The Demo Site

1. Eligibility: All depositors of the Bank viz. Savings Bank, Current Accounts & Term Depositors, aged between 18 - 54 years, are eligible to become the member of the Scheme.

The cover begins on completion of 18 years and ceases on attaining 55 years.

In case a person holds more than one account in the same branch/ or other branches of ALLAHABAD BANK, he/ she can be a member of the Scheme only once and in the event of more than one claim being received, claim will be paid under only one account and the premium if any received under other accounts will be refunded.

In the case of joint accounts, cover will be extended to individual account holder separately on the basis of individual applications/consent cum authorisation letters and No objection Certificate (NOC) from co-account holders.

2. Benefits:

• Depositors can insure their lives for one year without going for any medical examination.
• Premium paid by the depositors under the Scheme is eligible for tax benefit under Sec. 88 of Income Tax.

• Annual Renewal Date: 1st July.

4. Premium: The Premium would be deducted from depositor’s account – Savings Bank / Current Account, on the basis of his/ her age, and would be as under -

Members joining in the middle of the year would have to pay proportionate premium upto annual renewal date i.e. 1st July of next year.

If a member joins the Scheme on dates other than 1st of any month, full month’s premium will be recovered. Thereafter the next premium will fall due on the annual renewal date, on a continuous basis.

In case a member in the age group under category I or II crosses over to next age group as on any renewal date, then the premium as applicable to that age group would be charged.

5. Membership Number: A unique number would be assigned to each depositor who opts for the Scheme.

• Option once exercised, by depositor, will remain in force until it is withdrawn by him by giving specific request in writing to the branch. Such withdrawal will be effective only from the following annual renewal date.

• Procedure for Lodging Claim with LIC (in case of death of insured depositor – accidental or natural) –

On the death of a member, the Bank has to be informed immediately. The concerned branch will lodge the claim with LIC within 90 days from date of death. However, in case of death, except accidental, during the first 45 days from date of joining the scheme no claim will be paid.