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Group Insurance Plans

Canara HSBC Oriental Bank Of Commerce Life Insurance offer various group insurance plans that not only helps employers and affinity groups to meet their employee benefit payouts in an effective manner, but also secure the financial and insurance needs of their members.

Group Insurance Plans

Group Plan
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Our range of Group Insurance Plans

Canara HSBC Oriental Bank of Commerce Life Insurance offers a plethora of group insurance plans for the varying needs of the customer. From term insurance plans to group plans focussed on retirement, the company has a wide variety of offerings.

Group Advantage Term Plan

It is a non-linked one-year term plan for non-employer-employee groups. The plan is unique as it provides you with the flexibility to modify the benefit as well as the coverage. With the Group Advantage Term Plan, you can either opt for a fixed sum assured or a linearly reducing one. The plan provides option to cover for Death only or Death and Accidental Death Benefit.

Group Term Edge 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 protection against a range of different risks especially when there are people who are financially dependent upon them.

Pradhan Mantri Jeevan Jyoti Bima Yojna

In line with the Government of India's drive to extend affordable insurance coverage for all Indians , Canara HSBC Oriental bank of Commerce Life Insurance Company Ltd. presents the Pradhan Mantri Jeevan Jyoti Bima Yojna . This is a non-participating, non-linked, group term insurance plan which provides life insurance coverage to protect your family in case of a unfortunate death without any hassle.

Sampoorna Kavach Plan

Group insurance schemes with multiple coverage options could be confusing and difficult to monitor. The Sampoorna Kavach Plan is micro insurance plan with a simple structure. The members of your organisation can easily enrol in the plan, just by filling a form. The process has been further simplified by eliminating the medical examination stage. Members just have to give a declaration of his/her good health.

Group Credit Secure Plan

It is a group plan specifically designed for the customers of financial institutions like banks and non-banking financial companies. The plan provides multiple risk coverage options. The members are covered against death, accidental death and terminal illness. The master policyholder can choose from 12 risk coverage options with a mix of individual covers for varying durations.

Group Secure Plan

It is a plan targeted towards the needs of financial institutions and lending companies. It is an ideal solution to safeguard the families of borrower’s from the loan liabilities. People often take loans to finance their dreams, but in the event of any unfortunate event, the family has to bear all the liabilities. With the Group Secure Plan, the lender, as well as the borrower, can live a stress-free life.

Group Traditional Plan

A Non-Linked Non-Par Life/Pension Group Savings Insurance Plan which caters to needs of employers, trustees or group administrator who would like to fund their group member’s retirement and other welfare benefit schemes like gratuity, leave encashment, post retirement medical benefits or superannuation.

What are Group Insurance Plans?

When a group of people are covered under a single policy, it is known as a group insurance plan. These plans are generally provided by professional associations, banks, business groups and housing societies. Under a group insurance plan, a large number of people get coverage irrespective of age, gender, occupation or socioeconomic status. The premiums of a group plan are significantly lower than an individual plan for the same number of people.

Why choose Canara HSBC Oriental Bank of Commerce Life Insurance Group Plan?

  • All group plans from Canara HSBC Oriental Bank of Commerce Life Insurance are backed by three major financial institutions--Canara Bank, HSBC and Oriental Bank of Commerce.
  • The company has a network of over 10,000 bank branches of its corporate agents, besides an easy-to-use web portal.
  • The claim settlement ratio of Canara HSBC Oriental Bank of Commerce Life Insurance is 97.18% and the asset under management stood at Rs 12,690 Crore as of March 31, 2019.

What are the benefits of Group Insurance Plans?

Group plans have become the insurance policy of choice for employees and employers alike. It is being used to provide term insurance, annuity, health insurance and also liability protection. Besides being hassle-free, group insurance plans provide a host of other benefits.

