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Corporate Group Term Plan

Corporate Group Term Plan

UIN:136N020V03

Canara HSBC Oriental Bank of Commerce Life Corporate Group Term Plan is an annually renewable group term assurance plan. This plan helps you to provide life cover to your employees at a low cost. This plan can be offered to employer-employee groups and for Group Term cover offered in lieu of Employee Deposit Linked Insurance (EDLI).

Corporate Group Term Plan Product Parameters Product Parameters

Corporate Group Term Plan Age Criteria

Age Criteria

  • Entry Age for a member in Group Term (last birthday)

    Minimum

    18 years

    Maximum

    79 years
  • Entry Age for a member in Group Term in lieu of EDLI (last birthday)

    Minimum

    18 years

    Maximum

    As long as the person is a member of Provident Fund scheme
  • Maximum cover age for a member in for Group Term (last birthday)
    80 years
  • Maximum cover age for a member in Group Term in lieu of EDLI (last birthday)
    No limit, as long as the person is a member of Provident Fund scheme
Policy Term

Policy Term


1 Year (renewable yearly)
Corporate Group Term Plan Sum Assured

Sum Assured

  • For a member in for Group Term:

    Minimum

    1,000

    Maximum

    No Limit
  • For Group Term in lieu of EDLI:

    Minimum

    3,61,000

    Maximum

    10,00,000
Group Size

Group Size


  • Minimum

    10

    Maximum

    No Limit
For detailed description of the product features, benefits, flexibilities & boundaries, kindly refer to the brochure.

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 life insurance, especially when there are the people who are financially dependent upon them.

Advantages

For your Organisation

  • Creating extra value as an employer for your employees, thereby increasing employee retention
  • Improve efficiency and productivity as employees are assured of security for their families
  • Simple and easy administration process
  • Flexible Premium paying modes - Annual, Semi-annual, Quarterly or Monthly
  • Tax benefits as per the prevailing law
  • Rebate in case the total premium of the group exceeds 25 lacs.

For your Employees

  • Financial protection to family members and dependants
  • Fulfill their life protection needs at a relatively lower cost compared to individual plans
  • Easy and simple joining process
  • No medical examination is required up to Free Cover Limit, subject to insurability conditions
  • Flexibility to revise the Sum assured as per any change in the Sum assured variables (example - salary revision, promotion, etc.)
Coverage Options

As a master policy holder, you have the option to choose the life cover for your members as flat, graded, Future Service Gratuity (FSG), Group Term in lieu of EDLI, a multiple of Cost to Company (CTC) or any other criteria as mutually agreed with your organization.

Death Benefit

In case of death of a member the death benefit equivalent to the Sum Assured for that member will be payable to nominee / appointee / employer as advised by you.

Flexibility in Premium Payment

You have the option to pay your premiums annually, semi-annually, quarterly or monthly.

No Medical Requirements

No medical examination is required up to Free Cover Limit, subject to insurability conditions.

Flexibility to Revise Life Cover

You have the flexibility to revise the Sum assured as per any change in the Sum assured variables (example - salary revision, promotion etc).

Revision in Premium Rates and other terms and conditions

This is an annually renewable plan where you have the option to renew the plan with revised terms and conditions including premium rates.

Tax Benefit#

The tax benefits are as per the prevailing law and are subject to changes. For specific details, please contact your tax consultant.

#Tax Benefits under the policy will be as per the prevailing Income Tax laws and are subject to amendments from time to time. For tax related queries, contact your independent tax advisor