Top of main content

Group Asset Secure

Group Asset Secure is a comprehensive loan protection plan that provides insurance cover to you if you have an HSBC Home Loan or a Loan Against Property

Why choose Group Asset Secure?

The Canara HSBC Life Insurance Group Asset Secure not only helps you meet your HSBC Home Loan or Loan Against Property commitments but also assures that your family continues to enjoy their lifestyle in case of any eventuality.

 

It provides life insurance cover as well as accidental total and permanent disability coverage.

 

With single premium or limited premium payment terms, you can easily pay your premiums either in one go or in small amounts over 5 or 10 years while guaranteeing your family a home for a lifetime.

Plan Unique Identification Number (UIN):

136N082V01

Ways to open:

Branch

Product boundary

Product boundary conditions for the Group Asset Secure

Parameter

Minimum

Maximum

Entry Age1

18 Years

  • 75 Years for Death cover only
  • 70 Years for Death+ATPD cover

Maturity Age1

20 Years

  • 80 Years for Death cover only
  • 75 Years for Death+ATPD cover

Sum Assured

Rs.10,000

  • Death cover only: Up to loan amount (Subject to underwriting).
  • Death + ATPD cover: ₹30,000,000

Cover Term

  • 2 Years for Single Pay
  • 6 Years for Limited Pay 5
  • 11 Years for Limited Pay 10
  • 30 Years or up to loan duration, whichever is lower, for Home Loan
  • 25 Years or up to loan duration, whichever is lower, for Loan Against Property
  • You may continue the cover or choose to take surrender value on early closure of the loan

Premium Payment Term

Single Pay2, Limited Pay 5 Years and Limited Pay 10 Years

Single Pay2, Limited Pay 5 Years and Limited Pay 10 Years

Product boundary conditions for the Group Asset Secure

Parameter

Entry Age1

Minimum

18 Years

Maximum

  • 75 Years for Death cover only
  • 70 Years for Death+ATPD cover

Parameter

Maturity Age1

Minimum

20 Years

Maximum

  • 80 Years for Death cover only
  • 75 Years for Death+ATPD cover

Parameter

Sum Assured

Minimum

Rs.10,000

Maximum

  • Death cover only: Up to loan amount (Subject to underwriting).
  • Death + ATPD cover: ₹30,000,000

Parameter

Cover Term

Minimum

  • 2 Years for Single Pay
  • 6 Years for Limited Pay 5
  • 11 Years for Limited Pay 10

Maximum

  • 30 Years or up to loan duration, whichever is lower, for Home Loan
  • 25 Years or up to loan duration, whichever is lower, for Loan Against Property
  • You may continue the cover or choose to take surrender value on early closure of the loan

Parameter

Premium Payment Term

Minimum

Single Pay2, Limited Pay 5 Years and Limited Pay 10 Years

Maximum

Single Pay2, Limited Pay 5 Years and Limited Pay 10 Years

1 Age is as per birthday.

2 The Single Pay option comes with financing and without financing options where, you may opt for financing of the premium from the Bank for Home Loans and Loans Against Property disbursed post 1st January, 2022, subject to the terms and conditions stipulated by the Bank.

Key Things You Should Know

End use - Sum Assured can be used to pay off your outstanding Loan in the event of unexpected death or accidental total permanent disability (if opted for) and balance amount (if any) shall be paid to nominee (in case of death) or to you in case of accidental total permanent disability. However, in a scenario of material increase in the Loan interest rates, there is a possibility that the cover under the policy may not be sufficient to cover the outstanding Loan amount.

Options - It provides two coverage options as per your choice; Death cover only or Death and Accidental Total Permanent Disability cover

Premium - Pay premiums in one go as Single premium or through affordable instalments for 5 or 10 years as per your chosen frequency. In the Single Premium option, in a scenario of Loan interest rates rising steeply, there might be a possibility of the cost of the cover going up.

Applicants - Coverage for joint borrowers: Up to 3 applicants/borrowers can be covered under a single Loan account. Each borrower can be covered for the entire Sum Assured, or each borrower can be covered for his/her share of the Loan.

Rebates - Get special rebates for female policyholders and for joint borrower coverage

Surrender - You have the option to continue the cover or to take surrender value on early closure of the Loan

Decreasing cover - Reducing life insurance cover which corresponds to your Loan schedule. The defined benefit schedule will be specified at the outset in the certificate of insurance (COI)

Apply for a HSBC Group Asset Secure

Want to talk?

Contact us today to have your questions answered

You might be interested in

 

A whole life unit linked insurance plan that provides you the flexibility of choosing your investment and providing protection to your family for the rest of your life.

 

A unit linked endowment insurance plan that helps you generate wealth by investing in a mix of debt and equity along with providing life cover.

The product gives you the freedom to invest in the 5 investment funds.

 

A savings and protection oriented unit linked insurance plan, designed for customers like you.

 

A unit linked endowment insurance plan that provides a long-term investment opportunity, to support you to build a bright future for your child.

Important Information

Terms & Conditions

Insurance is the subject matter of solicitation. Purchase of this policy would be at your sole discretion. The grant of Loan or the terms of Loan has no correlation with your purchase of Group Asset Secure policy or any particular premium / cover options.

The Insurance product is offered and underwritten by the insurer Canara HSBC Life Insurance Company Limited (IRDA Regn. No. 136), 139 P, Sector 44, Gurugram – 122003, Haryana, India. ("Insurer")

The Hongkong and Shanghai Banking Corporation Limited, India (HSBC/Bank) (Insurance Regulatory and Development Authority of India Regn. no. CA0016) whose India corporate office is at 52/60, M. G. Road, Fort, Mumbai 400 001, is the Corporate Agent of the Insurer having its registered office at C31 and C32, First Floor, Connaught Circus, New Delhi - 110 001. HSBC does not underwrite the risk or act as an insurer.

The contract of Insurance is between the Insurer and the insured and not between the Bank and the insured.

For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.

Website: www.canarahsbclife.com.

Call: 1800-103-0003/1800-180-0003/1800-891-003. SMS: 9779030003.

Missed Call: 0124-6156600.

E-mail: customerservice@canarahsbclife.in

BEWARE OF SPURIOUS / FRAUD PHONE CALLS!

IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

Here's an easy way to share your thoughts, stay informed and join the conversation. Follow us: