Canara HSBC Group Plans

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• Do more with plans that offer pure protection, retirement planning and investment options

Group insurance plans are insurance plans that function as effective tools to help employers, trusts or groups to provide benefits to the employees or members of the group. Along with providing benefit payouts, the plans also offer insurance coverage to the members.

Canara HSBC OBC provides seven group plans for employer-employee as well as non-employer-employee groups. Each of the plans has different benefits and features. In case of death of a member of a group, the nominee of the deceased person is provided with the sum assured for that particular person. Apart from death benefits, the plans help employers fund employee benefits such as gratuity, pension, leave encashment, etc.

Benefits of Canara HSBC OBC Group Plans

• Free-look period: In case the master policyholder does not agree with the terms of the policy, he may return the policy to the company within the first 15 days of the policy term. The insurer will refund the premiums paid after making necessary deductions.
• Grace period: A specific period of time is provided to the policyholder to pay the premium amount due. In case he/she does not pay the premium within the grace period, the policy may lapse.
• Revival: Lapsed or paid-up policies can be revived by paying all the unpaid premiums within 2 years of the first unpaid premiums.
• Rebates: Under certain conditions, rebates are offered on the premium payable.
• Tax benefits: Policyholders enjoy tax benefits under the prevailing tax laws.

List of Group Plans offered by Canara HSBC OBC

Here are the details of the seven group plans offered by the insurer:

1. Group Traditional Benefit Plan

This is a non-participating and non-linked fund based insurance plan that has been designed for employer-employee groups. Employers may use the plan to provide benefits such as leave encashment, gratuity, post-retirement medical benefits, etc. to their employees. A minimum of ten members are required to be covered under each policy. The sum assured for each member of the policy is fixed at Rs.1,000.

 

Benefits and features of Group Traditional Benefit Plan

• Death Benefit: In case of demise of a member of the family, the sum assured equal to Rs.1,000 is provided to the individual’s nominee.

 

• Scheme Benefits: Benefits are paid to the members of the group on events such as death, resignation, termination, retirement, or disability. The benefits are paid from the scheme amount.

 

• Policy Surrender: The surrender value determined will be considered a bulk exit and will, hence, be subject to MVA (Market Value Adjustment). If the policy is surrendered within the first three policy years, there will be a surrender penalty equal to 0.05% of the scheme value.

Plan Name	Entry Age	Maturity Age	Initial contribution
Group Traditional Benefit Plan	Minimum: 18 years or minimum age specified under the scheme rules, whichever is higher Maximum: 79 years or maximum age specified under the scheme rules, whichever is lower	Maximum: 80 years or maximum retirement age specified under the scheme rules, whichever is lower	Minimum: Rs.1 lakh per scheme Maximum: No limit

2. Group Superannuation Plan

This is also a non-participating, non-linked fund based group insurance product meant for employer-employee groups. The plan can be utilised by employers to fund superannuation or pension benefits to employees. The minimum group size is 10. The sum assured available under the policy is a fixed Rs.1,000.

 

Benefits and features of Group Superannuation Plan

• Death Benefit: An amount equal to Rs.1,000 i.e. the sum assured amount per member is provided to the nominee if a member of the scheme expires during the term.

 

• Scheme Benefit: On retirement, resignation, disability, or termination of a member of the group, a certain benefit is payable as per the scheme rules from the individual member account or scheme account.

 

• Policy Surrender: A policy may be surrendered after serving a 3-day notice period. The surrender value determined will be considered a bulk exit and will, hence, be subject to MVA (Market Value Adjustment). A surrender penalty equal to 0.05% of the scheme account value will be applicable if the policy is surrendered within the first three policy years.

 

Plan Name	Entry Age	Maturity Age	Initial contribution
Group Superannuation Plan	Minimum: 18 years or minimum age specified under the scheme rules, whichever is higher Maximum: 79 years or maximum age specified under the scheme rules, whichever is lower	Maximum: 80 years or maximum retirement age specified under the scheme rules, whichever is lower	Minimum: Death Benefit: Rs.1 lakh per scheme Defined Contribution: Rs.1,000 p.a. per member Maximum: No limit

3. Sampoorna Kavach Plan

This is a non-participating, traditional group life protection plan that has a simple enrolment process, does not require a medical examination, is offered at an affordable cost, and is flexible in terms of renewability. While Rs.5,000 is the minimum sum assured amount, Rs.50,000 is the maximum sum assured that can be opted for.

 

Benefits and features of Sampoorna Kavach Plan

• Death Benefit: In case of death of a member of the group, the sum assured is payable to the nominee as the death benefit.

