Age : 18 years to 55 years  at the time of joining

 

Monthly instalment :  Minimum of  Rs.100/- to a max. of  Rs.10000/- p.m

 

Period:   Minimum 3 years :  Maximum  5 years

 

Rate of interest : As per the prevailing interest rate structure

 

Premium : Rs.3.84 per thousand will be collected from the customers

 

Insurance  cover  :  This  is  equal  to  maturity  value  of  the  cumulative  deposit  account  reduced  by  the  amount  already  deposited  together    with  accrued  interest  subject  to  a maximum of Rs.5.00 lacs.

 

 Evidence of Good health: A simple declaration of good health by the customer is enough  Settlement of claim: : On the  death of the customer, the legal heir has to produce Original death certificate.  The claim form  with details of  account and nominee  duly signed by an authorized signatory of our bank has to be  submitted  to LIC

 

 

Penalty ;  In case of default in payment of instalment for more than 3 months,  penalty of  Rs.500/- will be charged

 

TERMS

 

1.The sum assured to be granted under the scheme for each opted member will be intimated  by City Union Bank to LIC on the date the member joins the scheme

 

 2.  Claim  is  payable  for  deaths  occurring  only  after  45  days  of  member  joining  the  scheme  except for deaths due to accident

 

 3.Claim is payable for any type of Death except suicide occurring within one year of member  joining the scheme. City Union Bank undertakes to prefer (lodge) the claim with LIC.  If the claim is admitted by LIC, CUB will collect the claim amount from LIC of India for payment to  the nominee