Insurance Linked Deposit Schemes
Abhaya Savings Bank (ASB) – The scheme is having features of Savings Bank coupled with insurance coverage (Group Janata Personal Accidental Insurance Cover). It is meant for all individual depositors including joint accounts, especially those whose lives are exposed to accidental risks on account of their profession/ employment/occupation. M/s.United India Insurance Company is undertaking the risk coverage. All Joint accountholders are compulsorily covered. Age – 5 to 70 years. Accidental Insurance cover is available to all depositors. Rs.25000/- for death / total disability and Rs.12500/- for partial disability. Premium – Rs.15/-; Insurance year – 1st Sep to 31st Aug. Nomination holds good for deposit balance and the insurance claim. Joint accountholders can specify their nominees separately. (Cir.no. 210 Ref 51/09 dated 17.08.2013)
Abhaya Savings Plus (ASB+) – The scheme was introduced in our bank in the year 2006. It is meant for all individual depositors, especially those whose lives are exposed to accidental risks on account of their profession / employment / occupation. Individuals and Joint Account holders can open. All Joint accountholders are compulsorily covered. Age: 5 to 70 years. Cover: Group Janata Personal Accidental Insurance Cover. Rs.100000/- for death / total disability and Rs.25000/- for partial disability. Premium – Rs.36/-; Insurance year – 1st Nov to 31st October. United India Insurance Company is undertaking the risk coverage. Nomination holds good for deposit balance and the insurance claim. Joint accountholders can specify their nominees separately.
Abhaya Gold Savings (ABG) – This scheme was introduced in the year 1996. Individuals and joint account holders are eligible. All joint account holders are compulsorily covered. Age – 5 to 70 years. It is a Group Personal accident Insurance Policy. M/s. United India Insurance Company is undertaking risk coverage. Death / Total Disability – Rs.1.50 lakh. Partial disability – Rs.50000/-. Premia Rs.70/-; Insurance year – 1st November to 31st October. Separate nomination for insurance claim. Joint accountholders can give separate nominations for the insurance amount.
AB Jeevan Abhaya (ABJ) – This scheme was launched in the year 2002. It is a Savings Bank account that provides Life and Accidental death cover on payment of nominal premium and simple health declaration. No medical examination is required. Individuals in the age group of 18 to 55 years can open this account. SB opening form can be used. The premium rates depend on the age of the insured. The insurance period is 1st Dec to 30th November. The risk is covered by IndiaFirst Life Insurance Corporation Limited (IFLIC) and the amount of coverage is Rs.1 lakh in case of normal or accidental death. Joint accountholders can be covered by opening a joint account and by paying the applicable Premia. All accounts opened under AB Super Salary (SB account) scheme will be covered under this scheme. (Circular no. 294 Ref 51/25 dated 16.11.2010)
AB Jeevan Abhaya “Plus” – Bank has launched a new scheme on the eve of 90th year of Foundation Day celebrations w.e.f. 01.12.2013. It is meant for individuals whose age is in between 18 to 55 years. The depositors will be covered with life insurance coverage of Rs.2 lakhs (Life and Accidental death) in association with M/s.India First Life Insurance Company Ltd. No medical tests required except for declaration of Good Health. The premium depends on the age of the depositor. The minimum deposit stipulated under this scheme is Rs.1000/- for Rural, Rs.2000/- for Semi-urban; Rs.3000/- for Urban and Rs.5000/- Metro branches. All existing guidelines that are applicable to SB accounts will apply to the new scheme. The insurance year for this scheme is from 1st December to 30th November every year. (Cir.no.353 Ref 51/19 dated 28.11.2013)
Insured Current Deposits (ICD) – Individuals, Joint A/cs, HUF, Sole Proprietors, Partnership Firms, Ltd Cos., having CD/ODCC/Pattabhi Agricard accounts. However, office bearers of clubs / societies / trusts / associations and account holders of inoperative accounts are not eligible to join in the scheme. The age of the account holder should be in the range of 5 to 70 years. ICD covers risk against accident (death / disability). It also includes snakebite, electrocution, food poisoning, riots etc., United India Insurance Company covers the risk upto 1.50 lakh for death/total disability. Insurance year – 21st February to 20th February. Premia – Rs.69/- per person per annum to be collected. (Cir no.462 Ref 51/22 dated 19.02.2013)
AB Kiddy Bank Scheme (Kids Khazana) – Bank has re-launched the earlier the earlier Kiddy Bank scheme under the new brand name “AB Kiddy Bank Scheme” in the year 2007. It is meant for minors (even 1 day old minor) represented by Guardians or by the minors themselves who have completed the age of 10 years. All existing Kiddy bank accounts can be converted. Minimum balance to be maintained is Rs.100/-. Kid and parent/guardian (aged up to 70 years) both are covered under Accidental Insurance. Accidental insurance coverage is available up to one lakh for the kid and the parent/guardian. Insurance Premia is Rs.54/- per annum (31st of October). The risk is covered by United India Insurance Company. Free Doll. Educational Grant of Rs.5000/- (for age up to 10 years) / Rs.10000 (for age of 11-18 years) as per the age of the child in case of accident risk of the parent.
|Insurance Schemes at glance ( Rs. in lakhs)|
|Deposit||Age||Comp||Ac cide||Insurance year||Premium|
|ICD||5 to 70||United||1.50||21st Feb to 20th||Rs.69|
|ASB||5 to 70||-do-||0.25||1st Sep to 31st Aug||Rs.15|
|ASB +||5 to 70||-do-||1.00||1st Nov to 31st Oct||Rs.36|
|ABG||5 to 70||-do-||1.50||1st Nov to 31st Oct||Rs.70|
|KidsKhazanaa||1 day to||United||1.50||1st Nov to 31st Oct||Rs.54|
|ABJ||18 to 55||IFLIC||1.00$||1st Dec to 30th Nov||Depends on
age of the depositor
|ABJ Abhaya Plus||18 to 55||IFLIC||2.00$||1st Dec to 30th Nov|
|$ covers both Life/Accidental death|
The Insurance premium should be debited to the respective account on the date of opening of the account itself. Claim intimation shall be sent to insurance company within 90 days from the date of accident / death and claims forms duly filled shall be submitted to the Insurance Company within 180 days. Claim forms may be submitted to the insurance company either directly or through the bank.Documents to be submitted along with the claim forms are as under:
|In case of death||In case of disability|
|Death Certificate||Photograph of the disability|
|Postmortem report with inquest report||Disablement certificate issued by doctor|
|FIR of police / Final Investigation Report||Bank‘s certificate of remittance of premium|
|Nominee‘s name||Any other relevant document|
|Certificate of remittance of premium||Police Report|
Any correspondence with Insurance Company/Claimant must be done only through Registered Post Acknowledgement Due. All new accounts, a lien of 45 days imposed for claims arising on account of Natural Death from the date of opening of account. However, Lien clause is not applicable in case of claims due to Accidental Deaths. The settlement of claim is at the sole discretion of the insurance company. The Bank will act only as a facilitator.