To meet the needs of employees of an organisation in case of an eventuality, Canara HSBC Oriental Bank of Commerce Life Insurance has rolled out the Sampoorna Kavach Plan. Specifically catering to employees from rural and urban areas, the Canara HSBC Oriental Bank of Commerce Life Insurance Sampoorna Kavach Plan is available at a low-cost premium and is typically for members of an organisation who do not have life insurance cover. The Canara HSBC Oriental Bank of Commerce Life Insurance Sampoorna Kavach Plan offers life coverage (lump sum payout) for the family members of the group member in case of untimely death.
To be eligible for the Canara HSBC Oriental Bank of Commerce Life Insurance Sampoorna Kavach Plan, customers need to meet certain criteria with regard to their age. The details are mentioned below.
|Entry Age||Minimum: 18 years Maximum: 60 years|
|Policy Term||1 year (Renewable)|
Sum Assured: The minimum sum assured in case of an eventuality is Rs.5,000 and the maximum sum assured is Rs.50,000.
Premium: The premium contribution from each group member for a year is Rs.99. The policy can be renewed by the master policyholder at the end of the policy term (1 year). The premium can be paid either annually, half-yearly, quarterly, monthly.
|Sum assured||Minimum: Rs.5,000 Maximum: 50,000|
|Premium mode||Annual, half-yearly, quarterly, monthly.|
The Canara HSBC Oriental Bank of Commerce Life Insurance Sampoorna Kavach Plan comes with death benefits for the nominees of the group member.
|Death Benefits||In case of untimely and unfortunate death of the group member, the sum assured will be payable to the nominee or dependents of the group member. The minimum sum assured is Rs.5,000 while the maximum is Rs.50,000.|
If a group member commits suicide within the first 12 months of the policy, no benefit shall be paid. Only the premium will be refunded.
The group member cannot make a claim within the first 45 days of the commencement of the policy. If death occurs within the first 45 days, only the premium will be refunded.
No group member can be added during the policy term, group members can be added only at the point of policy renewable.
The Canara HSBC Oriental Bank of Commerce Life Insurance Sampoorna Kavach Plan comes with key features such as free-look period, grace period, etc.
|Grace period||Policyholders are granted a grace period of 30 days to pay the policy premium for the annual, half-yearly and quarterly mode and a grace period of 15 days for the monthly mode.|
|Lapse||If the master policyholder fails to pay the premium within the grace period, the policy will lapse.|
|Revival||Policyholders can revive the policy within the contract only.|
|Free-look period||Policyholders are granted a free-look period of 15 days from the commencement of the policy. If the policyholder feels that the policy will not suit his/her company, he/she can return the policy and receive a refund for the premium paid.|
In accordance with the Income Tax Act 1961, policyholders of the Canara HSBC Oriental Bank of Commerce Life Insurance Sampoorna Kavach Plan can avail tax benefits under:
Catering to the needs of employees that are probably availing a life insurance policy for the first time, the Canara HSBC Oriental Bank of Commerce Life Insurance Sampoorna Kavach Plan comes with a number of benefits.
The Canara HSBC Oriental Bank of Commerce Life Insurance Sampoorna Kavach Plan is an affordable plan that would be beneficial to those employees that have no life coverage at all. The Canara HSBC Oriental Bank of Commerce Life Insurance Sampoorna Kavach Plan offers a sum assured of Rs.50,000 to the nominees of the group member in case of an eventuality or unfortunate death, giving group members a peace of mind knowing that their loved ones would be financially secure even in their absence.
One of the fastest growing insurers in the country currently, Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited was formed following a joint venture between Canara Bank and Oriental Bank of Commerce and HSBC Insurance (Asia Pacific) Holdings Limited. The company recorded a profit of Rs. 23 crore plus in the fifth year - making them the first insurer in the country to make a profit of this much in such a short span. Since its inception, Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited have focused on their online services, making it seamless and customer friendly. Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited is the first insurer to offer its customers with the immediate death claim facility.
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