 

Plan Name	Entry Age	Group Type	Premium
Sampoorna Kavach Plan	Minimum: 18 years Maximum: 60 years	Deposit bank account holder at Canara Bank or Oriental Bank of Commerce	Rs.99

 

4. Group Secure

Group Secure is a plan that is offered to customers of financial institutions, banks, credit societies, co-operative banks, and other lending institutions that provide loans such as housing loans, educational loans, vehicle loans, personal loans, business loans, loans against property, etc. The plan safeguards the family’s future by safeguarding them from loan liabilities. While the minimum group size is 50, the minimum sum assured is Rs.10,000.

 

Benefits and features of Group Secure

• Death Benefit: In case the life assured passes away during the term of the plan, the sum assured is payable to the nominee.
• Total and Permanent Disability Benefit: If a member of a group suffers from a total and permanent disability within the policy term, the sum assured is paid. This benefit can be availed along with the death benefit.

 

Plan Name	Entry Age	Cover Ceasing Age	Premium
Group Secure	Minimum: 12 years Maximum: 64 years	Maximum: 69 years	The premium payable depends on the sum assured, premium payment mode, risk coverage option, and coverage option chosen.

 

5. Corporate Group Term Plan

This is a group term insurance plan that offers life cover to employees at a low cost. It can be offered to employer-employee groups as well as for group term cover provided in lieu of EDLI (Employee Deposit Linked Insurance). The plan provides financial protection to the family members and dependents of the members of the group. The plan has flexibility in terms of the premium payment modes and the revision of sum assured amounts. The minimum group size is 10. The minimum sum assured is Rs.1,000 but there is no maximum limit. The minimum sum assured for group term plans in lieu of EDLI is Rs.3.61 lakh and the maximum is Rs.10 lakh.

 

Benefits and features of Corporate Group Term Plan

• Death Benefit: Upon the death of the life assured, the sum assured is paid to the employer, appointee, or nominee as directed by the master policyholder.

 

Plan Name	Entry Age	Coverage Age	Premium
Corporate Group Term Plan	Minimum: 18 years Maximum: 79 years Members who are covered by a group term in lieu of EDLI do not have a maximum entry age limit. They are only required to be a member of the Provident Fund Scheme.	Maximum: 80 years Members who are covered by a group term in lieu of EDLI do not have a maximum cover age limit. They are only required to be a member of the Provident Fund Scheme.	The premium payable depends on the sum assured, premium payment mode, risk coverage option, and coverage option chosen.

 

6. Pradhan Mantri Jeevan Jyoti Bima Yojna

This is a non-linked, non-participating group term plan that provides life cover to protect the individual’s family against the financial loss that could occur due to his/her death. The plan is simple, affordable and requires no medical examination. The enrolment procedure is simple. Members are required to fill a simple form and the premium is auto-debited from their bank account. The plan can be renewed on a yearly basis and coverage can be availed up to the age of 55.

 

Benefits and features of Pradhan Mantri Jeevan Jyoti Bima Yojna

• Death Benefit: An amount equal to the sum assured i.e. Rs.2 lakh is paid to the nominee on the demise of the life assured.

 

Plan Name	Entry Age	Maturity Age	Premium
Pradhan Mantri Jeevan Jyoti Bima Yojna	Minimum: 18 years Maximum: 50 years	Maximum: 55 years	Rs.330 p.a.

 

7. Group Advantage Term Plan

This is a group term insurance plan offered to non-employer-employee groups that provide financial security to family members against the life assured’s death. The benefits can be availed as a level option or a reducing option. The add-ons offered with the plan are spouse coverage, increase in sum assured, and convertibility options. A minimum of 50 members are required under each policy. The minimum sum assured for the death benefit is Rs.5,000 and there is no maximum limit on the same. Whereas for the Death and Accidental Death Benefit option, the minimum sum assured is Rs.2 lakh and the maximum is Rs.1 crore.

 

Benefits and features of Group Advantage Term Plan

• Death Benefit: Upon the unfortunate demise of the life assured during the term of the policy, the sum assured is paid as the death benefit to the nominee of the policy.
• Accidental Death Benefit: This cover can be availed along with the death benefit option. In case death occurs due to an accident, the Accidental Death Benefit sum assured is paid along with the base sum assured.

 

Plan Name	Entry Age	Cover Ceasing Age	Premium
Group Advantage Term Plan	Minimum: 18 years Maximum: Death only: 79 years Death and Accidental Death Benefit: 69 years	Maximum: Death only: 80 years Death and Accidental Death Benefit: 70 years	The premium payable depends on factors such as the sum assured, entry age,  coverage option, etc.

Why do you need Canara HSBC OBC Group Plans?

Canara HSBC OBC has a wide network of more than a thousand branches from all the partners put together. This enables better customer service across the country. In FY 2016-17, the claim settlement ratio was 94.95% and the grievance solved ratio was 100% proving that they provide the best of services. The insurer provides life insurance to over 115 million customers and also won an award for excellent customer service in the year 2017. The vision of the company is to offer a transparent range of life insurance products that are affordable to all sections of the society.