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Canara HSBC OBC Corporate Group Term Life Insurance Plan and Policy

Canara HSBC OBC Corporate Group Term Life Insurance Plan and Policy - Canara HSBC Oriental Bank of Commerce Life Corporate Group Term Plan is an annually renewable group term assurance plan. This plan helps you to provide life cover to your employees at a low cost. This plan can be offered to employer-employee groups and for Group Term cover offered in lieu of Employee Deposit Linked Insurance (EDLI).

Eligibility - Canara HSBC OBC Corporate Group Term Life Insurance Plan and Policy

Eligibility Criteria Minimum Maximum
Entry Age for a member in Group Term (last birthday) 18 Years 79 Years
Entry Age for a member in Group Term in lieu of EDLI (last birthday) 18 Years As long as the person is a member of Provident Fund scheme.
Maximum cover age for a member in for Group Term (last birthday) 80 years
Maximum cover age for a member in Group Term in lieu of EDLI No limit, as long as the person is a member of Provident Fund scheme.
Policy Term 1 year
(renewable yearly)
Sum Assured for a member in for Group Term ` 1,000 No Limit
Sum Assured for Group Term in lieu of EDLI ` 3,61,000 ` 10,00,000
Group Size 10 No Limit

Policy Details - Canara HSBC OBC Corporate Group Term Life Insurance Plan and Policy

As an organization one of the most valuable assets that you have are your employees, it is they who strive to make you a success. To safeguard their interests and help them focus on the challenges at hand it is imperative that you provide them life insurance, especially when there are the people who are financially dependent upon them.

Advantages - Canara HSBC OBC Corporate Group Term Life Insurance Plan and Policy

For your Organisation

  • Creating extra value as an employer for your employees, thereby increasing employee retention
  • Improve efficiency and productivity as employees are assured of security for their families
  • Simple and easy administration process
  • Flexible Premium paying modes - Annual, Semi-annual, Quarterly or Monthly
  • Tax benefits as per the prevailing law
  • Rebate in case the total premium of the group exceeds ` 25 lacs.

For your employees

  • Financial protection to family members and dependants
  • Fulfill their life protection needs at a relatively lower cost compared to individual plans
  • Easy and simple joining process
  • No medical examination is required up to Free Cover Limit, subject to insurability conditions
  • Flexibility to revise the Sum assured as per any change in the Sum assured variables (example - salary revision, promotion, etc.)

Benefits - Canara HSBC OBC Corporate Group Term Life Insurance Plan and Policy

Coverage Options

As a master policy holder, you have the option to choose the life cover for your members as flat, graded, Future Service Gratuity (FSG), Group Term in lieu of EDLI, a multiple of Cost to Company (CTC) or any other criteria as mutually agreed with your organization.

Death Benefit

In case of death of a member the death benefit equivalent to the Sum Assured for that member will be payable to nominee / appointee / employer as advised by you.

Flexibility in Premium Payment

You have the option to pay your premiums annually, semi-annually, quarterly or monthly.

No Medical Requirements

No medical examination is required up to Free Cover Limit, subject to insurability conditions.

Flexibility to Revise Life Cover

You have the flexibility to revise the Sum assured as per any change in the Sum assured variables (example - salary revision, promotion etc).

Revision in Premium Rates and other terms and conditions

This is an annually renewable plan where you have the option to renew the plan with revised terms and conditions including premium rates.

Tax Benefit

The tax benefits are as per the prevailing law and are subject to changes. For specific details, please contact your tax consultant.

#Tax Benefits under the policy will be as per the prevailing Income Tax laws and are subject to amendments from time to time. For tax related queries, contact your independent tax advisor.

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