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  • Canara HSBC Oriental Bank of Commerce Group Secure Plan

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    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    The Canara HSBC OBC Life Insurance Group Secure is a non-linked, non-participating group life insurance plan. This plan has specially been designed for the customers of lending institutions such as banks/co-operative banks, financial institutions, credit societies, etc. which specialize in offering credit services like home loans, auto loans, personal loans, business loans, education loans, loans against property, etc. The objective of this plan is not only to safeguard the interests of the lending institutions in the event of disability or death of the borrowing customer, but also offer credit and insurance solutions to customers of such institutions.

    Eligibility Criteria For Canara HSBC OBC Group Secure:

     

    Entry age

    Minimum age at entry must be 18 years (for all loans except education loans; Total & Permanent Disability (TPD) Benefit); 12 years in case of an education loan

    Maximum age at entry cannot be more than 64 years

    Cover ceasing age

    Plan will cease to provide cover at 69 years

    Term of coverage

    • Single premium – 2 years
    • Regular/Limited Premium – 5 years
    • Home loan/loan on property – 30 years
    • Education/business/four-wheeler loan – 15 years
    • Commercial/personal vehicle loan/two-wheeler loan – 10 years

    Premium payment mode

    Premiums can be paid on an annual, semi-annual, quarterly, and monthly basis (applicable for payments made via ECS)

    Sum assured

    Minimum – Rs.10,000; Maximum – No limit

    Group size

    The group must have a minimum of 50 members. No upper limit of group size for coverage

           

    Features of Canara HSBC OBC Group Secure:

     

    Premium payment

    • Single premium payment option is not allowed for level cover but for reducing cover policy option
    • Regular premium payment option is lowed for level cover policies but not for reducing cover policies
    • Limited premium option available for level cover option but not for reducing cover option

    Benefits

    Death benefit and TPD (total & permanent disability) Benefit

    Joint borrowers

    There can be a maximum of 3 joint borrowers who can be on loan share basis or joint basis

    Policy surrender

    The master policyholder can surrender the policy at any time.

    Premium rebates

    • Women can get a 3 year age set back on premium rates
    • Joint borrowers get rebates on the joint basis option

    Cover continuance

    After the loan has been paid off in full, members can continue to be covered under the policy till it expires.

    Free look period

    The policyholder will be given a free look period of 15 days, starting from the day the policy has been received, to review the terms and conditions of the policy. if they are not satisfied with the same, they must return the policy within this time period, while also stating the reason for cancellation.

    Grace period

    • 15 days for monthly payment mode
    • 30 days for annual, semi-annual, and quarterly payment mode

    Revival period

    In case of regular/limited premium policies, failure to pay premiums within the grace period will lead to policy lapse. The policy can be revived within a period of 2 years, starting from the date on which the premium payment has been missed for the first time. Revival of the policy will be done subject to the insurer’s discretion and underwriting process.

    Policy assignment

    Not allowed under this plan

    Exclusions under Canara HSBC OBC Group Secure:

     

    • Waiting period – coverage provided under this policy will be subject to a waiting period of 45 days, starting from the date on which the member’s cover commences. During this period, the insurer will not be liable for any TPD or death claims, except if the same has occurred following an accident.
    • Suicide – In case the covered member has committed suicide, regardless of being in a sane or insane condition, before the end of one policy year (starting from date of commencement), then the insurer will pay the nominee 80% of the total amount of premiums paid. If suicide has been committed within a year of the policy being revived, then the nominee will be entitled to receive an amount which is equal to more than 80% of total premiums paid.  

     

    Disclaimer

    This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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