Product Details
AB Jeevan Abhaya S B Acoount
Hyderabad
A Quality Product from
Andhra Bank [View Profile]
Hyderabad - India
Description :
AB Jeevan Abhaya is a Savings Bank Account that provides Group Life Insurance cover with Accident Death Benefit .
Nature of the Scheme: The Scheme offers Pure Term Insurance Cover under theOne Year Renewal term Assurance Plan. The Scheme covers death due to Natural causes and Accidents.
Eligibility: Account holders of AB Jeevan Abhaya SB A/c. and aged between 18-55 years are eligible for this scheme/ No medical examination is required except a simple declaration of good health. However, persons suffering from critical illness are not eligible to join the scheme/ The cover begins on completion of 18 years of age and ceases at 55 years of age. In case of joint A/c coverage can be extended, on payment of premium applicable for each joint account holder.
Premium payable: A very nominal premium is payable p.a. in advance as given below.
The insurance year is from 1st December to 30th November . In case of new account holders , premium is payable on pro-rata basis from the 1st of month of joining the Scheme to 30th November. Insurance cover starts from the date of payment of Premium. In case a person has one or more accounts of AB Jeevan Abhaya , he is eligible for this coverage under one account only, hence premium will be debited from one account only.
Administration of the scheme: All account holders of AB Jevan Abhaya SB account will be members of the scheme subject to their satisfying other eligibility conditions. They Have to submit declaration of good health and nomination form at the time of opening of Account. Individual policy will not be given as this is a Group Policy and there will be no Surrender value/paid up value. Administrative charges of Rs.33/- per account will be charged for the scheme.
Claims: Intimation of death to be given to Bank Branch within 90 days and the duly filled in claim form along with the following documents to be submitted to LIC within 180 Days through Andhra Bank Branch.
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