Employees are the backbone of every organization. It is very important that the organization address the varying needs of its employees in terms of financial security and stability. The Group Traditional Benefit Plan by Canara HSBC Oriental Bank of Commerce is a non-linked, non-participating group life insurance plan which if available for organizations and employees. With this plan, employees can enjoy benefits like funding their Gratuity, Post Retirement Medical Benefits or Leave Encashment.
Eligibility for Group Traditional Benefit Plan
|Minimum Age of Entry||18 years OR minimum age according to the Scheme rules.|
|Maximum Age of Entry||79 years or maximum age as per the Scheme rules.|
|Minimum Age at Maturity||Not Applicable.|
|Maximum Age at Maturity||80 years OR maximum age as per the Scheme rules.|
|Group size||Minimum – 10 members; Maximum – No limit.|
|Initial contribution||Minimum initial contribution of Rs 1,00,000 must be made. No upper limit.|
Key Features of Group Traditional Benefit Plan
|Plan Type||Non-linked, non-participating plan.|
|Plan Basis||Group Insurance Plan|
|Premium Payment Frequency||Premium payments may only be made on an annual basis.|
|Free Look Period||A Free look period of 15 days is permitted, starting from the day of receipt of the Master policy.|
|Nomination Facility||The facility of nomination is available. Nomination can be made as per Section 39 of the Insurance Act, 1938.|
|Sum Assured Amount||Min. Sum Assured - Rs 1000; Max. Sum Assured – Rs 1000 (per member)|
|Surrender||The Master policy can be surrendered by the Master policyholder at any time, following a minimum notice period of 3 working days.|
Benefits of Group Traditional Benefit Plan
- Life Cover – Under this scheme, each member is entitled to a life cover of Rs 1000, on a yearly renewable basis.
- Tax Benefit – Tax benefits may be available as per the relevant law (subject to changes).
- Benefits – Under this Canara HSBC Oriental Bank of Commerce Groups Plans, benefits are payable on the occurrence of various events like death, resignation, termination, retirement and disability, according the rules of the scheme. The amount of the benefit to be provided will be paid as per the rules of the scheme from the Scheme account. In the event of death, the company will provide an amount of Rs 1,000 additionally as Death Benefit.
- Simple and Easy Administration Process – The Group Traditional Benefit Plan features an easy and hassle free administration to provide maximum convenience to the employer and employee.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017