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Insurance Company
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Canara HSBC OBC Life Insurance Company Ltd
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Plan Name
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Canara HSBC Life Group Loan Protection Plan
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Plan Nature
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TRADITIONAL
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Plan Category
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Protection Plan
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UIN No.
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136N007V01
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About Plan
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Canara HSBC Oriental Bank of Commerce Life Group Loan Protection Plan, a plan that will allow your customers to fulfill dreams while their loved ones remain protected from the liability if they are not around. At the same time, you as the master policyholder can also mitigate the risk of loan recoveries, as the insurance cover we provide can offset some or all of the loan amount outstanding. So itÆs an advantageous situation for you as well as your customers.
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Minimum Entry Age
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18Years
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Maximum Entry Age
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64Years
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Minimum Policy Term
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1Years
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Maximum Policy Term
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30Years
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Minimum Sum Assured
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Rs.10000
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Benefits
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| Particulars | Description |
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Death Benefits
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In case the member dies during the term of the Plan, theSum Assured is paid to the account of the member maintained with the Master Policyholder. The amount, if any, in excess of the amount outstanding in the loan account will be paid to the nominee specified by the group member in the membership form.
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Surrender Benefit
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The member has repaid his loan in full and wishes tosurrender his cover, he may do so by giving a written noticethrough the Master Policyholder.The applicable Surrender value will become payable and cover will cease for the member.
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Tax Benefits
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| Section | Description |
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SEC 80 C
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Under Section 80 C premiums up to Rs. 100,000 are allowed as deduction from taxable income.
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SEC 10 (10)D
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Maturity and Death Benefits are tax free under section 10 (10) D of the Income Tax Act, 1961.
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Canara HSBC Oriental Bank of Commerce Life Group Loan Protection Plan, a plan that will allow your customers to fulfill dreams while their loved ones remain protected from the liability if they are not around. At the same time, you as the master policyholder can also mitigate the risk of loan recoveries, as the insurance cover we provide can offset some or all of the loan amount outstanding. So itÆs an advantageous situation for you as well as your customers.
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- All types of interest rates (fixed, floating or variant of the two) are covered- Option of Joint borrower coverage- Availability of Level Sum Assured and Decreasing Sum Assured- Coverage options of Death Cover and Total Permanent Disability Cover- Availability of Surrender Value- Both new and existing loans may be covered
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- In case of Death or Total Permanent Disability (TPD) of your borrower, we pay you the Sum Assured resulting in minimization of your losses due to future unpaid installments by your borrower- A complimentary offering along with loan based products for your customers.- Strengthening of your existing product offering suite through customization and providing insurance benefits- Availability of four coverage options.
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- Peace of mind û In the unfortunate event of your borrowerÆs Death/TPD, his/her family need not be burdened with repayment of the loan.- Flexibility - The insurance premium can also be funded by the master policyholder.- Rebates are available for, females and joint borrowers, which further reduce the premium.- Joint borrowers are also covered.- Meeting credit and insurance needs with one solution û your borrower need not look for insurance elsewhere- Availability of Single Premium payment mode- Tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961.- A voluntary plan for customers- Member has the option to cancel his/her cover within 30 days if he/she disagrees with any of the terms and conditions of the plan.
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16-Jun-09
09:41
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HSBC intends to raise stake in insurance JV
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01-Jun-09
21:14
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Benefit through bancassurance
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25-May-09
09:49
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Doubling size of distribution network : Canara HSBC Oriental Life Insurance
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27-Apr-09
11:23
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Canara HSBC Oriental Life Insurance Company looking to double the coverage of branches
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29-Jan-09
16:51
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Insurers to inform consumer on bouncing of cheque
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