Group Secure Plan

Group Secure

About Group Secure
When it comes to helping your customers fulfil their dreams, you want to ensure that you can provide them the perfect solution for their requirements. Canara HSBC Oriental Bank of Commerce Life Insurance Group Secure is an insurance plan that will help ease your customer's worries by safeguarding their family's future from the loan liabilities.

'Group Secure' plan can be offered to customers of financial institutions/ bank/ co-operative banks/ credit societies/other lending institutions providing various types of loans like housing loans, vehicle loans (Car, 2-Wheeler, commercial vehicle), education loans, personal loans, loan against property and business loans.

^ The eligibility criteria may vary based on type of loan and scheme rules within the above limits.

* There is no upper limit on the basic Sum Assured in case of Death cover only option. However, in case of Death and TPD option, the Sum Assured will be limited to a maximum of Rs. 10,000,000 per member

Why Buy

1. Peace of mind in the unfortunate event of your borrower's Death/TPD, the Insurance Cover will protect his/her family
2. Meeting credit and insurance needs with one solution
3. Risk coverage Option to choose between a) Death cover only or b) Death and TPD cover. Death and TPD cover option will only be offered to Home Loan, Loan Against Property (LAP), Education Loan and 4-Wheeler Loans
4. Joint borrowers (up to three) are also covered
5. Rebates are available for females and joint borrowers, which could further reduce the premium
6. Customers can finance the premium through Master Policyholder by adding the premium amount to their loan and spread the cost through equated monthly instalments (EMIs).
7. Insured member may be entitled for tax benefits under Section 80C and Section 10(10D), as per the Income Tax Act, 1961#

# Tax Benefits under the policy will be as per the prevailing Income Tax laws and are subject to amendments from time to time. For tax related queries, contact your independent tax advisor.

Benefits

Plan Options
Choice of Level or Reducing Sum Assured.

Coverage options
Choice of Death Cover or Death and Total and Permanent Disability Cover.

Flexible premium payment options
Single pay, Limited pay (5 years) or Regular pay. Limited and Regular pay options will only be allowed to provide cover against Home loan and Loan against Property.

Premium Funding
Option to get the insurance premium funded by the Bank, in which case, the premium is added to the loan amount and is paid by the borrower to the bank along with the EMI.

Enhanced coverage during Moratorium period of loan
For loans with a moratorium period, the cover term will also include the moratorium period and during the moratorium period the cover may be level or increasing as per the terms and conditions agreed with the Master Policyholder.

Joint Life coverage
Joint borrower coverage available for a maximum of three joint borrowers, with two options for coverage namely, Joint Basis (coverage for full sum assured for all borrowers) and Loan Share Basis (coverage as per loan share percentage).

Tax Benefit#
The tax benefits are as per the prevailing law and are subject to changes. For specific details, please contact your tax consultant.

#Tax Benefits under the policy will be as per the prevailing Income Tax laws and are subject to amendments from time to time. For tax related queries, contact your independent tax advisor

Age Criteria

Entry Age (last birthday)



Cover Term



Sum Assured