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Canara life insurance HSBC Oriental Bank of Commerce launches “Group Advantage Term Plus”
Posted on December 22, 2021
The group protection plan includes several coverage options such as accidental death benefit, accidental total and permanent disability benefit, critical illness and terminal illness benefit
- An unrelated, non-participating, renewable group term life insurance plan that provides protection against the risk of death to members of the Employer-Employee (EE) and Non-Employer-Employee (NEE) groups
- Ability to add additional protection against accidental death, accidental total and permanent disability, terminal illness and critical illness
- The flexibility to choose a policy term of 1 year or less than 1 year
- Possibility of obtaining indefinite coverage for employees / clients / members enrolling in the plan in the middle of the policy term
- Possibility to change the coverage amounts during the term of the policy
New Delhi: Canara HSBC Oriental Bank of Commerce Life Insurance strengthens its group term insurance portfolio with the launch of Group Advantage Temp Plus. Understanding the critical needs of employer-employee / non-employer-employee groups, the company has developed a new product offering that provides comprehensive protection at an affordable price.
Group Temporary Plus Advantage is an unrelated, non-participating, renewable group term life insurance plan that provides protection against the risk of death to members of the Employer-Employee (EE) and Non-Employer-Employee (NEE) groups.
The plan also includes some enhanced features such as the flexibility to choose the term of the policy from just one month, the ability to change coverage during the term of the policy, flexible premium payment methods – one-off, annual , semi-annual, quarterly or monthly. There is an option to provide indefinite coverage to employees, clients and members who join the plan in the middle of the policy term. Protection against accidental death, accidental total and permanent disability, terminal illness and up to 40 critical illnesses have also been added to the plan to ensure optimal protection in the event of an unfortunate event.
In the given scenario of uncertainties, employers or business owners are constantly looking for an insurance plan that offers multiple benefits to their members through a single protection plan; The Group Temporary Plus Advantage has been formulated so that the life insurance needs of employees / clients are covered under one policy.
Speaking on the launch of the new product, Mr. Anuj Mathur, Managing Director and CEO, Canara HSBC OBC Life Insurance said, “In this uncertain time when most companies are opting for a holistic insurance package for their employees / clients, Canara HSBC OBC Life Insurance has developed Group Advantage Term Plus which provides employer protection coverage -employee and non- Employer-Employee Category. The product is designed to provide long-term coverage and several additional options depending on the suitability and flexibility required by the primary policyholder. product is extremely popular among employer-employee and affinity groups who wish to secure their members by providing them with financial security at an affordable cost.