Group Asset Secure

HSBC IN
Insurance
Group Asset Secure

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?

Group Asset Secure brochure Download

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 (CHL) (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.