan is a non-linked, non participating fund based variable insurance group product offered to employer-employee groups. As an employer, you can use this plan to provide employee benefits like funding your Gratuity, Leave Encashment or this is Post Retirement Medical Benefits.

    Eligibility Criteria

    Criteria Minimum Maximum

    Age at entry (last birthday)
    Higher Of:
    18 years.
    Minimum age as per scheme rules.
    Lower Of:
    79 years.
    Maximum age as per scheme rules.
    Maturity age (last birthday)
    Not Applicable
    Lower Of:
    80 years.
    Maximum retirement age as per scheme rules.
    Group Size
    10 members
    No Limit
    Initial Contribution
    Rs 100,000 per scheme. No Limit
    Sum Assured (per member) Rs 1,000 Rs 1,000

    For detailed description of the product features, benefits, flexibilities & boundaries, kindly refer to the brochure.

    Features at a glance

    The benefits are payable on various events viz. resignation, death, retirement, termination or disability as per scheme rules.

    The contribution with respect to defined benefit group fund based schemes shall be made in accordance with the Actuary's certificate as per AS 15 (Revised). In case the Scheme Account Value is overfunded as per such certificate, the Company may allow "nil contribution" under the schemes.

    Interest Credits: A minimum guaranteed interest rate of 0.01% per annum (minimum floor rate) will be applicable to all the contributions credited to Scheme Account on a pro - rata basis. Further, a non-zero positive additional interest rate, which is over and above the minimum floor rate, will be declared every quarter in advance and will be applied at the end of quarter balance. Contributions, net of withdrawals during the quarter would be given proportional interest.

    A life cover of flat INR 1,000 will be provided to each member under the scheme on yearly renewable basis.

    #Tax Benefits under the policy will be as per the prevailing Income Tax laws and are subject to amendments from time to time.

    UIN:136N027V01