Group Advantage Term Plan

Group Advantage Term Plan

About Group Advantage Term Plan

Canara HSBC Oriental Bank of Commerce Life Insurance Group Advantage Term Plan is a yearly renewable group term assurance plan. This plan provides life cover to your members, thus securing their family against uncertainties of life. It gives peace of mind to your members from the fact their family members are financially secured in case of any eventuality. This plan is offered only to non employer-employee groups.

Why Buy

As an organization one of the most valuable assets that you have is your members/customers. In current business environment it has become very imperative for any organization to not only attract new members/customers but to also retain them. Providing the financial security to your members/customers in the face of uncertainty can work in your favor by creating a strong bond and loyalty with your organization.

For Your Organization

1. Securing your group members will help You attract & retain them
2. Improving satisfaction level of your members by offering them financial security at low cost
3. Customized solution to meet your unique need through Level or Reducing Plan option
4. Simple and easy administration process
5. Flexible Premium payment modes Single, Semi-Annual, Quarterly or Monthly
6. Tax benefits as per the prevailing Income Tax Laws
7. Rebate in case the total premium of the group exceeds Rs 2 crores per scheme in a year

For Your Members

1. Financial security for loved ones
2. Option to add additional protection through Accidental Death Benefit option
3. Get life protection at relatively lower cost
4. Easy and simple joining process
5. Premium paid by a member may eligible for deduction under applicable Income Tax Laws

Benefits

1. It is a non-linked non-participating one-year product
2. Option to choose the plan type:
- Level Option: The Sum Assured remains fixed for the Policy Term
- Reducing Option: The Sum Assured reduces linearly over the term of the contract as per the Certificate of Insurance or in the Master Policy
3. Flexibility to choose one or both of the following Coverage Options:
- Death Only
- Death & Accidental Death Benefit (ADB)
4. Spouse Coverage Option: Option to provide insurance coverage to the spouse of your member
5. Increase in Sum Assured Option: You can increase the Sum Assured during the Policy Term. The Premium payable on account of the increase in the Sum Assured shall be calculated on pro-rata basis for the period of insurance cover.
6. Convertibility Option: This option is for interested members who exit the group and who want to opt for any individual plan offered by Our Company without any proof of the further insurability.

Age Criteria



Policy Term

1 Year

Sum Assured



Premium Payment Mode

Single, Semi-Annual, Quarterly and Monthly

Group Size