Group Term Edge Plan

Group Term Edge Plan

About Group Secure

As an organization one of the most valuable assets that You have are Your employees, it is they who strive to make You a success. To safeguard their interests and help them focus on the challenges at hand it is imperative that You provide them protection against a range of different risks especially when there are people who are financially dependent upon them.

To meet this need, we bring to You, Canara HSBC Oriental Bank of Commerce Life Group Term Edge Plan, which is an annually renewable group term pure risk life insurance plan. Depending on the Coverage Option chosen by You, members can also be covered for contingent events of Terminal Illness and / or Critical Illness. This plan helps You secure Your employees' peace of mind.

PRODUCT PARAMETERS

Flexibility to choose one of the following Coverage Options:

Option 1 - Death Only
Option 2 - Death & Terminal Illness (TI)
Option 3 - Death, Terminal Illness (TI) & Critical Illness (CI)

Why Buy

As an organization one of the most valuable assets that You have are Your employees, it is they who strive to make You a success. To safeguard their interests and help them focus on the challenges at hand it is imperative that You provide them protection against a range of different risks especially when there are people who are financially dependent upon them.

Advantages

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 an affordable cost.

3. Flexible Premium payment modes - Yearly, Half-Yearly, Quarterly or Monthly

4. Tax Benefits as per the Income Tax Act, 1961 as amended from time to time may be available.

5. Rebate in case the total premium of the group exceeds Rs. 2 crores per scheme in a year

6. Risk cover in lieu of EDLI Scheme as per the provisions of the Employees Provident Fund and Miscellaneous Provisions Act, 1952

For Your Members

1. Financial security for Insured Member's loved ones

2. Option to add additional protection against Terminal Illness and Critical Illness

3. Get life protection at relatively affordable cost

4. Easy and simple joining process

5. No medical examination is required up to Free Cover Limit [subject to Board Approved Underwriting Policy ("BAUP")].

6. Flexibility to revise the Sum Assured as per any mutually agreed terms and conditions. For details, refer Add-on Features section of the Plan.

7. Premium paid by a member may be eligible tax benefits under Section 80C and Section 10(10D), as per the Income Tax Act, 1961, as amended from time to time.

Benefits



Age Criteria



Policy Term

1 Year

Sum Assured

Minimum
Death Benefit: 5000 per member
Terminal Illness Benefit: 5000 per member
Critical Illness Benefit: 1000 per member

Maximum
Death Benefit: No limit, subject to Board Approved Underwriting Policy of the Company

Terminal Illness Benefit:

No limit, subject to Board Approved Underwriting Policy of the Company
Critical Illness Benefit: CI Sum Assured is 50,00,000 per member, capped at Death / TI Sum Assured

For Group Term Life requirements in lieu of EDLI
Minimum: - 2,50,000 per member
Maximum: - 10,00,000 per member

For Group Term Life requirements in lieu of EDLI, Maximum Entry Age will be as long as he/she is a member of Provident Fund scheme and Maximum Maturity Age will be the day on which he/she ceases to be a member of Provident Fund scheme.

Premium Payment Details

Yearly, Half-Yearly, Quarterly & Monthly modes are available

Group Size