Apart from the Banking services, the Bank is extending Insurance services for both life (renewals only) and non-life to the clientele in order to provide them "the power to face Uncertainty of life" and also to provide "Economic value of assets in case of damage or destruction due to unpredicted instances".
The Insurance business is commenced from March 2006, having tie-up arrangements earlier with Bajaj Allianz Life Insurance Co, Ltd., BALIC and presently, the Bank has discontinued the tie-up with BALIC. However the Bank is advising the customers in case of renewal premium to protect their lives. Further, the Bank is having tie-up with United India Insurance Co, Ltd., a subsidiary of General Insurance Corporation of India for non-life.
Bajaj Allianz TATKAL BIMA
The salient features of the product are as under:-
- Saving cum protection plan.
- Over the counter (OTC) product.
- Simplified underwriting required.
- No medical required.
- Simplified one page application form.
- On the spot issuance.
- Affordable premium with a range of Rs.2000/-p.a, Rs.5000/-p.a and Rs.10000/-p.a.
- 25 times sum assured of the premium amount incase of death claim
- Double cover (i.e.) 50 times the premium amount, in case of accidental death.
10. Policy term: 5 years.
11. Average expected return 8%p.a. on net investment.
12. Entry age 18 to 65 years.
13. Income tax benefit under section 80(C) for the premium amount paid and maturity, the amount received is exempted under section 10(10) (D).
“ Tax benefits:- Premium paid are eligible for tax benefits under section-80C”
Coverage available under Non-Life (General Insurance):
1. Fire Insurance for buildings, dwellings, godowns, standard major concerns etc,.
2. Motor insurance- Private cars, passenger carrying autos, Motorcycle
3. Burglary -coverage in case of thefts
4. Personal accident Individual.
5. Shop keepers Insurance
6. House holds insurance.
7. Electric equipment-Motors/pump sets.
8. Live stock-cattle/sheep.
9. Agricultural equipment-Tractors, Threshers etc,.
FOR MORE DETAILS - VISIT OUR BRANCHES