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.
For Education Loan:
Loans other than Education Loan:
Coverage Options 4, 5, 9 & 10
Coverage Options 2, 3, 7, 8, 11 & 12
Members are covered against Death, Accidental Death, Diagnosis of Terminal Illness, Diagnosis of Critical Illness . There are a total of 12 risk coverage options covering some or multiple of these coverages for varying durations.
Reducing Cover: Sum Assured reduces on a monthly basis during the term of the policy. The reduction in Sum Assured pattern during the Policy Term is fixed for the member at the time of issuance of Certificate of Insurance.
Level Cover: Sum Assured remains constant throughout the Policy Term and is equal to the Initial Sum Assured, irrespective of the outstanding loan amount
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:
Constant (Applicable wherein interest is payable during the moratorium period)
Increasing (Applicable wherein interest is not payable during the moratorium period)
A maximum of 3 joint borrowers are allowed under this plan for a single loan with following two joint borrower options:
Joint Life Basis: Each of the joint borrowers will be insured for 100% of the Sum Assured
Joint Life Loan Share Basis: Each of the joint borrowers is covered up to his/ her share of loan as mentioned in the COI.
All joint borrowers must opt for same PPT, Policy Term, Plan Option, Moratorium Option and Coverage Option.