Group Credit Secure Plan

Group Credit Secure Plan

About Group Credit Secure Plan

Canara HSBC Oriental Bank of Commerce Life Insurance Group Credit Secure Plan is offered to customers of financial institutions/ banks/ other lending institutions providing various types of loans like housing loans, vehicle loans (personal 4-wheeler/ 2-wheeler, commercial vehicle, etc.), education loans, personal loans, loan against property, business loans, etc.

The Plan is issued on the group platform wherein the institution facilitating/ administering loan is the Master Policyholder and the borrowers are individually Insured Members. Under this plan, both new and existing borrowers can be covered.

Why Buy
1. Holistic coverage which offers financial protection against Death, Terminal Illness, Critical Illness, Accidental Death and Accidental Total & Permanent Disability in 12 different Coverage Options
2. Option to receive Accidental Death Benefit amount in equal monthly instalments over 60 months
3. Choice of Level and Reducing Plan options
4. Coverage for loans with moratorium period ranging from 6 months to 7 years
5. Flexibility to include Joint Borrowers (up to 3)
6. Reduced premium with Rebates for female lives and joint borrowers
7. Flexible Coverage terms ranging from 1 month to 40 years
8. Convenient payment options - Single pay, Regular Pay, Limited pay
9. Option to cover up to 120% of loan amount & outstanding loan amount for new & existing borrowers respectively
10. Insured Member may be entitled for tax benefits under Section 80C and Section 10(10D), as per the Income tax Act, 1961

Benefits

Insured Events and 12 coverage options

Members are covered against Death, Accidental Death, Diagnosis of Terminal Illness, Diagnosis of Critical Illness. There are total of 12 risk coverage options covering some or multiple of these coverages for varying durations.

Multiple Plan Options

1. Reducing Cover: Sum Assured reduces on a monthly basis during the term of the Coverage. The reduction in Sum Assured pattern during the Policy Term is fixed for the member at the time of issuance of Certificate of Insurance.

2. Level Cover: Sum Assured remains constant throughout the Policy Term and is equal to the Initial Sum Assured, irrespective of the outstanding loan amount

Moratorium Options

The plan provides coverage not only during the loan repayment period, but also during the Moratorium Period. The Master Policyholder has the option to choose one or both of the Moratorium Options where the insurance coverage during the Moratorium Period may be:

1. Constant (applicable wherein interest is payable during the Moratorium Period)

2. Increasing (applicable wherein interest is not payable during the Moratorium Period)

Joint Life Option

A maximum of 3 joint borrowers are allowed under this plan for a single loan with following two joint borrower options:

1. Joint Life Basis: Each of the joint borrowers will be insured for 100% of the Sum Assured
2. Joint Life Loan Share Basis: Each of the joint borrowers is covered up to his/ her share of loan as mentioned in the COI.
All joint borrowers must opt for same Premium Payment Option, Premium Payment Frequency, Coverage Term, Plan Option, Moratorium Option and Coverage Option.

Age Criteria

Entry Age (last birthday)



Sum Assured



Group Size



Coverage Term

Minimum

Single Pay:

In Months: 1 month (in multiple of completed months up to 23 months)^

In Years: 2 years

Limited Pay ( 5 years): 6 years

Limited Pay (10 years): 11 years

Regular Pay: 5 years

Maximum

Coverage Option 4 & 9: 5 years

Coverage Option 5 & 10: 10 years

Coverage Options 1, 2, 3, 6, 7, 8, 11 & 12: 40 years

The maximum Coverage Term will be subject to maximum maturity age.

^Minimum Coverage Term will be 12 Months for the following Coverage Options under Single Premium Option:
Coverage Option 4 - Death & CI Option (with Coverage Term up to 5 years)
Coverage Option 9 - Death, ADB & CI Option (with Coverage Term up to 5 years)