| Bancassurance
With an object to offer the customers of the bank a one stop shop having an array of varied financial products under one roof and for fulfillment of their diverse needs, Allahabad Bank has entered into Corporate Agency tie-up with the leading insurance companies in both life and non-life (general) insurance segment for distribution of various insurance products through its Branch outlets.
The alliance with M/S Universal Sompo General Insurance Co. Ltd. (USGICL) was entered into by Allahabad Bank in November 2008 for promotion of non-life (general) insurance products. On 1st July 2004, the Bank tied-up with Life Insurance Corporation of India (LICI) for promotion and distribution of life insurance products.
The Bank has also tied-up with ECGC (Export Credit & Guarantee Corporation) in February 2004 for selling of export credit insurance products through selected branches.
Under the Corporate Agency tie-up with USGICL, LICI & ECGC the Bank has deployed its own trained Officers across the country for marketing of insurance products. These Officers have successfully completed the necessary training and tests on insurance as specified by the Insurance Regulatory & Development Authority (IRDA) and obtained IRDA license to carry on insurance business.
Sampoorna Swasthya Kavach-Health Insurance Scheme
The Scheme provides Health Insurance cover to all the account holders maintaining Savings Bank, Current Account and Term Deposit Account in the Bank. The Scheme is launched by M/S Universal Sompo General Insurance Company Ltd (USGICL) and designed specially for the depositors of the Bank available pan India. The Third Party Administrator for the scheme at present is M/S E. Meditek Health Care services Pvt. Ltd.
The policy covers the customer and his dependents health related expenses right from consultation, hospitalization for treatment and even post hospitalization expenses, subject to maximum Sum Insured.
The salient features of the Scheme
- Age: The maximum age limit for entering in to the scheme is 65 years and renewal of the policy can be done upto the age of 70 years. The minimum age of entry into the scheme is 3 months.
- Sum Insured: The minimum policy amount is Rs. 100000/- and the maximum amount of cover available for the floater family is upto Rs. 500000/- with multiple of Rs. 50000/-.
- Cashless facility: cashless facility is available over 5000 network hospitals pan India showing the ID card issued by TPA.
- Income Tax Benefit: Tax benefit under section 80D of Income Tax Act available.
- Add on facility: The add-on cover is also available to the policy holder for critical illness coverage in addition to the basic coverage on payment of additional 50% of Basic Premium.
- Health check-up: Reimbursement for health check-up is provided at the end of four claims free policies with USGICL @ not exceeding amount equal to 1% of the average basic sum insured for the block.
- Ambulance Charge: Limit of 1% of Basic sum Insured subject maximum of Rs. 1000/- on each claim.
- Pre existing Diseases: Covered after four claim free policy years with USGICL.
- Daily allowance: Daily allowance benefit is also available under the policy at .1% of the basic sum insured or Rs. 250/- per day for the duration of Hospitalization whichever is less subject to maximum of Rs. 2500/-.
- Domiciliary Hospitalization: up to 20% of Basic sum Insured.
- Consultation fee:The consultation charge up to 25% basic sum insured.
- Pre Hospitalisation: For upto 30 days prior to Hospitalisation.
- Post Hospitalisation: For up to 60 days of post Hospitalisation.
- Premium payable under the scheme: The premium payable under the scheme is as under:
A. INDIVIDUAL POLICIES (TABLE A) |
Age Group |
100,000 |
150,000 |
200,000 |
250,000 |
300,000 |
350,000 |
400,000 |
450,000 |
500,000 |
0-25 |
972 |
1,465 |
1,884 |
2,256 |
2,628 |
2,954 |
3,279 |
3,605 |
3,787 |
26-35 |
1,223 |
1,843 |
2,329 |
2,740 |
3,192 |
3,587 |
3,982 |
4,378 |
4,518 |
36-45 |
1,416 |
2,134 |
2,743 |
3,285 |
3,827 |
4,225 |
4,691 |
5,157 |
5,422 |
46-55 |
1,534 |
2,260 |
2,882 |
3,434 |
3,967 |
4,508 |
5,049 |
5,591 |
6,025 |
56-65 |
2,382 |
3,360 |
4,374 |
5,321 |
6,375 |
7,392 |
8,025 |
9,057 |
10,120 |
66-70 |
3,136 |
4,317 |
5,634 |
6,874 |
8,254 |
9,596 |
10,438 |
11,801 |
13,203 |
B. FAMILY POLICIES (TABLE B) |
Self + Spouse |
Age Group |
100,000 |
150,000 |
200,000 |
250,000 |
300,000 |
350,000 |
400,000 |
450,000 |
500,000 |
18-25 |
1,459 |
2,142 |
2,826 |
3,384 |
3,942 |
4,430 |
4,919 |
5,300 |
5,681 |
26-35 |
1,835 |
2,664 |
3,493 |
4,140 |
4,787 |
5,380 |
5,974 |
6,375 |
6,776 |
36-45 |
2,124 |
3,119 |
4,115 |
