"Spending a whole day looking for insurance is fun," said nobody, EVER!
"Spending a whole day looking for insurance is fun," said nobody, EVER!
  • Canara HSBC Group Traditional Benefit 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 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).

    Eligibility - Who is the Canara HSBC Group Traditional Benefit Plan for?

    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:

    Parameters Eligibility
    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.

    Sum Assured and Premium Range- What You Get and What It Costs

    • Sum assured – In the event of the member's unfortunate death, the nominee will be entitled to a sum assured of Rs.1,000 as the death benefit.
    • Premium – The policy requires a minimum initial contribution of Rs.1,00,000 and there is no limit on the maximum contribution amount (subject to policy rules and underwriting). Moreover, a life cover of Rs.1,000 is provided to each of the members under the scheme on a yearly renewable basis.

    Plan Coverage- What the Canara HSBC Group Traditional Benefit Plan covers

    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.

    Riders / Add-On Plans – Additional coverage under the Canara HSBC Group Traditional Benefit Plan

    There is no add-on or rider available for Canara HSBC Group Traditional Benefit Plan.

     

    Exclusions - What the Canara HSBC Group Traditional Benefit Plan doesn’t cover

    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.

    Other Key Features – Free-look Period, Surrender Values, Grace Period etc.

    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.

    Tax benefits – How you can save with the Canara HSBC Group Traditional Benefit Plan

     

    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.

    Other benefits – How you can save with the Canara HSBC Group Traditional Benefit Plan

    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:

    • Policy information - Any individual or customer is provided with access to obtain any of the policy related information from Canara HSBC Oriental Bank of Commerce Life Insurance Company. The insurer can be contacted through a wide variety of communication channels such as e-mail, toll-free number, website, and outlets across India.
    • Policy notifications - The policy keeps the customer updated about the premium due date, policy renewal date, etc. through e-mail and text SMS. The customers can also manage their policy online or contact the insurer through any of the communication channels for assistance.

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

    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.