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Bancassurance / Mutual Fund and Insurance


Bancassurance

1. Insurance

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.


  • Life Insurance: 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 sells all the products of LICI through its various branches and Specified Persons.
  • Insurance Linked Value Added Products for Deposit Customers


    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 Group Insurancecover of Rs. 5.00 lac & Rs. 2.00 lac to platinum & gold card holders respectively provided in tie-up with Universal Sompo General Insurance Company Limited (USGICL)



    Allahabad Bank Health Care Plus - Health Insurance Scheme


  • The scheme provides health insurance cover to all the account holders maintaining Savings Bank/ Current Account in the bank.

     

  • The scheme is launched by M/s Universal Sompo General Insurance Company Ltd (USGICL) and designed especially for the depositors of the bank available pan India.
  • The details of the Third Party Administrator (TPA) who is engaged for the Scheme, can be found at www.universalsompo.com.
  • a. Plan A:An individual may cover himself/ herself, his/ her spouse and dependent children under of the Policy.
  • Plan A - Health Section Coverage for Self, Spouse, 2 dependent children

    Sum Insured

    18-25

    26-35

    36-45

    46-55

    56-65

    66-70

    71-80

                1,00,000

    1767

    1944

    2120

    2297

    2651

    3181

    3357

                1,50,000

    2587

    2846

    3104

    3363

    3881

    4657

    4915

                2,00,000

    3328

    3661

    3994

    4326

    4992

    5990

    6323

                2,50,000

    3985

    4384

    4782

    5181

    5978

    7173

    7572

                3,00,000

    4643

    5107

    5572

    6036

    6965

    8357

    8822

                3,50,000

    5217

    5739

    6260

    6782

    7826

    9391

    9912

                4,00,000

    5792

    6371

    6950

    7530

    8688

    10426

    11005

                4,50,000

    6369

    7006

    7643

    8280

    9554

    11464

    12101

                5,00,000

    6943

    7637

    8332

    9026

    10415

    12497

    13192

    b. Plan B:An individual may cover himself/herself, his/her spouse, dependent children and dependent parents under of the policy.


    Plan B - Health Section Coverage for Self, Spouse, 2 dependent children & Dependent Parents

    Sum Insured

    18-25

    26-35

    36-45

    46-55

    56-65

    66-70

    71-80

                1,00,000

    2986

    3285

    3583

    3882

    4479

    5375

    5673

                1,50,000

    4373

    4810

    5248

    5685

    6560

    7871

    8309

                2,00,000

    5622

    6184

    6746

    7309

    8433

    10120

    10682

                2,50,000

    6733

    7406

    8080

    8753

    10100

    12119

    12793

                3,00,000

    7844

    8628

    9413

    10197

    11766

    14119

    14904

                3,50,000

    8816

    9698

    10579

    11461

    13224

    15869

    16750

                4,00,000

    9786

    10765

    11743

    12722

    14679

    17615

    18593

                4,50,000

    10761

    11837

    12913

    13989

    16142

    19370

    20446

                5,00,000

    11731

    12904

    14077

    15250

    17597

    21116

    22289

    Note


  • Above Premium is calculated on basis of age of the Proposer.
  • Rates are excluding all taxes, cess and duties as applicable.
  • Premium paid is eligible for Tax deduction under 80 D of IT Tax Act, 1961 ( Tax benefits are subject to change as per tax laws).
  • All premium rates are annual rates in Rs.
  • (click to view and download the application)

    Under these corporate agency tie-ups with LICI, USGICL 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.

    Group Insurance

    The bank has been providing group insurance cover to our housing loan, educational loan and MSME/retail credit/ general cash credit/ over draft account including staff loan accounts in tie-up with different insurance companies to mitigate the risk of loan liability of the borrower in case of any eventuality.

  • Housing: Bank has a tie-up with Life Insurance Corporation of India (LICI), Tata-AIA Life Insurance Company Ltd & Kotak Mahindra Old Mutual Life Insurance Ltd for providing group life insurance coverage to housing loan borrowers of the bank.
  • Education: Bank has a tie-up with Life Insurance Corporation of India (LICI) & Kotak Mahindra Old Mutual Life Insurance Ltd for providing group life insurance coverage to education loan borrowers of the bank.
  • 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.

    UTI Mutual Fund

    Principal Pnb

    Kotak Mahindra Asset Management Co. Ltd.

    Reliance Capital Asset Management Limited

    Franklin Templeton Asset Management (I) Pvt. Ltd.

    Peerless Funds Management Co. Ltd.

    retiree