Group Term Life Insurance Scheme for CASA Customers of Bank of India

Our CASA Customers can now get ‘More Benefit’ from their account. Their account will not only ‘Save’ their hard earned money to fulfill their family’s dream, but also ‘Protect’ these dreams from any unforeseen event. This is now possible with ‘Star Union Dai-ichi Life’s Group Term Life Insurance’ cover offered specially for Bank of India’s CASA Customers at a very nominal premium rate. Applying for this scheme is very simple and it requires ‘No Medicals or Documents’. Just give consent in a simple one page form and instantly get insured.

Key Features

  • Affordable Premium starting at just ` 125/- p.a. only + service tax
  • Hassle-free procedure with No Medicals/ Documentation required
  • Choice of Sum Assured ranging from ` Rs. 1-5 lakhs in multiples of ` Rs. 1 lakh
  • Auto Renewal option to avail the benefits of this plan year after year
  • Income Tax Benefits under section 80(C) & 10(10D)

Eligibility Criteria

Resident Indians aged between 18-64 years (maturity upto 65 years) having Bank account (single/ joint) are eligible for cover under this scheme

Pre-Existing Diseases

This scheme covers death due to any cause with an exclusion of below mentioned pre-existing diseases* only

Heart Conditions Kidney Failure Paralysis Mental Illness
A Stroke Liver Failure Cancer HIV Infection or Aids

*Bank may advise its customers suitably that if they are already suffering from any of the above disease the claim may not be settled by the SUD life.

Premium Mode & Calculation

It is a yearly renewable policy where the customer pays the prorate premium as per age at the time of joining. On every renewal one full year premium shall be charged with an option of auto-renewal.

Premium Table

Age Band (Last Birthday) Premium Rate per Annum For One Lac Sum Assured (Exclusive of Service Tax)
18-35 Rs 125/-
36 – 50 Rs 259/-
51 – 60 Rs 695/-
61 – 64 Rs 1,190/-

Company is eligible to claim income tax rebate as per instant rules. Where the insurance is offered by the company the individual staff may request for higher sum assured by contributing additional premium. The company may accept such contribution under staff welfare scheme as a policy. Total insurance premium paid by the company is eligible for tax rebate.

Individual staff member can continue the policy up to the age of 65 years without any restriction subject to payment of premium as per applicable rate.