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About Group Asset Secure
UIN: 136N082V02
Canara HSBC Life Insurance Group Asset Secure is a Non-Linked, Non-Participating, Group, Pure Risk Premium, Credit Life Insurance Plan which ensures that the liability of outstanding loan does not fall on the family members of the borrower in case of Death, occurrence of Accidental Total & Permanent Disability or on diagnosis with listed Critical Illness or Terminal Illness of the borrower, providing peace of mind to them.
This product offers 12 Coverage Options to choose from as per the customer’s need and can be purchased against all types of Loans.
For detailed description of the product features, benefits, flexibilities & boundaries, kindly refer to the brochure.
Why Buy
We all have aspirations in life – a home, a car, the best possible education for our kids and so much more. A Loan can be a key financial instrument that helps us to turn these aspirations into reality. However, to shield against uncertainty in life during the tenure of repayment, a credit life insurance plan becomes the right investment for you and your customers.
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Key highlights of Group Asset Secure:
- 12 Coverage Options providing cover against Death, Terminal Illness, Critical Illness, Accidental Death and Accidental Total & Permanent Disability
- Option to cover upto 120% of Loan Amount
- Moratorium Period ranging from 6 months to 7 years
- Flexibility to include upto 3 Joint Borrowers
- Coverage term ranging from 1 month to 40 years with Flexible payment options of Single Pay, Regular Pay or Limited Pay
- Choice of Level and Reducing Plan Options
- Option to receive Accidental Death Benefit amount in equal monthly installments over 60 months
- Reduced premium for female lives and joint borrowers
- Insured Member may be entitled for Tax Benefits as per prevailing tax laws
- Benefits
- Plan at a Glance
- Coverage Options
Insured Events
Members are covered against Death, Accidental Death, Diagnosis of Terminal Illness, Diagnosis of Critical Illness. There are total of 12 risk coverage options covering some or multiple of these coverages for varying durations.
Plan Option
Reducing Cover: Sum Assured reduces on a monthly basis during the term of the Coverage. The reduction in Sum Assured pattern during the Coverage Term is fixed for the member at the time of issuance of Certificate of Insurance (COI).
Level Cover: Assured remains constant throughout the Coverage Term and is equal to the Initial Sum Assured, irrespective of the outstanding loan amount at the occurrence of covered event.
Moratorium Options
The Master Policyholder has the option to choose one or both of the Moratorium Options where the insurance coverage during the moratorium period may be:
- Constant (applicable wherein interest is payable during the moratorium period)
- Increasing (applicable wherein interest is not payable during the moratorium period)
Joint Life Option
A maximum of 3 joint borrowers are allowed under this plan for a single loan with following two joint borrower options:
- Joint Life Basis: Each of the joint borrowers will be insured for 100% of the Sum Assured.
- Joint Life Loan Share Basis: Each of the joint borrowers is covered up to his/ her share of loan as mentioned in the COI.
All joint borrowers must opt for same Premium Payment Term, Premium Payment Frequency, Coverage Term, Plan Option, Moratorium Option and Coverage Option.
Plan at a Glance
| Parameters | Minimum | Maximum |
|---|---|---|
| Entry Age* | Education Loan : 12 years (with ‘Coverage Option 1’) 18 years (with ‘Coverage Options 2 to 12’) Loans other than Education Loan: 18 years ( all Coverage Options) | 75 years (with ‘Coverage Option 1’) 70 years (with ‘Coverage Options 2 to 12’) |
| Maximum Coverage Ceasing Age | 80 years (with ‘Coverage Option 1’) 75 years (with ‘Coverage Options 2 to 12’) | |
| Premium Payment Term | 1. Single Pay 2. Limited Pay - two payment options - 5 years & 10 years 3. Regular Pay | |
| Coverage Term | Single Pay: In Months: 1 month (in multiple of completed In Years: 2 years Limited Pay ( 5 years): 6 years Limited Pay (10 years): 11 years Regular Pay: 5 years | Coverage Option 4 & 9: 5 years Coverage Option 5 & 10: 10 years Coverage Options 1, 2, 3, 6, 7, 8, 11, & 12: 40 years The maximum Coverage Term will be subject to maximum maturity age. |
| Sum Assured | ₹ 10,000 | Coverage Option 1 & 6 : As per BAUP** Coverage Options 4, 5, 9 & 10 : '₹1,00,00,000' Coverage Options 2, 3, 7, 8, 11 & 12 : '₹3,00,00,000' |
| Premium Payment Mode | Single , Yearly , Half-yearly , Quarterly , Monthly | |
| Group Size | 50$ | No limit |
* All references to age is age as on last birthday.
** BAUP refers to the Company’s Board Approved Underwriting Policy.
^ Minimum Coverage Term will be 12 Months for the following Coverage Options under Single Premium Option:
- Coverage Option 4 - Death & CI Option (with Coverage Term up to 5 years)
- Coverage Option 9 - Death, ADB & CI Option (with Coverage Term up to 5 years)
$The minimum group size requirement will not be applicable for existing master policies issued on the currently open for sale credit life products of the Company where such master policyholders choose to switch to this product for their new Members.
Note: The minimum & maximum Sum Assured limits, age limits and coverage term limits will be based on the scheme level underwriting based on data provided by the Master Policyholder. The member can choose any one of the Coverage Option, Premium Payment Option, Premium Payment Mode option, Moratorium Option/Period, Joint Life Option at inception of Coverage, from the options selected by the Master Policyholder.
Coverage Options
The Plan offers 12 Coverage Options. The Master Policyholder can select either one or more of Coverage Options. The member can choose any one of the Coverage Option from the options selected by the Master Policyholder.
| Sl.No | Coverage Option | Insured Event |
| 1. | Death Only Option | Death |
| 2. | Death & ATPD Option | Death or ATPD, whichever is earlier |
| 3. | Death & ADB Option | Death |
| 4. | Death & CI Option (with Coverage Term up to 5 years) | Death or CI, whichever is earlier |
| 5. | Death & CI Option (with Coverage Term from 6 to 10 years) | Death or CI, whichever is earlier |
| 6. | Death & TI Option | Death or TI, whichever is earlier |
| 7. | Death, ATPD & ADB Option | Death or ATPD, whichever is earlier |
| 8. | Death, ATPD & TI Option | Death or ATPD or TI, whichever is earlier |
| 9. | Death ADB & CI Option (with Coverage Term up to 5 years) | Death or CI, whichever is earlier |
| 10. | Death ADB & CI Option (with Coverage Term from 6 to 10years) | Death or CI, whichever is earlier |
| 11. | Death, ADB & TI Option | Death or TI, whichever is earlier |
| 12. | Death, ATPD, ADB & TI Option | Death or ATPD or TI, whichever is earlier |
ATPD, CI & TI are accelerated benefits. In other words, on claim admission for any of these Insured Events, the applicable Sum Assured will be paid immediately, the insurance coverage will terminate and no further benefit will be payable on occurrence of death of the Insured Member.
Accidental Death Benefit (ADB) is the additional benefit where ADB Sum Assured will be payable in case death is due to an accident. The ADB Sum Assured will be equal to Sum Assured as applicable basis chosen Plan Option and as specified in the COI.
Below table summarizes the type of benefit payable under each of the insured event other than Death.
| Insured Event other than Death | Accelerated Benefit | Additional Benefit |
|---|---|---|
| Critical Illness | ✓ | ✕ |
| Terminal Illness | ✓ | ✕ |
| Accidental Total & Permanent Disability | ✓ | ✕ |
| Accidental Death Benefit | ✕ | ✓ |