Canara HSBC Oriental Bank of Commerce offers various kinds of insurance plans including ULIP plans, Traditional Plans and Group Insurance Plans. The group insurance plans offered by the bank enables you to offer protection to your employees or customer group. The bank offers five kinds of group insurance plans to suit the different protection requirements of the customer.
Why Canara HSBC Oriental Bank of Commerce Group Plans?
One has the option of choosing from five different kinds of group plans with the Canara HSBC Oriental Bank of Commerce Group Plans. The plans offer adequate coverage at a very affordable price and also offer your employees/customers the option of renewing the cover every year.
Listed below are the different types of Group Insurance Plans offered by Canara HSBC Oriental Bank of Commerce.
Group Traditional Benefit Plan-
This is a non linked, non participating, fund based group insurance plan.
- The plan lets the employer provide various benefits to their employees such as gratuity, leave encashment and post retirement medical benefits.
- The plan provides a guaranteed interest of 0.01% p.a. This interest rate is applicable to all the contributions made to the plan on a prorated basis.
Group Superannuation Plan-
Group Superannuation Plan by Canara HSBC Oriental Bank of Commerce is a non linked, non participating insurance product that aims at providing pension benefits.
- A life cover of Rs. 1,000 will be provided to each member of the scheme on a yearly renewal basis.
- The plan offers cover for Defined Benefit and Defined Contribution superannuation schemes.
- One can choose to make contribution in either single or multiple payments.
Group Secure Plan-
Group Secure plan will help your customers/employees meet their credit and insurance needs with a single insurance product.
- The policyholder has the option of choosing between Death cover only and Death and TPD cover. The latter option will cover a home loan,a four wheeler loan, a loan against property and an education loan.
- Joint borrowers up to three members are also covered under this plan.
- Female members and joint borrowers can avail rebates which in turn will reduce the premium.
- Insured members can avail tax benefits under Section 80C and Section 10D of the Income Tax Act, 1961.
Sampoorna Kavach Plan-
The Sampoorna Kavach Plan will make it possible for you to provide adequate life cover to your employees against certain uncertainties of life.
- The plan is very affordable.
- There is no requirement for medical examination.
- In case of death of the insured, sum assured will be paid to the nominee as death benefit.
- The members have the option of renewing their policy every year if they wish to do so.
Corporate Group Term Plan-
The Corporate Group Term Plan ensures that your valuable employees are protected for a very low cost.
Offers financial protection to the employee’s family members and dependants in case something unfortunate should happen to them.
- The insured has the flexibility of choosing his/her own premium payment mode( annually, bi annually, quarterly, monthly).
- Provides the option of revising the sum assured.
- Simple and hassle free application and joining process.
Consider the case of Ms. Seema, who joined the Corporate Group Term Plan offered by her employer. Seema passes away in an unfortunate incident four years into the plan and in this case, her nominee gets paid the sum assured as death benefit.
It is important to analyse each plan carefully and choose a plan that suits your protection needs. While the Group Superannuation plan offers pension benefits, the Group Secure plan offers both credit and insurance benefits. Choosing a plan that suits your insurance requirement perfectly is the best way to get the most out of a group insurance plan.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017