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Group Traditional Benefit Plan for Employer

Group Traditional Benefit Plan

UIN:136N027V02

Canara HSBC Oriental Bank of Commerce Life Group Traditional Benefit Plan addresses your varying needs by providing security and stability to the fund without compromising on performance.

Group Traditional Benefit Plan Product Parameters Product Parameters

Group Traditional Benefit Plan Age Criteria

Age Criteria

  • Age at entry (last birthday)

    Minimum

    Higher of 18 years OR Minimum age as per scheme rules

    Maximum

    Lower of 79 years OR Maximum age as per scheme rules
  • Maturity Age (last birthday)

    Minimum

    Not Applicable

    Maximum

    Lower of 80 years OR Maximum retirement age as per scheme rules
Group Traditional Benefit Plan Group Size & Initial Contribution

Group Size & Initial Contribution


  • Group Size:

    Minimum

    10 members

    Maximum

    No Limit
  • Initial Contribution:

    Minimum

    1,00,000 per scheme

    Maximum

    No Limit
Group Traditional Benefit Plan Sum Assured

Sum Assured (per member)

  • 1,000
For detailed description of the product features, benefits, flexibilities & boundaries, kindly refer to the brochure

Group Traditional Benefit Plan is a non-linked, non-participating fund based variable insurance group product offered to employer-employee groups. As an employer, you can use this plan to provide employee benefits like funding Gratuity, Leave Encashment or Post Retirement Medical Benefits.

  • The benefits are payable on various events viz. Resignation, Death, Retirement, Termination or Disability as per scheme rules. The benefit amount as per scheme rules will be paid from the Scheme Account. In case of death, we will pay the Sum Assured of 1,000 as death benefit additionally.
  • A Life Cover of flat 1,000 will be provided to each member under the scheme on yearly renewable basis and the mortality premium will be 3 per mille (exclusive of Goods and Services Tax & applicable cess (es)/ levy, if any) per annum. The mortality premium and Goods and Services Tax & applicable cess (es)/ levy, if any, as per the prevailing law will be paid by the Master Policyholder separately.
Interest Credits

A minimum guaranteed interest rate of 0.01% per annum (minimum floor rate) will be applicable to all the contributions credited to Scheme Account on a pro - rata basis. Further, a non-zero positive additional interest rate, which is over and above the minimum floor rate, will be declared every quarter in advance and will be applied at the end of quarter balance. Contributions, net of withdrawals during the quarter would be given proportional interest.

A life cover of flat 1,000 will be provided to each member under the scheme on yearly renewable basis.

Surrender and Withdrawals

Surrender: The Master Policyholder may surrender the complete Master Policy at any time after serving minimum notice period of 3 working days. If the Master Policy is surrendered within first three policy years, the surrender penalty will be equal to 0.05% of total Scheme Account Value with a maximum of 500,000. Further, there will be no surrender penalty after third renewal of the policy. The surrender value so calculated will be treated as bulk exit and hence will also be subject to Market Value Adjustment (MVA). The Goods and Services Tax & applicable cess (es)/ levy, if any, as per the prevailing laws will also be applicable in addition to the surrender penalty.

Withdrawals: Except for exits as per scheme rules, no other withdrawals shall be allowed.

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.