Canara HSBC Corporate Group Term Plan

The coming together of Canara Bank, Oriental Bank of Commerce, and HSBC Insurance Holdings Limited created the Canara HSBC OBC Life Insurance Company Limited. The life insurance company, established in the year 2008, offers a range of life insurance products to choose from. The Corporate Group Term Plan is a term insurance plan that can be renewed every year. The plan is specially designed for employer-employee groups. The plan also offers group cover offered in lieu of EDLI (Employee Deposit Linked Insurance).

Eligibility

The insurer specifies certain criteria for the members of the group.

Minimum entry age	18 years
Maximum entry age	79 years for a Group Term plan member Any individual who is a member of the PF scheme can opt for a Group Term in lieu of EDLI
Maximum coverage age	80 years A member who is a part of a Group Term plan in lieu of EDLI has no age coverage limit, provided he/she is a member of the PF scheme
Minimum group size	10
Maximum group size	No limit

Sum Assured and Premium

Sum Assured

The sum assured is the amount payable on the death of a member of the plan.

Minimum sum assured	Rs.1,000 for a Group Term plan member Rs.3,61,000 lakh for a Group Term plan in lieu of EDLI
Maximum sum assured	No limit for a Group Term plan member Rs.10 lakh for a Group Term plan in lieu of EDLI

Premium

The amount payable to the insurer to cover the risk of the members of the plan.

Premium payment mode	Annual Semi-annual Quarterly Monthly
Policy term	1 year

*Premiums vary based on age, location, plan term and other factors

Plan Coverage

Death benefit

On the death of a member of a plan, an amount equal to the sum assured is payable to the nominee.

Exclusions

In case the death of a member of the plan is caused by suicide within one year of becoming a member of the policy, no death benefit is payable. 80% of the total premium paid for the member is refunded by the company.

Other Key Features

Free-look period	The master policyholder is given 15 days from the day of inception of the policy to review the terms. If unsatisfied, the policyholder can return the policy and the total premium paid is refunded by the insurer after making necessary deductions.
Grace period	A 15-day grace period for the monthly premium payment mode and a 30-day grace period for the annual, semi-annual and quarterly premium payment modes are provided.
Rebate	If the total premium amount is above Rs.25 lakh, a rebate is offered by the insurer.

Tax Benefits

Tax benefits can be availed under the Income Tax Act, 1961.

Other Benefits

Online plans	Two plans – a term plan and a ULIP that can be bought online with a just a few clicks.
Premium calculator	The premium payable towards the policy can be calculated on the official website of the insurer by clicking on the ‘Premium Calculator’ option.
Fund value calculator	Individuals who wish to calculate the fund value can do so on the insurer’s website.
Online premium payment	The premium for the policy can be paid online via debit card, credit card or net banking.
SMS feature	Simple templates specified by the insurer can be utilised by the policyholder to resolve queries through SMS.

Why you should buy the Corporate Group Term Plan from Canara HSBC OBC

Canara HSBC OBC has a network of over a thousand branches of the bank partners. This ensures that the services of the company can be accessed pan-India.  The vision of the company is to provide a transparent range of products to people of all strata of the society while providing excellent customer service. In the year 2016-17, the claim settlement ratio, i.e., the number of claims resolved over the number of claims made was 94.95%.