4,927 |
5,740 |
6,388 |
7,037 |
7,585 |
8,133 |
46-55 |
2,454 |
3,533 |
4,611 |
5,479 |
6,347 |
7,213 |
8,079 |
8,859 |
9,639 |
56-65 |
3,810 |
5,405 |
6,999 |
8,600 |
10,200 |
11,520 |
12,840 |
14,516 |
16,192 |
66-70 |
5,332 |
7,455 |
9,578 |
11,804 |
14,031 |
15,888 |
17,745 |
20,095 |
22,445 |
Self, Spouse and 1 Child |
Age Group |
100,000 |
150,000 |
200,000 |
250,000 |
300,000 |
350,000 |
400,000 |
450,000 |
500,000 |
18-25 |
2,071 |
3,121 |
3,715 |
4,244 |
4,772 |
5,234 |
5,697 |
6,159 |
6,418 |
26-35 |
2,427 |
3,536 |
4,644 |
5,521 |
6,398 |
7,191 |
7,983 |
8,544 |
9,104 |
36-45 |
2,739 |
4,023 |
5,306 |
6,303 |
7,300 |
8,145 |
8,990 |
9,689 |
10,388 |
46-55 |
3,111 |
4,500 |
5,889 |
7,010 |
8,132 |
9,217 |
10,301 |
11,248 |
12,194 |
56-65 |
4,416 |
6,302 |
8,187 |
10,091 |
11,995 |
13,536 |
15,076 |
16,909 |
18,741 |
66-70 |
5,579 |
7,853 |
10,127 |
12,526 |
14,926 |
16,884 |
18,842 |
21,196 |
23,551 |
Self, Spouse and 2 Children |
Age Group |
100,000 |
150,000 |
200,000 |
250,000 |
300,000 |
350,000 |
400,000 |
450,000 |
500,000 |
18-25 |
2,684 |
3,941 |
5,199 |
6,226 |
7,253 |
8,152 |
9,050 |
9,752 |
10,453 |
26-35 |
3,030 |
4,421 |
5,813 |
6,922 |
8,031 |
9,026 |
10,021 |
10,741 |
11,461 |
36-45 |
3,296 |
4,840 |
6,385 |
7,646 |
8,908 |
9,953 |
10,999 |
11,854 |
12,709 |
46-55 |
3,759 |
5,454 |
7,148 |
8,520 |
9,892 |
11,192 |
12,493 |
13,605 |
14,718 |
56-65 |
5,031 |
7,209 |
9,387 |
11,536 |
13,685 |
15,433 |
17,182 |
19,160 |
21,139 |
66-70 |
6,163 |
8,720 |
11,277 |
13,908 |
16,540 |
18,695 |
20,851 |
23,338 |
25,826 |
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Insurance Linked Value Added Products
Insurance linked Products
As a part of the Bancassurance initiative, Allahabad Bank has also come
out with the following value added insurance linked products, in tie-up with the above
insurance companies. |
Al-Ayushman Bima Yojana in tie-up
with LICI - The Scheme provides life insurance cover up to Rs. 1.00 lac to the savings
Bank/Current/Fixed Deposit Account Holders at a very nominal premium. |
Free Personal Accident Gtoup Insurance
cover of Rs. 1.00 lac provided in tie-up with Universal SOMPO General Insurance Company
Limited (USGICL) to all ATM cum Debit Card holder and Savings Bank Depositors maintaining
a minimum average monthly balance of Rs 5000/- only. |
Group Total Suraksha Bima Yojna
Bank provides group life insurance cover to the key person(s) of an Organisation for the loan sanctioned and disbursed under MSME, Retail Credit (other than housing loan and educational loan), General Cash Credit, Over Draft and Staff Loan accounts in tie-up with Tata-AIG Life Insurance Company Ltd.
The salient features of the Scheme:
- Age: The age of entry is 18 years and maximum age of entry is 60 years
- Amount of cover: Minimum amount of cover Rs. 0.10 lac and maximum amount of cover is Rs. 25.00 lac.
- The Insurance is intended to cover the loan liability against the unforeseen death of the borrower, may be accidental or natural.
- Exceptions: Suicidal death is not covered under the policy.
Mutual Fund
In recent times Mutual funds have gained rapid popularity as a
good investment option coupled with rise in income and savings of the public at large.
Mutual funds have variety of schemes and income options (i.e equity -diversified or
sectoral, debt or liquid, balanced funds) to suit the financial preferences of all classes
of investors, be it Retail, Corporate or Institutional depending on their risk appetite.
Allahabad Bank intends to become a financial super mart wherein its
customer shall be able to purchase a wide range of quality financial products under one
roof.
Keeping in view the above objective in sight, Allahabad Bank has
entered into Corporate Agency tie-up with some of the leading & fastest growing Mutual
Fund companies in India for distribution of mutual fund products from the Bank's Branches.
For this, the Bank has posted Officers all over the country. These Officers have been duly
certified by the AMFI (Association of Mutual Funds of India) for promoting mutual fund
business after they have successfully cleared the training and tests as prescribed by the
AMFI.
The Bank now offers a wide range of mutual fund products be it equity
-diversified or sectoral, debt or liquid or for that matter balanced funds of the
following MF companies, depending on its customer’s risk taking ability.
UTI Mutual Fund
Principal Pnb
Kotak Mahindra Asset Management Co. Ltd.
Reliance Capital Asset Management Limited
Franklin Templeton Asset Management (I) Pvt. Ltd.
Click
here to download the List of Officers
engaged in Bancassurance and Mutual Fund business
|
