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:
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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 |
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Cover ceasing age |
Plan will cease to provide cover at 69 years |
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Term of coverage |
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Premium payment mode |
Premiums can be paid on an annual, semi-annual, quarterly, and monthly basis (applicable for payments made via ECS) |
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Sum assured |
Minimum – Rs.10,000; Maximum – No limit |
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Group size |
The group must have a minimum of 50 members. No upper limit of group size for coverage |
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Features of Canara HSBC OBC Group Secure:
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Premium payment |
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Benefits |
Death benefit and TPD (total & permanent disability) Benefit |
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Joint borrowers |
There can be a maximum of 3 joint borrowers who can be on loan share basis or joint basis |
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Policy surrender |
The master policyholder can surrender the policy at any time. |
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Premium rebates |
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Cover continuance |
After the loan has been paid off in full, members can continue to be covered under the policy till it expires. |
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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. |
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Grace period |
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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. |
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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.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017
