For any organization, the greatest assets are its people. The employees of a company have a great part to play in overall success of the business and hence, it becomes the primary duty of an organization to ensure that employees are covered by an insurance plan. By proactively planning for an employee’s security, the company not only garners the person’s trust but also offers him peace of mind, thus enabling him to work better.
Canara HSBC Oriental Bank of Commerce Sampoorna Kavach Plan is a yearly renewable group term insurance plan which aims to offer an affordable cover to all members of an organization. This plan is specially designed for first time subscribers and for rural & urban customers who have limited financial resources.
Features of Canara HSBC Oriental Bank of Commerce Sampoorna Kavach Plan
Given below are some of the advantages of a Canara HSBC Oriental Bank of Commerce Sampoorna Kavach Plan.
|Master Policyholder Benefits||Canara HSBC Oriental Bank of Commerce Sampoorna Kavach Plan will enable you in offering insurance to all members of your group. Also, with this plan, you will be taking a step towards offering financial protection to all members and their families.|
|Modes of Premium Payment||The premiums can be paid on a yearly, half-yearly, quarterly or monthly basis.|
|Grace Period||A grace period of 15 days is offered for monthly premium payment mode and a 30 day grace period is available for half-yearly, quarterly and yearly premium payment modes. The cover will lapse if a member does not pay the premium before grace period ends.|
|Free Look Cancellation||The master policyholder has the choice to opt for cancellation of master policy if he does not agree with the terms and conditions mentioned in the contract. The master policyholder has to provide a written request to the insurer stating the grounds for rejection within 15 days of inception of master policy. In case of free look cancellation, the premium to be refunded will be calculated based on the following formula. Premium - (stamp duty + pro rata risk premium + expenses, if any)|
|Policy Revival||If the policyholder does not pay the premium within the grace period, Canara HSBC Oriental Bank of Commerce Sampoorna Kavach Plan will lapse. But, the plan can be revived on basis of the contract, depending on the underwriting decision. Upon revival, the premium can be increased or decreased depending on the change in profile and claim experience.|
Benefits of Canara HSBC Oriental Bank of Commerce Sampoorna Kavach Plan
Given below are some of the benefits that accompany Canara HSBC Oriental Bank of Commerce Sampoorna Kavach Plan.
- Canara HSBC Oriental Bank of Commerce Sampoorna Kavach Plan is offered based on a person’s declaration of his health and members will not be required to undergo any medical examination.
- Members can enroll in this scheme by just filling a simple form. The enrolment process is completely hassle - free and transparent.
- Canara HSBC Oriental Bank of Commerce life groups Plan is extremely affordable and offers a comprehensive cover.
- The members have the choice of renewing the cover every year. The renewal will be subject to underwriting decision of the insurer and conditions and terms of the master policy.
Eligibility Criteria for Canara HSBC Oriental Bank of Commerce Sampoorna Kavach Plan
The following table summarizes the eligibility criteria for Sampoorna Kavach Plan.
|Type of Cover||One year renewable life cover|
|Type of Group||Deposit Account holder of Oriental Bank of Commerce or Canara Bank.|
|Minimum entry age||18 years|
|Maximum entry age||60 years|
|Term of the policy||1 year (renewable yearly)|
|Premium payment modes||Yearly, half-yearly, quarterly or monthly|
|Maturity Benefits||Not Applicable|
|Minimum Sum Assured||Rs. 5, 000|
|Maximum Sum Assured||Rs. 50, 000|
How the Canara HSBC Oriental Bank of Commerce Sampoorna Kavach Plan Works
Consider the following illustration that will help you understand how this plan works.
|Policyholder’s age||35 years|
|Sum Assured||Rs. 25, 000|
|Term of Cover||1 year|
|Premium payable||Rs. 99 (excluding education cess and service tax)|
In case of unfortunate event of insured’s death, the nominee will receive the sum assured of Rs. 25, 000.
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