Canara HSBC OBC Group Secure Life Insurance Plan and Policy - When it comes to helping your customers fulfill their dreams, you want to ensure that you can provide them the perfect solution for their requirements. Canara HSBC Oriental Bank of Commerce Life Insurance Group Secure is an insurance plan that will help ease your customer's worries by safeguarding their family's future from the loan liabilities.
'Group Secure' plan can be offered to customers of financial institutions/ bank/ co-operative banks/ credit societies/other lending institutions providing various types of loans like housing loans, vehicle loans (Car, 2-Wheeler, commercial vehicle), education loans, personal loans, loan against property and business loans.
|Entry age (last birthday)||12 years^||64 years|
|Cover ceasing age||-||69 years|
|Cover term||2 year for Single premium;
5 years for Regular and Limited premium option.
|Sum Assured^||` 10,000||No limit*|
^ The eligibility criteria may vary based on type of loan and scheme rules within the above limits.
* There is no upper limit on the basic Sum Assured in case of Death cover only option. However in case of Death and TPD option, the Sum Assured will be limited to a maximum of ` 10,000,000 per member
For detailed description of the product features, benefits, flexibilities & boundaries, exclusions kindly refer to the brochure.
Choice of Level or Reducing Sum Assured.
Choice of Death Cover or Death and Total and Permanent Disability Cover.
Single pay, Limited pay (5 years) or Regular pay. Limited and Regular pay options will only be allowed to provide cover against Home loan and Loan against Property.
Option to get the insurance premium funded by the Bank, in which case, the premium is added to the loan amount and is paid by the borrower to the bank along with the EMI.
For loans with a moratorium period, the cover term will also include the moratorium period and during the moratorium period the cover may be level or increasing as per the terms and conditions agreed with the Master Policyholder.
Joint borrower coverage available for a maximum of three joint borrowers, with two options for coverage namely, Joint Basis (coverage for full sum assured for all borrowers) and Loan Share Basis (coverage as per loan share percentage).
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
Canara HSBC OBC Group Life Insurance Plans and Policy
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