• Canara HSBC Sampoorna Kavach Plan

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    Life Insurance
    • Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
    • Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
    • Do more with plans that offer pure protection, retirement planning and investment options

    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.

    Eligibility - Who is the Canara HSBC Oriental Bank of Commerce Life Insurance Sampoorna Kavach Plan for?

    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.

    Parameters Details
    Entry Age Minimum: 18 years Maximum: 60 years
    Policy Term 1 year (Renewable)

    Sum Assured and Premium Range - What you get and what it costs?

    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.

    Parameters Details
    Sum assured Minimum: Rs.5,000 Maximum: 50,000
    Premium Rs.99
    Premium mode Annual, half-yearly, quarterly, monthly.

    Plan Coverage - What the Canara HSBC Oriental Bank of Commerce Life Insurance Sampoorna Kavach Plan covers?

    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.

    Exclusions - What the Canara HSBC Oriental Bank of Commerce Life Insurance Sampoorna Kavach Plan doesn’t cover?

    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.

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

    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.

    Tax Benefits – How you can save with the Canara HSBC Oriental Bank of Commerce Life Insurance Sampoorna Kavach Plan

     

    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:

    • Section 80C of the Income Tax Act, 1961, for the premium contributions made towards the scheme.
    • Section 10 (10D) of the Income Tax Act, 1961, for proceeds from death benefits.

    Other Benefits – How you can save with the Canara HSBC Oriental Bank of Commerce Life Insurance Sampoorna Kavach Plan?

    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.

    • Group members can be enrolled just by filling in a form.
    • No pre-policy medical tests required for the Canara HSBC Oriental Bank of Commerce Life Sampoorna Kavach Plan.
    • The Canara HSBC Oriental Bank of Commerce Life Sampoorna Kavach Plan is offered at an affordable premium and policyholders have the flexibility of choosing to renew the policy every year.
    • Customers can make use of the online customer portal at the Canara HSBC Oriental Bank of Commerce Life Insurance website to access their insurance details.
    • The website also enables policyholders to renew their insurance online.
    • Payments for policy renewal can be made through the following channels:
      • Credit cards - American Express, Visa, Maestro, MasterCard, and Diners Club cards are accepted.
      • Debit cards - Visa, Maestro, MasterCard, and RuPay cards can be used to make online payments.
      • Bill Junction - Customers can login to Bill Junction and make premium payments.
      • Netbanking - Customers can pay premiums through the net banking facility offered by their banks.
      • e-Wallets - Premium payment can be done through e-Wallets such as iCashCard, Airtel Money, ITZCash, Jio Money, Oxigen, PayCash, and Idea Money
    • The Canara HSBC Oriental Bank of Commerce Life Insurance website also enables customers to request for a callback.

    Why you should buy the Canara HSBC Oriental Bank of Commerce Life Insurance Sampoorna Kavach Plan from Canara HSBC Oriental Bank of Commerce Life Insurance?

    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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