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Allahabad Bank's initiative in Bancassurance & Mutual Fund
 

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

  1. 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.
  2. 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/-.
  3. Cashless facility: cashless facility is available over 5000 network hospitals pan India showing the ID card issued by TPA.
  4. Income Tax Benefit: Tax benefit under section 80D of Income Tax Act available.
  5. 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.
  6. 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.
  7. Ambulance Charge: Limit of 1% of Basic sum Insured subject maximum of Rs. 1000/- on each claim.
  8. Pre existing Diseases: Covered after four claim free policy years with USGICL.
  9. 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/-.
  10. Domiciliary Hospitalization: up to 20% of Basic sum Insured.
  11. Consultation fee:The consultation charge up to 25% basic sum insured.
  12. Pre Hospitalisation: For upto 30 days prior to Hospitalisation.
  13. Post Hospitalisation: For up to 60 days of post Hospitalisation.
  14. 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

(Click to view and Download the Application)

 

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:

  1. Age: The age of entry is 18 years and maximum age of entry is 60 years
  2. Amount of cover: Minimum amount of cover Rs. 0.10 lac and maximum amount of cover is Rs. 25.00 lac.
  3. The Insurance is intended to cover the loan liability against the unforeseen death of the borrower, may be accidental or natural.
  4. 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

   
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