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  • Canara HSBC Oriental Bank of Commerce Group Secure Plan

    Canara HSBC Oriental Bank Of Commerce Life Insurance

    A lot of financial institutions’ including banks and other lenders, proactively work to ensure that their customers get the best of everything. Financial organizations offer loans that help their customers realize their dreams of buying a car, a house or even providing the best education for their children. But, what happens if the borrower faces an unfortunate death or a permanent disability before repaying the loan? Not only would the institution make loss but the borrower’s family will be left with a legacy of debt and liabilities.


    This Canara HSBC Oriental Bank of Commerce life insurance plan is specially designed for the customers of banks, cooperative banks, financial institutions and other lending organizations offer various retail loans including home loan, education loan, vehicle loan, business loans and loans against property.

    This plan will mitigate the risks associated with loan recovery in case of disability or death of the borrower.

    Features of Canara HSBC Oriental Bank of Commerce Group Secure

    Given below are some of the features of Canara HSBC Oriental Bank of Commerce Group Secure.

    Premium payment Modes

    For regular and limited premium payments through ECS, the premium payment modes can be selected from yearly , quarterly, half yearly and monthly frequencies. The instalment is calculated based on the following formulae.

    Monthly Premium = Annual Premium * 0. 09

    Quarterly Premium = Annual Premium * 0. 26

    Half Yearly Premium = Annual Premium * 0. 51

    Moratorium Period For loans that come with a moratorium period, the cover term of Canara HSBC Oriental Bank of Commerce Group Secure plan will include moratorium period also. Maximum moratorium period allowed under this scheme is 5 years and premium has to be paid in moratorium period, irrespective of if the EMI has started or not.
    Grace Period For quarterly, yearly and half yearly premium payment modes, the grace period is 30 days and a grace period of 15 days is offered for monthly premium payment mode.
    Free Look Cancellation In case the master member does not agree with the terms & conditions as mentioned in the policy contract, the master policyholder can opt for a request to cancel the insurance certificate within 15 days of receipt by stating the reason for objection. Under this case, the premium to be refunded will be calculated as follows. Premium - (stamp duty + medical expenses + pro - rata premium)

    Benefits of Canara HSBC Oriental Bank of Commerce Group Secure

    Some of the benefits that come with Canara HSBC Oriental Bank of Commerce Group Secure plan are mentioned below.

    • Rebates on premium are offered for ladies and joint borrowers. A maximum of 3 joint borrowers are allowed.
    • Both new and existing loans can be covered under Canara HSBC Oriental Bank of Commerce Group Secure plan (subject to underwriting).
    • The member has the option to continue with the insurance cover after loan foreclosure for the remaining term period as per original conditions.
    • The benefits offered under this insurance scheme include total permanent disability benefits (TPD) and death benefit. Customers can choose from death cover only or death and TPD cover.
    • Two types of covers are offered under this scheme as mentioned in the table below.
    Reducing Cover
    • The sum assured reduces based on the interest rate, initial sum assured and the term of cover.
    • The reduction pattern in sum assured during the term of insurance coverage will be fixed as mentioned during the time of issuance of Certificate of Insurance. (COI).
    Level Cover
    • The sum assured remains the same throughout cover term and will be equal to sum assured.
    • The sum assured will be equal to the cover opted by each member.

    Eligibility Criteria for Canara HSBC Oriental Bank of Commerce Group Secure

    Minimum entry age (last birthday)

    18 years for all kinds of loan other than education loan.

    For education loan, the minimum entry age is 12 years.

    For total and permanent disability benefit, the entry age is 18 years.

    Maximum entry age (last birthday) 64 years
    Cover Ceasing Age 69 years
    Minimum Sum Assured Rs. 10, 000
    Maximum Sum Assured No Limit
    Minimum Group Size 50
    Maximum Group Size No Limit
    Minimum Cover Term

    For single premium option - 2 years

    For limited and regular premium options - 5 years

    Maximum Cover Term Home / LAP - 30 years
    4 wheeler, business and education loan - 15 years
    2 wheeler, personal, commercial vehicle loan - 10 years

    How a Canara HSBC Oriental Bank of Commerce Group Secure Plan Works?

    A Canara HSBC Oriental Bank of Commerce Group Secure Plan is offered to a loan borrower by a financial institution who is the master policyholder. In case the member of policy who is also a loan borrower faces an unfortunate death or total permanent disability, the sum assured will be offered to the nominee / insured member / legal heir or the master policyholder depending on the conditions mentioned in the insurance certificate.

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