1.Benefits for employees
  • Default cover:Having insurance cover has become a necessity, but individual plans can be expensive. Group insurance plans provide an affordable alternative, covering all members of a group. The premiums of group insurance policies is generally paid by the employer as an incentive for employees, making them a default option for many people.
  • Low-cost cover: Even though individual plans provide comprehensive, tailor-made coverage, regular premiums over the tenure of the plan can add to a considerable amount. Group insurance plans provide basic coverage just by the virtue of being part of a group. For instance, you just have to be an employee of a company to be a beneficiary of a group insurance schemes.
  • No pre-requisites: While buying an individual insurance policy, the insurer takes into consideration lifestyle habits and medical history to issue the policy. On the contrary, there are no pre-requisites for a group insurance plan. For example, a pre-medical screening is required for individual health insurance but is not mandatory for group plans up to a certain limit.
  • Easy claim process: The claim settlement process for group insurance policies is very simple and hassle-free. The employee just has to submit his/her claim documents to initiate the process.
2.Benefits for employers
  • Low premiums:In most cases, the premiums for a group insurance scheme is paid by the employers. Employers can significantly lower the cost of providing insurance to the employees through group insurance plans as it is cheaper as compared to individual plans for the same number of employees.
  • Employee retention:High employee attrition could be a cause of worry for any organisation. Providing a group insurance cover increases employee retentivity and boosts loyalty for the employer.
  • Motivates employees: The security of group insurance helps employees remain stress-free and focus on the task at hand. It is a proven tool for motivating employees.
  • Tax benefits: The premiums paid for group insurance policies are eligible for tax exemption under relevant sections of the Indian income tax laws.
Eligibility Criteria

The coverage amount and detail of group insurance policies vary. Similarly, the eligibility criteria for group plans are different. The basic eligibility criteria remain similar, such as the rule that organisations or groups should have at least 50 members to buy a group insurance scheme. But some plans such as Corporate Group Term plan allows coverage for companies with just 10 employees. The minimum age for entry is generally 18 years, while the maximum age may vary. Some plans allow entry at the maximum age of 60, while some permit entry till 80 years.

Documents Required

It is the form where all the policy-related information is entered.

Any government-issued document such as passport, driving license, Aadhar card, electricity bill, that can be used as the proof for address.

The individual buying the policy has to produce documents to prove that he has sufficient income to pay the premiums.

Any document such as PAN card, Aadhar card, driving license, Voter ID that can be used to establish the buyer’s identity.

How Our Group Insurance Help you?

Canara HSBC Oriental Bank of Commerce Life Insurance offers a wide range of group insurance plans. The company’s group insurance plans are customisable and can be utilised by employers and associations from different sectors. Group insurance plans from Canara HSBC Oriental Bank of Commerce Life Insurance offers some unique advantages.

1.A large number of plans:

The needs of every organisation is different. An information technology company may want a simple term plan, but a financial institution would like to protect its borrowers against loan liabilities. Canara HSBC Oriental Bank of Commerce Life Insurance offers tailor-made policies for companies operating in different sectors. The company also has a range of group insurance plans targeted at employer-employee or non-employee-employer groups. The variety of products makes it easier for customers to choose a suitable plan.

2.Add-ons:

The group insurance policies offered by Canara HSBC Oriental Bank of Commerce Life Insurance provide a wide range of add-ons, making customisation easy. Besides death benefits, master policyholders can also opt for additional coverage for accidental death or terminal illness. For instance, the Group Advantage Term Plan covers also provides coverage for accidental death and disability. Similarly, the group credit secure plan offers 12 different coverage options including accidental death and terminal illness.

3.Flexibility:

With group insurance schemes from Canara HSBC Oriental Bank of Commerce Life Insurance, you can modify the sum assured during the policy term. Many plans provide the option to opt between linear and decreasing sum assured. The master policyholder can also increase the sum assured depending on the promotion or salary increase of the members. The premium payment schedule of plans can also be modified. You can choose to pay the premiums of some plans on a monthly, quarterly, half-yearly or annual basis.

