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Group Term Edge Plan

Group Term Edge Plan

Secure Their Future, Secure Your Company

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Group Term Edge Plan

Group Term Edge Plan
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About Group Term Edge Plan

UIN: 136N070V01

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.

To meet this need, we bring to You, Canara HSBC Oriental Bank of Commerce Life Group Term Edge Plan, which is an annually renewable group term pure risk life insurance plan. Depending on the Coverage Option chosen by You, members can also be covered for contingent events of Terminal Illness and / or Critical Illness. This plan helps You secure Your employees' peace of mind.

PRODUCT PARAMETERS

Flexibility to choose one of the following Coverage Options:

Option 1 - Death Only
Option 2 - Death & Terminal Illness (TI)
Option 3 - Death, Terminal Illness (TI) & Critical Illness (CI)

Why Buy

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.

Advantages

For Your Organization

  • Securing Your group members will help You attract & retain them.
  • Improving satisfaction level of Your members by offering them financial security at an affordable cost.
  • Flexible Premium payment modes - Yearly, Half-Yearly, Quarterly or Monthly
  • Tax Benefits as per the Income Tax Act, 1961 as amended from time to time may be available.
  • Rebate in case the total premium of the group exceeds Rs. 2 crores per scheme in a year
  • Risk cover in lieu of EDLI Scheme as per the provisions of the Employees Provident Fund and Miscellaneous Provisions Act, 1952

For Your Members

  • Financial security for Insured Member's loved ones
  • Option to add additional protection against Terminal Illness and Critical Illness
  • Get life protection at relatively affordable cost
  • Easy and simple joining process
  • No medical examination is required up to Free Cover Limit [subject to Board Approved Underwriting Policy ("BAUP")].
  • Flexibility to revise the Sum Assured as per any mutually agreed terms and conditions. For details, refer Add-on Features section of the Plan.
  • Premium paid by a member may be eligible tax benefits under Section 80C and Section 10(10D), as per the Income Tax Act, 1961, as amended from time to time.
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The benefits under the plan vary as per the plan option chosen.

Option 1- Death Only

Upon death of the Insured Member, Death Sum Assured is payable and there will be no further insurance coverage in respect of this Insured Member.

Option 2- Death and Terminal Illness

Under this Coverage Option, upon death or diagnosis of TI of the Insured Member, whichever is earlier, Death / TI Sum Assured is payable and there will be no further insurance coverage in respect of this Insured Member.

Option 3- Death, Terminal Illness (TI) & Critical Illness (CI)

Under this Coverage Option, upon death or diagnosis of Terminal Illness of the Insured Member, whichever is earlier, Death / TI Sum Assured is payable and further insurance coverage in respect of this Insured Member will be limited to the CI Sum Assured up till the renewal date.

Add-on Feature in the Plan

Flexibility to change the Sum Assured

The Sum Assured with respect to an Insured Member may be increased or decreased during the term of the Master Policy.

Option to backdate the Master Policy

You have the option of backdating the Policy Commencement Date (PCD) (start date of the Master Policy) to a date prior than the Risk Commencement Date (RCD).Where PCD is backdated, pro-rata premium will be payable for the period starting from RCD up to the next renewal date or the next premium due date whichever is earlier and no claims will be admissible which occur prior to the RCD.

Entry Age (Age last birthday)

Minimum

18 years

Maximum

Death Benefit: 80 Years
Terminal Illness Benefit: 80 Years
Critical Illness Benefit: 69 Years
Death Benefit: 80 Years

Cover Ceasing Age

Death Benefit: 81 Years
Terminal Illness Benefit: 81 Years
Critical Illness Benefit: 70 Years

1 Year

Minimum

Death Benefit: 5000 per member
Terminal Illness Benefit: 5000 per member
Critical Illness Benefit: 1000 per member

Maximum

Death Benefit: No limit, subject to Board Approved Underwriting Policy of the Company

Terminal Illness Benefit:

No limit, subject to Board Approved Underwriting Policy of the Company
Critical Illness Benefit: CI Sum Assured is 50,00,000 per member, capped at Death / TI Sum Assured

For Group Term Life requirements in lieu of EDLI
Minimum: - 2,50,000 per member
Maximum: - 10,00,000 per member

For Group Term Life requirements in lieu of EDLI, Maximum Entry Age will be as long as he/she is a member of Provident Fund scheme and Maximum Maturity Age will be the day on which he/she ceases to be a member of Provident Fund scheme.

Yearly, Half-Yearly, Quarterly & Monthly modes are available

Group Size

Minimum

10 members*

Maximum

No Limit

*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.

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