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  • Canara HSBC Group Secure Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    Canara HSBC Group Secure Plan is a non-linked, non-participating group credit life insurance plan protects customers of financial institutions like banks, credit houses, co-operative banks, and other lending institutions from loan liabilities. This plan can be obtained be financial institutions for their customers who have any types of loan like vehicle loan, home loans, education loans, personal loans, or loan against property.

    Eligibility – Who is the Canara HSBC Group Secure Plan for?

    To buy the Canara HSBC Group Secure Plan, one has to meet the eligibility criteria set by the insurer.

    Parameter Details
    Plan Type Non-linked, non-participating group credit life insurance plan
    Minimum Entry Age 12 years
    Maximum Entry Age 64 years
    Maturity Age 69 years
    Minimum Policy Term Single premium- 2 years Regular and Limited premium- 5 years
    Maximum Policy Term 30 years
    Group Size 50

    Sum Assured and Premium Range – What you get and what it costs

    Sum Assured – It is the amount that is received by the insured person at the time of maturity. In case the insured individual encounters death and the Canara HSBC Group Secure Plan is still active, the sum assured is received by the legal heir or a nominee assigned by the insured.

    Parameter Details
    Minimum Sum Assured Rs.10,000 per member
    Maximum Sum Assured There is no limit on the maximum sum assured amount. However, it is subject to underwriting.
    Premium Options Single premium/Regular premium/Limited premium

    Plan Coverage – What the Canara HSBC Group Secure Plan covers

    Death Benefit In case of the unfortunate death of the insured within the policy term, a death benefit is payable. The death benefit payable will be the sum assured amount chosen by the insured at the inception of the policy.
    Total and Permanent Disability Benefit In case, during the term of the policy, the insured person suffers from Total and Permanent Disability, the insurer will be liable to pay the sum assured amount. In this case, the cover for the insured person will be terminated.
    Loan Foreclosure In case the loan is foreclosed, a surrender value will be payable. To receive the surrender value, a policyholder should pay the total outstanding balance of the loan and inform the insurer that he/she wishes to surrender the policy. Please note that in case of single premium policy, the surrender benefit will be given from the end of the first year. Whereas, in case of regular and limited premium payment policies, the surrender benefit will be available only after completing three years.  The surrender benefit payable will be as per the table below:
      Level Sum Assured Reducing Sum Assured
    Single Premium Not applicable 60% x Single premium x [Unexpired term/Cover term] x [Reduced sum assured/Initial sum assured]
    Regular premium Surrender value is not payable Not applicable
    Limited Premium   Not applicable 60% x premiums paid x [Unexpired term/Cover term] x [Reduced sum assured/Initial sum assured]
    Rebates Under the Canara HSBC Group Secure Plan, rebates are given from time to time which reduces the premium one has to be. Especially for female policyholders, 3 years relaxation is given in terms of premiums rates. Refer to the table below to know more about rebate calculation:
    Premium Payment Mode Two Lives Three Lives
    Single Premium 15% 25%
    Regular and Limited Premium 5% 10%

    Riders/Add-on Plans – Additional coverage under the Canara HSBC Group Secure Plan

     

    Currently, the insurer does not offer any add-on plans with Canara HSBC Group Secure Plan. However, they may allow policyholders attach riders to this plan in the future. Please check with your insurer from time to time for the riders available.

    Exclusions – What the Canara HSBC Group Secure Plan does not cover

    Suicide Exclusion– In case the insured person commits suicide within a period of one year from the commencement date of the policy, whether insane or sane, the nominee will be eligible to receive 80% of the premiums paid. If the insured person commits suicide within one year of reviving the policy, the insurer will pay higher than 80% of the premiums paid till the date of death or the surrender value available as on that date.

    45 days waiting period: The insurer will not be responsible for any claims that is made within the first 45 days from the date of commencement of the policy. However, in case of claims arising from an accident, the insurer will be bound to refund the premium paid amount using the surrender value formula.

    Exclusions for Total Permanent Disability: Total permanent disability arising out of the below reasons will be excluded:

    • Any pre-existing illness that was not disclosed at the inception of the policy.
    • Any sickness that is detected within the first 90 days from the date of commencement of the policy or the revival date.
    • Any disability caused due to AIDs or HIV.
    • Any injuries caused by taking part in dangerous sports like hunting, mountaineering, or bungee jumping.
    • Self-inflicted injury
    • Suicide
    • Injuries caused when being under the influence of alcohol, drugs, or any other substance abuse.
    • Injuries caused while serving in national organisations like military, navy, paramilitary, or air force.
    • Injuries caused by war, terrorism, strike, criminal activity, strike, or civil commotion.
    • Nuclear reaction, radiation, or chemical contamination.

    Other Key Features

    Risk Coverage Under this plan, policyholders can choose from 2 options available, namely Death cover only and Death and Total Permanent Disability Cover option.
    Coverage Options Under this plan there are two types of coverage, namely Level Cover where death and TPD cover remains the same throughout the policy term and Reducing Cover where the death and TPD benefit reduces over the policy term.
    Surrender The master policy can surrender or terminate the policy any time during the term of the policy. In this case, the member will be given an option to either surrender their policy or let the company service them.
    Loans Covered Both new and existing loans are covered under this plan.
    Grace Period The grace period for yearly/half-yearly/Quarterly mode is 30 days and the grace period for monthly mode is 15 days.
    Revival If the premiums are not paid within the grace period, the policy will be lapsed. A lapsed policy should be revived within 2 years from the date of the first missed payment.
    Settlement Option Any time before the last 3 months of the policy term, the policyholder can choose settlement option. If the policyholder chooses settlement option, then the money payable will be paid in installments in regular intervals for the next 5 years as chosen by the policyholder. During the settlement period, life cover will cease to exists.
    Free-look Period After buying the Canara HSBC Group Secure Plan, the policyholder will get 15 days to return the policy back to the insurer if they do not agree to the terms and conditions of the policy.
    Assignment Assignment option is not available under this plan.

    Tax Benefits – How you can save under the Canara HSBC Group Secure Plan

    Under this plan, tax benefits are available under  Section 80C and Section 10(10D) of The Income Tax Act, 1961.

    Other benefits

    • You can visit the official website of Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited and arrange for a call back to talk to one of their insurance executives for free.
    • Policyholders can use their online insurance coverage calculator tool to check how much life insurance you need.
    • Policyholders can buy a Canara HSBC Group Secure Plan online in few seconds.
    • Policyholders can also use other tools available on the website like premium calculator and fund value calculator.
    • Under this plan, up to three joint borrowers are covered.
    • Special rebate is given for female policyholders.

    Why you should buy the Canara HSBC Group Secure Plan from Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited

    Established in the year 2008, Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited is one of the leading insurance providers in India. They offer a wide range of insurance products at affordable prices. It is a jointly owned by the most reputed financial institutions ins the country, namely Canara Bank, Oriental Bank of Commerce, and HSBC Insurance Holdings Limited. With all three prestigious institutions joining hands, they surely offer excellent service and uniquely designes insurance products.

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