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Group Advantage Term Pluse

Group Advantage Term Plus

A protected workforce is a productive workforce

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Group Advantage Term Plus

Group Advantage Term Plus
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About Group Advantage Term Plus

UIN: 136N077V01

Canara HSBC Oriental Bank of Commerce Life Insurance Group Advantage Term Plus is a Non-Linked Non-Participating Renewable Group Term Insurance Pure Life Insurance Plan. This plan provides life protection at relatively affordable cost to the employees/customers/members of the organization/affinity group, financially securing them/their loved ones in the event of Death, Accidental Death, Accidental Total and Permanent Disability, Critical Illness and Terminal Illness. This plan is offered to both Employer- Employee and Non Employer- Employee or Affinity Groups.

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

Why Buy

As an organization or an affinity group, one of the most valuable assets that You have are your employees and customers/members, 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.

Following features are applicable for this product:

  • Financial protection for the loved ones of the employees/customers/members.
  • Option to add additional protection against Accidental Death, Accidental Total and Permanent Disability, Terminal Illness and Critical Illness
  • Flexibility of choosing Policy Term of 1 year or less than 1 year
  • Option to change the Coverage Amounts during the Policy Term
  • Flexible Premium payment modes – Single, Yearly, Half-Yearly, Quarterly or Monthly
  • Simplified and hassle free administration of the Master Policy
  • Tax benefits may be available as per extant tax laws as amended from time to time

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  • Death Benefits : Upon death of the Insured Member, Sum Assured is payable.

Optional In-built covers to enhance coverage: The product provides four In-built Cover Options which are optional, i.e. the Master Policyholder can continue with Base Death Benefit only or choose one or more of the optional In-built Cover Options as specified below at inception or at renewal of the Policy in addition to base Death Benefit.

  • Terminal Illness (TI): On diagnosis of a Terminal Illness, an amount equal to the TI Sum Assured shall be payable. In case of diagnosis of Terminal Illness, Insured Member will not be covered for any benefits on subsequent renewals. This will be an accelerated benefit i.e. the Coverage Amount under the base Death Benefit will reduce by the amount of the TI Sum Assured.
  • Critical Illness (CI): On occurrence of one of the covered Critical Illness Conditions in respect of the Insured Member, subject to Survival Period, Waiting Period and exclusions as per general policy provisions (refer brochure), an amount equal to the CI Sum Assured shall be payable.
  • Accidental Death Benefit (ADB) : In case of Accidental Death, an additional amount equal to the ADB Sum Assured shall be payable.
  • Accidental Total & Permanent Disability (ATPD): On occurrence of Accidental Total & Permanent Disability, an amount equal to the ATPD Sum Assured shall be payable.
  • Where all the optional In-built Cover Options have been opted by the Master Policyholder, a maximum of four benefits can be opted by an Insured Member as detailed below:
  • Death, TI, CI, ADB
  • Death, TI, ADB, ATPD
  • Cover Options opted by the Master Policyholder will be available to the Insured Member to opt for.
  • Optional in-built covers chosen at Policy inception can only be changed at subsequent Policy renewal.
  • Accidental Total & Permanent Disability (ATPD) and Critical Illness (CI) benefit cannot be opted together.
(Age as on last birthday)

Entry Age


Minimum

18 years

Maximum

Death Benefit 79 years ;Accidental Death Benefit, Accidental Total & Permanent Disability Benefit, Critical Illness and Terminal illness: 64 Years

Maturity Age


Minimum

18 years

Maximum:

Death Benefit: 80 years ; Accidental Death Benefit, Accidental Total & Permanent Disability Benefit, Critical Illness and Terminal illness: 65 Years

a) 1 Year

b) Less than 1 year (1 month to 11 months)

Policy Term of 1 Year: Yearly, Half-Yearly, Quarterly and Monthly

Policy Term less than 1 Year: Single or Monthly only

Minimum:

Rs. 5,000 per member

Maximum:

Base Death Benefit: No limit, subject to BAUP

Accidental Death Benefit, Accidental Total & Permanent Disability Benefit & Terminal Illness: Rs.2,00,00,000 per member* ;

Critical Illness: Rs.50,00,000 per member*

*Capped at Sum Assured

Group Size


Minimum

10 members

Note: After Master Policy issuance if the group size falls below 10 members, Master Policy will continue until the renewal date, after which it will be terminated.
Maximum

No Limit

  • All Employer-Employee (EE) groups
  • Non Employer-Employee (NEE) groups where these are defined as any associations where the Member represents a particular profession / trade / domestic workers / anganwadi workers, government agencies, any co-operative societies, parents of school / college students as members and other groups such as:
    • Bank account / debit card / credit card holders / group of borrowers,
    • Mutual fund / asset management companies' customers,
    • Members of depositor / creditor groups,
    • Members of subscribers groups (e.g. ET Mobile app, Amazon, Paytm, etc.),
    • Members of groups such as Clubs, Associations, Loyalty Programs etc.
    • Any other group provided such a group has a clearly evident relationship between the Member and the Group Master Policyholder for services other than insurance, and has been formed for a lawful purpose other than for availing insurance.
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