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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 Term Plan
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Plan Nature
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TRADITIONAL
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Plan Category
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Term Plan
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UIN No.
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136N008V01
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About Plan
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The Group Term Plan provides pure protection cover to your customers at a lower cost than individual life insurance plans. It provides your customers with the choice of renewing the cover every year and also provides tax benefits on the premiums paid by each member of the group, as per the prevailing tax laws.
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Minimum Entry Age
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18 Yrs
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Maximum Entry Age
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59Yrs
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Maximum Maturity Age
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60Yrs
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Minimum Policy Term
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1 Year (renewable yearly)
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Minimum Sum Assured
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Rs.10000/-
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Maximum Sum Assured
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Based on Scheme rules
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Minimum Group Size
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Min: 50Max: No Limit
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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 coverage under the plan, the sum assured is paid to the nomineevide cheque/draft etc with the exception of credit life including credit card groups and social sector groups likeSHGs etc, the cheque/draft etc will be in the name of master policy holder/administrator .
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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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Group Term Plan provides pure protection cover to your customers at a lower cost than individual life insurance plans. It provides your customers with the choice of renewing the cover every year and also provides tax benefits on the premiums paid by each member of the group, as per the prevailing tax laws.
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- Provide added value to your customers, thereby increasing customer loyalty- Value addition to master policyholder through protection against credit risk due to death of the borrower (in case of credit life schemes)- Simple and easy administration process- Flexibility of renewing the plan every year- Option to choose between 2 benefit types: Death benefit or Death benefit + Total and Permanent Disability benefit- Option to choose between 4 premium payment frequencies
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- Meets customers life protection needs at a lower cost- Easy joining process- Wide choice of cover levels based on scheme rules- Choice of renewing the plan every year- Rebates û are available for females, which further reduce the premium (based on scheme rules)- Tax benefits under Section 80C and 10(10D) of the Income Tax Act. 1961.- A voluntary plan for customers- If provided under the scheme rules, this product offers an option for cancellation of the cover by an Insured member at any time during the term of such insurance cover, provided the premium paying mode chosen at the master policyholder level is annual.
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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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