All Ayushman Bima Yojana

    About

  • The Bank has launched this Scheme in collaboration with Life Insurance Corporation of India (LICI)
  • The Scheme is available to all depositors of the Bank maintaining Savings / Current / Term Deposit Accounts, aged between 18-54 years.
  • The Depositors can insure their lives for a sum of Rs 1 lac.
  • Eligibility

  • All depositors of the Bank viz. Savings Bank, Current Accounts & Term Depositors, aged between 18 - 54 years, are eligible to become the member of the Scheme.
  • The cover begins on completion of 18 years and ceases on attaining 55 years.
  • In case a person holds more than one account in the same branch/ or other branches of ALLAHABAD BANK, he/ she 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 received 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 authorisation letters and No objection Certificate (NOC) from co-account holders.

Premium

  • The Premium would be deducted from depositor’s account – Savings Bank / Current Account, on the basis of his/ her age, and would be as under :
Category Depositor's Age Group Premium in Rs.
I 18 - 35 years 156.00
I 36 - 50 years 348.00
I 51 - 54 years 804.00
  • Members joining in the middle of the year would have to pay proportionate premium upto annual renewal date i.e. 1st July of next year.
  • If a member joins the Scheme on dates other than 1st of any month, full month’s premium will be recovered. Thereafter the next premium will fall due on the annual renewal date, on a continuous basis.
  • In case a member in the age group under category I or II crosses over to next age group as on any renewal date, then the premium as applicable to that age group would be charged.
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    Benifits

  • Depositors can insure their lives for one year without going for any medical examination.
  • Premium paid by the depositors under the Scheme is eligible for tax benefit under Sec. 88 of Income Tax.
  • Annual Renewal Date: 1st July.