Canara HSBC Oriental Bank of Commerce Life Group Loan Protection Plan
...enjoy the journey of life from today!
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. The Canara HSBC Oriental Bank of Commerce Life Group Loan Protection Plan is a loan insurance plan that will help ease your customer's worries by safeguarding their families from the burden of their loan liabilities.
outstanding amount in the unfortunate event of his/her death or total and permanent disability (if opted for). In this plan, the insured member pays premium only once and gets insurance cover up to the loan tenure. Customers also have the flexibility to avail this benefit for one loan co-applicant in the same policy at affordable premium rates.
Plan Options: Choice of Level Sum Assured cover or Decreasing Sum Assured cover at master policy level.
Coverage options: Choice of Death Cover or Death and Total and Permanent Disability Cover for the members.
Benefits: In case of the death or total and permanent disability (if opted for) of the insured member, the sum assured is paid to his/her loan account maintained with the Bank. After adjusting the benefit paid against the outstanding home loan, the balance amount, if any, is paid to the nominee (the person nominated to receive the benefits under the plan).
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.
Co-applicant coverage: Joint borrower coverage available for a maximum of two joint borrowers, with two options for coverage namely, First Claim Basis (coverage for full sum assured for both borrowers) and Loan Share Basis (coverage as per loan share percentage).
Rebate on Female Lives and Joint Borrowers: Females will be eligible for lower premium rates as applicable for corresponding 3-year younger males. There is a 30% rebate on the premiums for younger life in case of Joint Life First Claim Basis.
Tax Benefit1 : The insured member can avail tax benefits on premiums paid and the benefit paid out under the policy under Section 80C and Section 10(10D) respectively, of the Income Tax Act, 1961.
Voluntary cover: Can be a voluntary plan for the members of the Group
Availability of Surrender Value: In case the home loan is repaid in full, the cover can be surrendered. In such case the applicable surrender value will be paid and the insurance cover will end.
Cover Age^ -
69 Years
Sum Assured^ ` 10,000No Limit*
^ May vary based on scheme rules within the above limits.
*For TPD benefit, the maximum amount of benefit payable is ` 1 crore
For detailed description of the product features, benefits, flexibilities & boundaries, kindly refer to the brochure by clicking on the hyperlink below.
1 Tax benefits mentioned above are subject to change. For specific details, please contact your tax consultant.
