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).
The insurer specifies certain criteria for the members of the group.
|Minimum entry age||18 years|
|Maximum entry age||
|Maximum coverage age||
|Minimum group size||10|
|Maximum group size||No limit|
The sum assured is the amount payable on the death of a member of the plan.
|Minimum sum assured||
|Maximum sum assured||
The amount payable to the insurer to cover the risk of the members of the plan.
|Premium payment mode||
|Policy term||1 year|
*Premiums vary based on age, location, plan term and other factors
|Death benefit||On the death of a member of a plan, an amount equal to the sum assured is payable to the nominee.|
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.
|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 can be availed under the Income Tax Act, 1961.
|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.|
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%.