The scheme will be a one year cover,
renewable from year to year, Insurance Scheme offering life insurance cover for
death due to any reason. The scheme would be offered / administered through LIC
and other Life Insurance companies willing to offer the product on similar terms
with necessary approvals and tie ups with Banks for this purpose. Participating
banks will be free to engage any such life insurance company for implementing
the scheme for their subscribers.
Scope of coverage:
Scope of coverage: All savings bank account holders in the age 18 to 50 years in
participating banks will be entitled to join. In case of multiple saving bank
accounts held by an individual in one or different banks, the person would be
eligible to join the scheme through one savings bank account only. Aadhar would
be the primary KYC for the bank account.
Eligibility:
(SB) Account holders 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 starting from June 1, 2015 to May 31,
2016 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 by May 31,
2015, extendable up to May 31, 2016.
Premium:
Rs. 330 (per annum).
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 Lakh on death of the Insured member for any reason is
payable to the Nominee.
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