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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.

Group Term Edge Plan Product Parameters 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)
Group Term Edge Plan

Age Criteria

  • 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

Policy Term :- 1 Year

Group Term Edge Plan

Sum Assured

  • 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.


Group Term Edge Plan Premium Payment Details

Premium Payment Details


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

Group Term Edge Plan

Group Size


Minimum: Maximum:
10 members* 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.

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 availabl
  • 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.

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.