Group Insurance 109 views August 11, 2021

Canara HSBC Sampoorna Kavach Plan is a yearly renewable group term plan with which organizations can offer insurance coverage to the members of a group at an affordable premium. It is a traditional, non-participating life insurance plan which protects the finances of the families in case of insured members’ unfortunate death.

Let’s check out the highlights of the plan mentioned below. 

  1. Protection Against Death
  2. Hassle-free Application Process
  3. Affordable Premium
  4. No Need For Medical Tests
  5. Flexible Sum Insured Options
  6. Option to Add Members in the Policy
  7. Multiple Premium Payment Modes
  8. A Grace Period of 15 or 30 days
  9. A 15-day Free Look Period

On this page, we will talk about these benefits in detail so that you can make a better decision. Let’s start

Features and Benefits of the Canara HSBC Sampoorna Kavach Plan in Detail

We have discussed the features and benefits of the Canara HSBC Sampoorna Kavach Plan below.

Flexible Sum Insured

This plan from Canara HSBC offers flexible sum insured options to the insured members. The minimum sum insured can be INR 5,000, while it can go up to INR 50,000.

What is the Policy Term?

The policy term stands for one year. Although you can renew the plan every year.

Death Benefit

If an insured member under the group dies during the coverage period, the policy will provide a fixed sum assured to the nominee or beneficiary.

The nominee or master policyholder needs to submit the following documents to the insurer within 90 days of a claim for the death benefit of the insured member.

  1. Original /attested copy of death certificate of the deceased member
  2. Completed Death Claim Form (Duly filled by the Nominee/Appointee or the Master Policyholder)
  3. Photo ID and address proof of the beneficiary
  4. Statement from Gram Panchayat/Village Authority regarding cause/ circumstances of death;
  5. Medical records or forms (if applicable)
  6. Certificate of Insurance
  7. Any other document (As required by the Company)

Simple Application Process

One of the best things about the Canara HSBC Sampoorna Kavach Plan is its simple and hassle-free enrollment process. Under this process, individuals only need to fill in a simple form to get the coverage.

What is the Premium Amount?

Policyholders need to pay a minimum premium amount towards the policy to enjoy the benefits. To know more, check the below table.

Age of the Insured Member (In Years)Premium Rate per INR 1,000 Sum Insured
303.27
405.79
5014.51

Multiple Premium Payment Modes

Policyholders can select from multiple premium payment modes options as per their needs. These options are yearly, half-yearly, quarterly or monthly. However, an insured member cannot choose the premium payment mode.

No Need to Undergo Medical Tests

The Sampoorna Kavach Plan will provide insurance coverage according to the insured member’s declaration of his or her good health. So, members don’t need to undergo any pre-acceptance medical screening test before getting the coverage.

Option to Add Members in Policy

Policyholders cannot add new members during the policy year. Any new members will be allowed to join at the time of policy renewal.

Grace Period

This plan also offers a grace period that depends on the premium payment mode option. For yearly, semi-annual and quarterly modes, the grace period stands at 30 days from the premium due date, while it remains 15 days for the monthly premium payment mode.

If an insured member dies during the grace period, the insurer will provide the death benefit after deducting the due unpaid premium amount.  However, if an insured member misses paying the premium during this grace period, the policy will lapse.

Free Look Period of 15 Days

Canara HSBC Sampoorna Kavach Plan also offers a free look period of 15 days from the date of receipt of the policy. Within this duration, an individual can return the master policy if he/she doesn’t agree with the terms and conditions of the policy.

In such a case, the insurer will refund the premium after deducting the pro-rata risk premium, stamp duty charges, and other expenses (if any).

Canara HSBC Sampoorna Kavach Plan Eligibility Criteria

You will need to fulfill the following conditions before purchasing this plan from Canara HSBC.

  1. The minimum entry age can be 18 years.
  2. The maximum entry age stands at 60 years.
  3. An individual should have a bank account with the master policyholder.

Exclusions Under the Plan

Please check the exclusions under the Canara HSBC Sampoorna Kavach Plan mentioned below.

Suicide

If an insured member commits suicide (whether sane or insane) within the first 12 months from the date of first joining or reinstatement of the insurance cover, the policy will not offer a death benefit to the nominee. In such a case, the insurer will refund the full premium amount.

45-day Exclusion

Except for a claim arising due to an accident, Canara HSBC Sampoorna Kavach Plan will not be liable to pay any claim during the first 45 days from the date of commencement of an insured member’s cover or reinstatement of cover.

If a claim arises due to natural death within 45 days from first joining or reinstatement of cover, the nominee will get the full refund of the premium amount.

People Also Read