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UIN: 136N065V03
Canara HSBC Oriental Bank of Commerce Life Insurance Group Credit Secure Plan is offered to customers of financial institutions/ banks/ other lending institutions providing various types of loans like housing loans, vehicle loans (personal 4-wheeler/ 2-wheeler, commercial vehicle, etc.), education loans, personal loans, loan against property, business loans, etc.
The Plan is issued on the group platform wherein the institution facilitating/ administering loan is the Master Policyholder and the borrowers are individually Insured Members. Under this plan, both new and existing borrowers can be covered.
Members are covered against Death, Accidental Death, Diagnosis of Terminal Illness, Diagnosis of Critical Illness. There are total of 12 risk coverage options covering some or multiple of these coverages for varying durations.
The plan provides coverage not only during the loan repayment period, but also during the Moratorium Period. The Master Policyholder has the option to choose one or both of the Moratorium Options where the insurance coverage during the Moratorium Period may be:
A maximum of 3 joint borrowers are allowed under this plan for a single loan with following two joint borrower options:
All joint borrowers must opt for same Premium Payment Option, Premium Payment Frequency, Coverage Term, Plan Option, Moratorium Option and Coverage Option.
For Education Loan:
For 'coverage option1': 12 years
For 'coverage option 2 to 12': 18 years
Loans other than Education Loan: 18 Years (all Coverage Options)
For 'coverage option1': 75 years
For 'Coverage Options 2 to 12': 70 years
Maximum
For 'Coverage Option1': 80 years
For 'Coverage Options 2 to 12': 75 years
₹ 5,000
As per Company's Board Approved Underwriting Policy
As per the Board Approved Underwriting Policy
₹ 1,00,00,000
₹ 3,00,00,000
50
No Limit
Minimum
Single Pay:
In Months: 1 month (in multiple of completed months up to 23 months)^
In Years: 2 years
Limited Pay ( 5 years): 6 years
Limited Pay (10 years): 11 years
Regular Pay: 5 years
Maximum
Coverage Option 4 & 9: 5 years
Coverage Option 5 & 10: 10 years
Coverage Options 1, 2, 3, 6, 7, 8, 11 & 12: 40 years
The maximum Coverage Term will be subject to maximum maturity age.
^Minimum Coverage Term will be 12 Months for the following Coverage Options under Single Premium Option: