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Canara HSBC OBC Life Insurance : Group Superannuation Plan

Organization : Canara HSBC Oriental Bank of Commerce Life Insurance
Facility : Group Superannuation Plan

Group Superannuation Plan :
https://www.canarahsbclife.com/index.html
Home Page : http://www.canarahsbclife.com/lifeinsurance/portal/canh/home

Group Superannuation Plan

Canara HSBC Oriental Bank of Commerce Life Group Superannuation Plan addresses your varying needs by providing security and stability to the fund without compromising on performance.

Related : Canara HSBC OBC Life Insurance eSmart Term Plan : www.statusin.in/21688.html

WHY BUY :
Group Superannuation 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 i.e. funding your superannuation/pension 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/Individual member 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 :
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.

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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 the third renewal year.
** 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.

GENERAL POLICY PROVISIONS :

Free Look Cancellation:
** In case the Master Policyholder does not agree with the terms and conditions of the Master Policy, the Master policyholder may approach the Company with a written request for free-look cancellation stating the reasons for objection within 15 days from the receipt of the Master Policy.
** The Company will refund the Premiums paid by the Master policyholder after deducting the proportionate risk premium and stamp duty charges. Please note that the policy would not be sold via Distance marketing.

Nomination:
** Nomination may be made in accordance with section 39 of the Insurance Act, 1938 (as amended from time to time) and shall be recorded by the Master policyholder in the Register of Members.
** Individual members shall record their nomination with the Master policyholder and this information shall be shared with the Company.

** The contributions may be paid in one or more instalments during the year or by such date as mutually agreed between the Master policyholder and the Company.
** Only yearly mode is allowed for payment of life cover premium.
** If the Master Policyholder does not pay the renewal mortality premium (including any service tax thereon) on or before the annual renewal date, the same will be deducted from the Scheme Account Value.
** If at any point of time, the Scheme Account Value falls below ` 50,000, the Master Policy will automatically terminate and the Scheme Account Value less all the applicable charges shall be paid to the Master policyholder.
** However, this clause will not be applicable to Defined Contribution (DC) scheme. The company’s maximum liability to make any payment under a Master Policy in respect of all members for all events other than death shall at all times be limited to the Scheme Account Value.
** Tax Benefits under the policy will be as per the prevailing Tax laws and are subject to amendments from time to time.
** For tax related queries, contact your independent tax advisor.
** The service tax and cess levied by the government will be charged separately as per the prevailing tax laws as amended from time to time.

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