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Canara HSBC Group Traditional Benefit Plan is a non-linked, non-participating fund based variable insurance group plan that is available employer-employee groups only. The plan allows the employer to provide various types of employee benefits such as gratuity, leave encashment, or post-retirement medical benefits to their employees. The benefits that are payable on events such as resignation, death, retirement, termination, or disability can be paid through this scheme's fund. depending on the requirement, the plan provides cover for defined benefit schemes as indicated by the master policyholder (employer).
The Canara HSBC Group Traditional Benefit Plan is offered to employers to provide life cover and benefits to the employees based on the following eligibility criteria:
|Minimum age at entry||18 years|
|Maximum age at entry||79 years|
|Maximum age at maturity||80 years|
|Group size||Minimum - 10 members Maximum - no limit|
|Minimum sum assured||Rs.1,000|
|Maximum sum assured||Rs.1,000|
|Policy term||1 year (renewable)|
|Minimum annual premium||Rs.1,00,000|
|Maximum premium||No limit|
|Premium payment term||Annual|
The age is based on the last birthday of the members.
|Death benefit||In the event of policyholder's unfortunate death within the policy term, the nominee/family will be entitled to Rs.1,000 as the sum assured death benefit.|
|Maturity benefit||The scheme doesn't offer any maturity benefit.|
|Nomination||During the policy term, the master policyholder can get in touch with Canara HSBC Oriental Bank of Commerce Life Insurance Company to change the nominee details for a member.|
There is no add-on or rider available for Canara HSBC Group Traditional Benefit Plan.
If the renewal mortality premiums are not paid within the due, the same amount will be deducted from the scheme account value, however, if the scheme account value falls below Rs.50,000, the policy will be terminated and the proceeds will be given to the master policyholder after the deduction of applicable charges.
|Free-look period||If the master policyholder doesn't agree to any of the terms and conditions of the policy, the policy can be returned/canceled within the free-look period. The free-look period allows the policyholder to review the terms and conditions of the policy before committing to the policy. In the event of return/ cancellation of the policy within the free-look period, the insurer will refund the premiums after the deduction of necessary charges including stamp duty and medical test fee, if any.|
|Surrender values||If the policyholder decides to surrender the policy, a notice of 3 days will need to be served. If the policy is surrendered within the first three policy years, a surrender penalty of 0.05% will be applicable on the total scheme account value. If the policy is surrendered after the 3rd renewal, no surrender penalty will be applicable. Additionally, no partial withdrawals are allowed under this scheme.|
|Grace period||The plan doesn't allow any grace period.|
The scheme provides tax savings through Section 80C and Section 10(10D) of the Income Tax Act,1961. Under this scheme, the premiums paid towards the policy can be filed as a business expense for tax deductions while the sum assured death benefit is exempted from tax. Considering the fact that the tax benefits are subject to change, customers are advised to consult a qualified tax advisor before making a policy purchase.
The Canara HSBC Group Traditional Benefit Plan allows employers to provide employee benefits in order to reduce the financial liability of the business/group. In addition to the life cover and the defined benefits, the following factors can help the customers in making an effective buying decision:
Canara HSBC Group Traditional Benefit Plan enables the employers to manage their financial liability by providing employee benefits such as gratuity, leave encashment, or post-retirement medical benefits through a group investment scheme. Moreover, every member of the group is protected with a life cover that allows their nominee to be entitled to a basic death sum assured in the event of member's unfortunate death. Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited is one of the leading insurance providers in India who is also the first life insurance company to offer 'Immediate Payout on Death Claim Registration'. The insurer's backbone is the excellent customer service team who can speak in 10 different languages to assist their customers. The insurer has a positive claim settlement ratio. In order to buy a policy or to obtain further information, the customers can contact Canara HSBC Oriental Bank of Commerce Life Insurance Company through telephone, e-mail, website, or a branch.
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