The scheme will be a one year cover, renewable from year to year; Accident Insurance Scheme offering accidental death and disability cover for death or disability on account of an accident. The scheme would be offered /administered through New India Assurance Co. Ltd. for which bank has tied up for this purpose.
The cover shall be for the one year period stretching from 1st June to 31st 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 by 31st May of every year, extendable up to 31st August. Joining subsequently on payment of full annual premium may be possible on specified terms. However, applicants may give an indefinite /longer option for enrolment / auto-debit, subject to continuation of the scheme with terms as may be revised on the basis of past experience. Individuals who exit the scheme at any point may re-join the scheme in future years through this modality. New entrants into the eligible category from year to year or currently eligible individuals who did not join earlier shall be able to join in future years while the scheme is continuing.
|1||Death||Rs. 2 Lakh|
|2||Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or foot||Rs. 2 Lakh|
|3||Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot||Rs. 1 Lakh|
Rs.20/- per annum per member. The premium will be deducted from the account holder’s savings bank account through auto debit facility in one installment on or before 1st June of each annual coverage period under the scheme. However, in cases where auto debit takes place after 1st June, the cover shall commence from the first day of the month following the auto debit
The savings bank account holders of the participating banks aged between 18 years (completed) and 70 years (age nearer birthday) who give their consent to join / enable auto-debit, as per the above modality, will be enrolled into the scheme. In case of Joint Account holders, both the Account holders are eligible to join on payment of premium for each account holders.