Nature of account : Savings Bank account

 

Eligibility : All individuals between the age group of 18 and 54 years .i.e minimum age – 18  years  and  maximum  age  54  years.    In  case  of  joint  accountholders,  the  first  name accountholder  will be  eligible for insurance cover. 

 

Minimum  balance    to  be  maintained:    The  accountholder  should  maintain  quarterly average balance of Rs.10000/- for a period of one year

 

Insurance coverage : Rs.1.00 lakh  on death  due to any cause.  

 

Documents required :: No need for any medical examination. A declaration  of Good health  by the accountholder is enough.

 

Premium payable by the customers :  It depends on age

 

1.   For the age group of 18 years to 35 years – Rs.172/- p.a

2.   For the age group of 36 years to 50 years – Rs.384/- p.a

3.   For the age group of 51 years to 54 years – Rs.888/- p.a

 

 

Nomination:  Nomination is   necessary for all accounts

 

Penalty:  Whenever  there  is  default  in  maintaining  the  minimum  balance,    penalty  of

Rs.150/-    per  quarter  will  be  charged.    However  the    accountholder  will  be  eligible  for

insurance cover.

 

Closure of accounts : In case of closure of the SB account before the end of one year, the

claim will be entertained till the end of one year.

 

 

Other facilities:

In addition to insurance cover, we may offer some additional facilities to make the scheme

more attractive.:

 

1.   Issue of cheque book  (including multicity cheque book at the option of the depositor) 

-   free of cost

2.   Free ATM/ VISA  cards

3.   Free Internet banking facility

4.   Withdrawal  of  cash  through  ATMs  including  other  banks’    ATMs  (totally  18000)

without any charges

5.   Transfer of funds through RTGS at free of cost

6.   unlimited cash remittance

7.   Unlimited inter branch funds transfer

8.   Instant credit of outstation cheques upto Rs.15000/- subject to applicable conditions

9.   Charges for collection  of outstation cheques

⇒   Cheques drawn on CUB – free 

⇒   Cheques drawn on other banks – Rs.2/- per Rs.1000/- with a minimum of

Rs.25/-

 

Extension facility :  The policy can be extended for one more year at the discretion of the  accountholder.  The request to extend shall be submitted in writing to the branch.

 

KYC COMPLIANCE AND DOCUMENTS REQUIRED 

 

TERMS:

 

1)   The Sum Assured granted under the scheme is Rs.1,00,000/- to the account holders  of  CUB.    Account  Holders  shall  mean  Deposit  holders  which  include  savings  bank, current account and term deposits.

 

2)   For  Death  after  45  days  of  joining  the  scheme  the  above  sum  assured  is  payable  provided upto date premium had been debited to the members account on the date of death.

 

3)   In  case  a  person  holds  more  than  one  account  in  the  same  branch/  or  other  branches of CUB, he 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 recovered 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  authorization letters and  No objection Certificate (NOC) from co-account holders and on recovery of suitable premium.

 

4)   However, in case of death claim is payable only after 45 days from the date of joining  except for deaths due to Accident.

 

5)   In the event of member committing suicide within one year from the date of entry into  the scheme no claim will be payable.

 

 

6)   On Death of member, the claim amount is payable to the CUB.

 

 

7)   To become a Member of the scheme, the attached consent letter is to be signed and  sent to CUB.  The Consent Letter includes a Letter of Authority to debit the account to the extent of the Insurance Premium.

 

 

8)   The  Consent  Letter  also  includes  a  Declaration  that  the  Account  holder  is  in  good  health and is not suffering from any critical illness or any condition requiring medical treatment  for  a  critical  illness  as  mentioned  in  the  consent  letter.    By  giving  the declaration,  the  intending  member  confirms  the  correctness  of  the  information submitted  and  proff  of  such  information,  if  needed,  is  the  sole  responsibility  of  the member/nominee.

 

 

9)   The  date  of  birth  as  given  by  the  applicant  in  the  consent-cum-authorisation  letter  being the basis of the above membership, in case of dispute, the onus of proving the correctness of the age will rest with the member/beneficiary.

  

10) Once  a  member  ceases  to  be  an  account  holder  of  the  CUB,  he  will  cease  to  be  a  member  of  the  scheme.    The  options  once  exercised  will  remain  in  force  until  it  is withdrawn  by  the  Member  by  specific  request  in  writing  to  the  Bank  and  such  a withdrawal will be effective from the immediately following Annual Renewal Date.

  

11) Insurance Cover starts from the day premium is debited to the account.  Even if the  member  joins  the  scheme  on  dates  other  than  1st  of  any  month,  full  month’s premium will be recoverable.

12) In case a Member in the age group under Category I/II crosses over to the next age  group under Category II or III as on any Annual Renewal Date, then the premium as applicable to that age group will be charged.

 

 

13) On  the  death  of  the  member,  intimation  is  to  be  given  to  the  Branch  of  the  CUB, through  which  the  member  had  joined  the  scheme  alongwith  original  Death Certificate, within a period of 90 days from the date of death. CUB undertakes to prefer (lodge) the claim with LIC for their consideration.  If the  claim   is  admitted  by  LIC,  CUB  will  collect  the  claim  amount  from  LIC  of  India    for payment to the nominee.

 

 

14) The  Life  Insurance  Corporation  of  India  reserves  the  right  to  Change,  modify  or  amend the rules of the scheme or close the scheme with mutual consent of CUB.

 

 15) Life Insurance Corporation of India will not entertain any direct correspondence from  Member/beneficiary under the Scheme.