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  • Canara HSBC Group Superannuation 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

    The Canara HSBC Oriental Bank of Commerce Group Superannuation Plan is a non-linked, non-par fund based group insurance plan. The plan addresses the different needs of the policyholder. Canara HSBC Oriental Bank of Commerce Group Superannuation Plan offers stability and security to the policyholder’s fund without compromise on its performance. Defined Contribution (DC) and Defined Benefit (DB) are covered under the Canara HSBC Oriental Bank of Commerce Group Superannuation Plan. The insurer maintains the pooled fund under Defined Benefit schemes. The member accounts are maintained under the Defined Contribution schemes. A guaranteed rate of interest of 0.01% is applicable to contributions credited to the individual member account or scheme account on pro-rata basis.

    Eligibility – Who is the Canara HSBC Oriental Bank of Commerce Group Superannuation Plan for?

    In order to be eligible for the Canara HSBC Oriental Bank of Commerce Group Superannuation Plan, a customer has to fulfil certain eligibility criteria with respect to his/her age and the amount of insurance he/she seeks. These conditions are as shown below:

    Parameters Criteria for Eligibility
    Minimum age at entry 18 years
    Maximum age at entry 79 years
    Maximum age at maturity 80 years
    Minimum size of the group 10 members
    Maximum size of the group No limit

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

    Sum Assured – Sum assured is the amount that the policyholder receives when the plan matures. In case the policyholder encounters death in an unfortunate event and the Canara HSBC Oriental Bank of Commerce Group Superannuation Plan is still active, the beneficiary or nominee of the insured person gets the sum assured. Under this plan, the sum assured for each member is Rs.1,000.

    Minimum Sum Assured Rs.1,000
    Maximum Sum Assured Rs.1,000

    Premium – It is contribution that the policyholder pays in order to keep the Canara HSBC Oriental Bank of Commerce Group Superannuation Plan active. The minimum Defined Contribution under this scheme is Rs.1,000 for each member. There is no limit on the maximum contribution under the plan. The minimum Defined Benefit is Rs.10,000 under the plan.

    Minimum Defined Contribution Rs.1,000 per annum for each member
    Maximum Defined Contribution No limit
    Minimum Defined Benefit Rs.10,000 per scheme
    Maximum Defined Benefit No limit

    *Premiums may vary depending upon factors like age, location, term of the plan and applicable taxes/GST.

    Plan Coverage – What the Canara HSBC Oriental Bank of Commerce Group Superannuation Plan covers

    Death Benefit In case of death of the insured person, death benefit is payable to the nominee or the beneficiary of the insured. The benefit amount is paid from the individual member account or scheme account, according to the rules mentioned in the scheme.
    Disability Benefit In case of any disability of the insured person, disability benefit is payable to the insured. The benefit amount is paid from the individual member account or scheme account, according to the rules mentioned in the scheme.
    Retirement Benefit In case of retirement of the insured person, retirement benefit is payable to the insured. The benefit amount is paid from the individual member account or scheme account, according to the rules mentioned in the scheme.
    Termination Upon termination of the insured person, applicable benefits are payable to the insured person.
    Interest credits A guaranteed rate of interest of 0.01% is applicable on the contributions credited to the scheme account on pro-rata basis. Every quarter, an additional interest rate (non-zero) is declared above the floor rate.
    Withdrawals and Surrender The master policyholder can choose to surrender the plan at any given point after service a 3-day notice period. The Surrender Value is 0.05% of the Scheme Account Value if the surrender of the master policy takes place within the first 3 policy years. Surrender penalty is not applicable after the 3rd policy year.

    Riders / Add-on Plans – Additional cover under the Canara HSBC Oriental Bank of Commerce Group Superannuation Plan

    No riders or add-on plans are available under the Canara HSBC Oriental Bank of Commerce Group Superannuation Plan.

    Other Key Features

    Free Look Cancellation If the master policyholder does not like the terms and conditions of the Canara HSBC Oriental Bank of Commerce Group Superannuation Plan, he/she can approach the insurer with a free-look cancellation request stating reasons for not taking the policy within a period of 15 days from the receipt of the policy. Stamp duty charges and proportionate risk premium are deducted by the insurer from the refund amount. This policy is not sold through Distance Marketing.

     

    Tax Benefits – How you can save under the Canara HSBC Oriental Bank of Commerce Group Superannuation Plan

    Tax Benefits can be availed by the policyholder with the Canara HSBC Oriental Bank of Commerce Group Superannuation Plan under prevailing tax laws. It is advisable that the policyholder consults his/her tax advisor to know more about the tax benefits available under the Canara HSBC Oriental Bank of Commerce Group Superannuation Plan.

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

    The Canara HSBC Oriental Bank of Commerce Life Insurance Company is one of the leading insurance solution providers across the country. It is the joint venture of Canara Bank, Oriental Bank of Commerce and HSBC. The insurance solutions offered by this company come with several benefits and features that are designed to meet the changing demands of the customers. The Canara HSBC Oriental Bank of Commerce Group Superannuation Plan is a great product for the employer-employee groups. The policyholder, as an employer, can offer pension benefits as well as superannuation benefits with this plan. This plan comes with Defined Contribution schemes and Defined Benefit Schemes. Tax benefits can also be availed with the Canara HSBC Oriental Bank of Commerce Group Superannuation Plan under the current Income Tax Laws.