Canara HSBC OBC Group Traditional Benefit Life Insurance Plan and Policy
Canara HSBC OBC Group Traditional Benefit Life Insurance Plan and Policy - Canara HSBC Oriental Bank of Commerce Life Group Traditional Benefit Plan addresses your varying needs by providing security and stability to the fund without compromising on performance.
Eligibility - Canara HSBC OBC Group Traditional Benefit Life Insurance Plan
| Eligibility Criteria | Minimum | Maximum |
| Age at entry (last birthday) | Higher of: 18 years OR Minimum age as per scheme rules. |
Lower of: 79 years OR Maximum age as per scheme rules. |
| Maturity age (last birthday) | Not Applicable | Lower of: 80 years OR Maximum retirement age as per scheme rules. |
| Group Size | 10 members | No Limit |
| Initial Contribution | ` 100,000 per scheme. | No Limit |
| Sum Assured (per member) | ` 1,000 | ` 1,000 |
For detailed description of the product features, benefits, flexibilities & boundaries, kindly refer to the brochure.
Policy Details - Canara HSBC OBC Group Traditional Benefit Life Insurance Plan
Group Traditional Benefit Plan is a non-linked, non participating fund based variable insurance group product offered to employer-employee groups. As an employer, you can use this plan to provide employee benefits like funding your Gratuity, Leave Encashment or Post Retirement Medical Benefits.
- The benefits are payable on various events viz. Resignation, Death, Retirement, Termination or Disability as per scheme rules. The benefit amount as per scheme rules will be paid from the Scheme Account. In case of death, we will pay the Sum Assured of ` 1,000 as death benefit additionally.
- A Life Cover of flat ` 1,000 will be provided to each member under the scheme on yearly renewable basis and the mortality premium will be ` 3 per mille (exclusive of service tax) per annum. The mortality premium and service tax as per the prevailing law will be paid by the Master Policyholder separately.
Benefits - Canara HSBC OBC Group Traditional Benefit Life Insurance Plan
Interest Credits
A minimum guaranteed interest rate of 0.01% per annum (minimum floor rate) will be applicable to all the contributions credited to Scheme Account on a pro - rata basis. Further, a non-zero positive additional interest rate, which is over and above the minimum floor rate, will be declared every quarter in advance and will be applied at the end of quarter balance. Contributions, net of withdrawals during the quarter would be given proportional interest.
A life cover of flat ` 1,000 will be provided to each member under the scheme on yearly renewable basis.
Surrender and Withdrawals
Surrender: The Master Policyholder may surrender the complete Master Policy at any time after serving minimum notice period of 3 working days. If the Master Policy is surrendered within first three policy years, the surrender penalty will be equal to 0.05% of total Scheme Account Value with a maximum of ` 500,000. Further, there will be no surrender penalty after third renewal of the policy. The surrender value so calculated will be treated as bulk exit and hence will also be subject to Market Value Adjustment (MVA). The service tax as per the prevailing laws will also be applicable in addition to the surrender penalty.
Withdrawals: Except for exits as per scheme rules, no other withdrawals shall be allowed.
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.
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