LIFE INSURANCE POLICIES

 Our Bank is a Corporate Agent of Life Insurance Corporation of India .Life insurance policies of LIC are available to our customers and general public subject to terms and conditions through all our branch outlets. 

GENERAL INSURANCE POLICIES
 Our Bank is a Corporate Agent of United India Insurance Company Ltd .General Insurance policies of UIIC are available to our customers and general public subject to terms and conditions through all our branch outlets

MICRO INSURANCE
Our Bank has launched a Micro Insurance product , Sarve Shakti Suraksha, under Group Insurance from Bajaj Allianz Life Insurance Company Ltd ,through all our branch outlets exclusively for our customers.


The salient features of the insurance product are as under:

Parameters
Features
Nature of the Scheme
Sarve Shakti Suraksha (SSS)-Group Insurance Scheme
Feature of the Product
Systematic Savings with Insurance cover. The Account Holder will have the option of paying premium for other members of family by giving an explicit Instruction to the Bank.
Objective
To mobilize new savings and other deposit /loan accounts with insurance benefit and provide insurance cover to our existing customers.
Scheme applicable to
New & existing customers on voluntary basis.
Type of Insurance Coverage
Life Insurance with double benefit for accident.
Eligibility
Individuals
Minimum Premium per year
Rs.500/-
Maximim Premium per year
Rs.10,000/-
Sum assured
25 times of annualized premium
Entry Age
One day to 65 years.
Commencement of Insurance Cover
The insurance cover will come in to force from 31st day of deposit of premium with insurance company.
Medicals
No medical checkup for sum assured upto Rs.5.00 lacs
Policy Period
Minimum: 5 years Maximum: Upto retirement or 70 years whichever is earlier
Mode of payment of premium
Yearly,Half Yearly & Quarterly
Grace Period for renewal
One month but not less than thirty days.
Death Benefit
On the occurrence of death of the member, the sum assured plus the account value in the individual account with insurance company as on date of death would become payable . In case of accidental death,an additional sum equal to basic sum assured will be paid.No death claim will be payable incase of suicide within one year from commencement of membership
Maturity Benefits
On maturity the account value in the individual account would become Payable
Tax Benefits
Under Sec 10 (10(D)) and 80 (C)