Andhra Bank saving account Jeevan Abhaya
AB Jeevan Abhaya is a Savings Bank Account launched in association with M/s IndiaFirst Life Insurance Co. Ltd., which provides Group Life Insurance Cover with Accident Death Benefit.
1. What is "AB Jeevan Abhaya" Savings Bank Account?
"AB Jeevan Abhaya" is a Savings Bank Account that provides Group Life Insurance cover and Accident Death Benefit.
2. Who can open AB Jeevan Abhaya Savings Bank Account?
The Scheme is open to all those who are in the age group of 18 to 55 years.
3. What is the sum assured?
The sum assured is Rs.1,00,000/- in case of normal death and accidential death also.
4. Do the person has to undergo any Medical Check-up?
No Medical Check-up is required except a simple Health Declaration Form.
5. Do the person has to give Proof of age?
Yes. Proof of age is required if there is a claim.
6. Do the person get any Policy certificate and any Surrender Value of the Policy?
No. No individual Policy will be given as this is a Group Policy and there will be no surrender value.
8. Who will settle the Claims?
Settlement of claims is done by M/s IndiaFirst Life Insurance Co.Ltd., at their sole discretion and the Bank will only act as a facilitator.
9. Can a person include his Family members in the Scheme?
Yes. By opening a joint account and on payment of premium applicable for each joint account holder.
10. What is the premium payable?
The premium is payable per annum according to three Age Groups:
Age Group Premium Payable
Apart from premium, a nominal Administrative Charges @40/- with Service Tax 12.24% per account is charged
11. What is the Insurance year?
The insurance year is from 1 December to 30November every year
12. What is the claims procedure?
Just Intimation of death to be given to the Insurance Company within 90 days and the duly filled in claim form along with necessary documents to given to Insurance Company within 180 days through their Bank.
13. What are the Documents to be submitted to Insurance company?
In case of Normal Death: Death Certificate
In case of Accidental Death: Death Certificate, FIR Report , Final Report & Post mortem report.
14. What are the Special features of the Scheme?
The premium paid by a person is a special rate offered under the Group Life Insurance Scheme and would be much more for the same policy if taken as an Individual policy.
15. Lien Clause
Lien of 45 days is operative under AB Jeevan Abhaya/AB Jeevan Abhaya Special Account. i.e. if death occurs within 45 days of opening of account, claim shall not be payable. However, this clause does not apply in case of death due to accident
Identity proof :
* PAN card
* Voter ID card
* Driving licence
* Government ID card
* Photo ration card
* Senior citizen ID card
Address proof :
* Telephone bill
* Electricity bill
* Bank Statement with Cheque
* Certificate/ ID card issued by Post office
Ask the Expert
Having difficulties with your existing credit card? have so many problems but no one to answer them?
Our experts will give you unbiased advise free from any sales intent.
Ask our experts and get your problem solved: