The Canara HSBC Oriental Bank of Commerce Life Group Term Plan provides the protection for the customers. The protections are available at a low rate than individual insurance plan. The customers get the choice of renewing the cover every year. It also provides the tax benefits on the premiums paid by each member of the group according to the existing tax laws.
The eligibility criteria for Canara HSBC Oriental Bank of Commerce Life Group Term Plan are as follows:
- The minimum and the maximum age of entry for the policy is 18 years and 59 years.
- The maximum cover age of the policy is 60 years.
- The available policy term is 1 renewable year.
- The minimum sum assured is Rs 10,000 and the maximum sum assured is based on scheme rules.
- The minimum group size of the policy is 50 and there is no limit for the maximum group size of the policy.
The advantages of Canara HSBC Oriental Bank of Commerce Life Group Term Plan are as follows:
For master policy holder
- The administration processes are simple and easy.
- The policy has the flexibility of renewing the plan every year.
- The master policy holder gets the options to choose among 4 premium payment frequencies.
- The master policy holder gets the options to make a choice among 2 benefit types: Death benefit or Death benefit plus Total and Permanent Disability benefit.
- The policy provides value to the customers and thus increases the customer loyalty.
- The master policy holder gets the value addition through security against credit risk.
- The joining process is simple and easy.
- The policy gets the choice of renewing the plan every year.
- Rebates are available for female insurance.
- This plan is voluntary for customers.
- The customer life protections are available at lower cost.
- Based on the rules of the schemes wide choice of cover levels are available.