The Canara HSBC Oriental Bank of Commerce Life Group Loan Protection Plan provides the customers to fulfill their dreams along with protection for their loved ones. At the same time the policy holder being the master policy holder can mitigate the risk of loan recoveries.
The key features of Canara HSBC Oriental Bank of Commerce Life Group Loan Protection Plan are as follows:
- This policy gives all types of rates of interest like fixed floating variant of the two.
- Under this policy the customer gets both the level sum assured and decreasing sum assured.
- The available coverage options are total permanent disability cover and death cover.
- Surrender value is also available under this policy.
- The policy covers both the new and existing loans.
- The policy gives the options of joint borrower coverage.
The eligibility criteria of Canara HSBC Oriental Bank of Commerce Life Group Loan Protection Plan are as follows:
- The minimum entry age of the policy is 18 years.
- The maximum entry age for the policy is 64 years.
- The coverage term of the policy is 69 years.
- The minimum cover term of the policy is 1 year and the maximum cover term of the policy 30 years.
- The minimum sum assured for the policy is Rs 10,000 and the maximum sum assured for the policy has no limit.
- The minimum group limit of the policy is 25 and there is no limit for the maximum group size.
The advantages for the master policy holder and the customers under this plan are as follows:
- If the borrower faces death and permanent disability the policy will pay the sum assured resulting in minimization of the loss due to unpaid installments of the borrower.
- The master policy holder gets the average of four options.
- The customers under this policy get the coverage of death and temporary or permanent disability.
- The customers get the availability of single premium mode.
- This plan is a voluntary plan for the customers.