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  • Canara HSBC Oriental Bank of Commerce Corporate Group Term Plan

    Canara HSBC Oriental Bank Of Commerce Life Insurance

    One of the most valuable assets of any organization is the employees. It is the employees who decide the level of success and work relentlessly towards realizing the organizational goals. It is imperative for an organization to help their employees focus on challenges and to safeguard their interests. One of the many ways to do this is by offering a life insurance cover.


    Canara HSBC Oriental Bank of Commerce Corporate Group Term Plan is an annually renewable group term assurance scheme. This plan will help organizations limit their liability by offering life cover to their employees at an affordable rate. This plan is specifically designed to be offered to employer - employee groups as Employee Deposit Linked Insurance (EDLI).

    Features of Canara HSBC Oriental Bank of Commerce Corporate Group Term Plan

    The various features of Canara HSBC Oriental Bank of Commerce Corporate Group Term Plan are listed below.

    Coverage Options The master policyholder will have the option of choosing life covers for employees from many options such as graded, flat, Group Term in lieu of EDLI, a multiple of Cost to Company (CTC), and Future Service Gratuity (FSG).
    Flexibility to Revise Life Cover The sum assured can be revised as per any change in variables like salary or position.
    Free Look Cancellation In case the master policyholder is not satisfied with the plan features, the policy can be returned within 15 days from policy receipt date.
    Grace Period A grace period of 15 days is offered for monthly premium payment modes and a grace period of 30 days will be offered for quarterly, annual and semi-annual fees.
    Free Cover Limit Under this plan, a Free Cover Limit (FCL) would be offered to the employee - employer group. The risk cover will be extended up to the FCL for each employee within the group without any requirement of individual evidence of health.

    Benefits of Canara HSBC Oriental Bank of Commerce Corporate Group Term Plan

    Here are some of the benefits of Canara HSBC Oriental Bank of Commerce Corporate Group Term Plan.

    Benefits for Employees

    • Hassle free joining procedure
    • No medical examination required up to the free cover limit (subject to insurability terms)
    • This scheme offers complete financial protection for the dependants and family members of an employee.
    • Relatively lower premium when compared to individual plans.
    • Option to revise the sum assured if there are any changes in the sum assured variables like promotions, salary revisions etc.

    Benefits for Employers

    • Easy management and administration process
    • Tax Benefits as per Section 80 C
    • Rebates if the total group premium exceeds Rs. 25 lakhs
    • Annual, quarterly, monthly and half-yearly premium payment modes

    Eligibility Criteria for Corporate Group Term Plan

    The eligibility criteria for Canara HSBC Oriental Bank of Commerce Corporate Group Term Plan are given below.

    Minimum entry age for a member in group term (last birthday) 18 years
    Maximum entry age for a member in group term (last birthday) 79 years
    Minimum entry age for a member in group term in lieu of EDLI (last birthday) 18 years
    Maximum entry age for a member in group term in lieu of EDLI (last birthday) As long as the person is a member of Provident Fund (PF) scheme.
    Maximum Cover Age for a member in group term (last birthday) 80 years
    Policy Term 1 year, renewable yearly
    Minimum Group Size 10
    Maximum Group Size No Limit
    Minimum Sum Assured for a member in a group term Rs. 1, 000
    Maximum Sum Assured for a member in a group term No Limit
    Minimum Sum Assured for a member in a group term in lieu of EDLI Rs. 3. 61 lakhs
    Maximum Sum Assured for a member in a group term Rs. 10 lakhs

    How a Corporate Group Term Plan works

    The prospective master policyholder submits a completely filled proposal form and offers the necessary details to the insurer to get a quotation in return. Based on the acceptance of quotation and the scheme rules, a master policy will be issued . The scheme is open to eligible employees and members, once the master policy is issued. The premium amount will be debited from the account of members by the master policyholder. The cover will begin once the premium is received and accepted by the insurer. In case of death or Total Permanent Disability (TPD) of the member, the nominee will receive the sum assured.

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