Related Articles Of Group Insurance Plans

Frequently Asked Questions (FAQs)

Everyone wants the best coverage while opting for insurance plans. But the sum assured and the features should not be the only parameters to analyse a plan. When analysed on the parameter of cost and value, group insurance plans are the ideal option. They are more affordable as compared to individual plans. When a large pool of people is insured under a single plan, the total risk comes down for the insurance company. The healthy people in the group essentially offset the risks of unhealthy people. In India, generally, employers pay for the premiums of group insurance plans. In cases where the employers don’t pay the complete premium, they subsidise the plan with partial payments. Companies receive a host of tax incentives to provide insurance benefits to their employees, which makes it more likely that your company will cover you under a group insurance policy.

While employees of companies can easily get covered under group insurance plans. Don’t fret if you are not part of a company. The good part about group insurance schemes is that they are not limited just to companies and their employees. You can avail the benefits of group insurance plans by being part of other organisations such as self-help groups, associations and housing societies. You can also be an employer to buy group insurance policies. In case you are a self-employed individual, there are registered groupings such as doctor’s association or actors’ guild that can enrol for group insurance plans.

Another factor that tilts the scales in favour of group insurance plan is the quantum of coverage required to lead a secure life. You should objectively analyse the quantum of coverage required depending on your income and dependents. Even though individual plans provide comprehensive coverage, sometimes only a basic cover is required.

Companies prefer group insurance plans for a variety of reasons. Group insurance policies are extremely cheap when compared to offering individual policies to a large number of people. The structure of a group insurance plan is simple, which saves the companies a lot of effort and man hours. Group insurance policies do not require heavy documentation or medical examinations of each member, making it a simple and hassle-free product. More importantly, group life insurance plans are used as an incentive for employees. With the assurance that their family would be secure even in their absence, employees tend to be more productive. It acts as a stress buster and a tool of motivation. Group insurance policies for corporates can also be easily modified, which makes it easier for companies to increase or decrease the sum assured for employees depending on their performance. Companies also receive a host of tax benefits for offering insurance cover to their employees.

Group life insurance policy is an insurance plan that covers members of an organisation or group under a single policy. A group life insurance policy covers all the members of the group against death and could extend coverage against terminal illness, accidental death or disability. Group life insurance policies are an affordable way to extend insurance benefits to all the members of an organisation or association.

Group life insurance policies offer a variety of advantages. Employers, as well as employees, can reap equal benefits from group life insurance plans. Some of the advantages of group life insurance plans are:

  • The cost of insurance is low when compared to individual insurance plans.
  • The terms and conditions of group insurance plans are flexible and generally do not require extensive medical check-ups for new members.
  • The claim process is easy and simple.
  • Acts as an incentive for employees and creates a positive work environment.
  • Employers receive tax benefits for providing life insurance coverage to employees.

There are two main types of group life insurance policies—contributory and non-contributory. In a contributory policy, the premium of the policy is paid by the employer as well as the employee. On the opposite, in a non-contributory policy, the premium is entirely paid by the employer or the nodal agency. Some examples of eligible groups are employer-employee groups, creditor-debtor groups and professional groups.

Different group insurance schemes are suitable for different organisations with varying needs. For instance, the Group Traditional Benefit Plan and Corporate Group Term Plan are the best choices for employer-employee groups, while the Group Secure Plan and Group Credit Secure Plan could be suitable for debtor-borrower groups.

The biggest advantage that group plans have over individual plans is the low cost. Most employers buy group plans for a large number of people, which reduces the per-unit cost. In case the employee seeks additional coverage, it can be deducted from his/her salary. The other advantage that group plans provide is the existence of pre-existing diseases or lifestyle habits. Members do not have to participate in a medical examination before taking group insurance up to a certain limit, but medical examination is compulsory for individual insurance. The age, pre-existing diseases and lifestyle habits can increase the premium of individual policies, but these factors do not have an effect on group insurance policies. Group insurance schemes also provide life insurance benefits just by the virtue of an individual being part of a group, but individual policies have to be bought after a screening process.

Group health insurance can be taken by members of professional associations, housing societies, business groups, financial institutions and other companies. The group should have a minimum number of people prescribed by the insurer.

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