Eligibility: The savings bank account holders of the Participating Bank between 18 years (completed) and 50 years (age nearer birthday) who have given the consent to join the scheme / enable auto- debit, as per the modality, will be enrolled into the scheme.
Policy Period: The cover shall be for one year period from 1 June to 31 May for which option to join / pay by auto-debit from the designated savings bank account on the prescribed forms will be required to be given. Every year the Policy is renewed in the Month of May wherein balance in the account has to be maintained for Auto Renewal of policy for the next Policy Year.
Premium will be collected on Pro-Rata basis as per DFS guidelines:
|SL No||Enrolment period||Total Premium to be paid|
|1||June to Aug||436|
|2||Sep to Nov||342|
|3||Dec to Feb||228|
|4||March to May||114|
Payment Mode: The premium will be directly auto-debited by the bank from the subscribers’ Savings Bank account. This is the only mode available currently.
Risk Coverage: Sum Assured of Rs. 2,00,000 on death of the Insured member for any reason is payable to the Nominee. No claim is admissible for deaths during the first 30 days from the entry date, except for cases of death due to accident.
Termination of assurance:
- Account holder attains age of 55 years
- Closure of account with the Bank or insufficiency of balance for debiting premium.
- In case of multiple coverage under the scheme, the cover will be restricted to Rs.2 lakhs and other insurance covers are terminated and premium shall be forfeited.