Basic Eligibility Conditions

Eligibility Conditions

J Person opening Bank account for the first time, with RuPay Card  in addition, during the period from 15-08-14 to 26-01-15, or any additional period as may be extended further by Government of India.

J The person should normally be head of the family or an earning member of the family and should be in the age group of 18 to 59 (i.e. person should be at least 18 years old,  and should not have turned 60).  In case the head of family is  60  years  or more  of age,  the second earning person of the family in the above mentioned age group will be covered, subject to eligibility.

J Person must have a RuPay Card and Bio – Metric Card linked to bank account or in process of being linked to bank account if not already there.

J The account can be any bank account including a small account.

J For the coverage to be effective the above RuPay Card should be valid and in force.

J Only one person in the family will be covered in the Bima Scheme and in case of the person having multiple cards  / accounts    the benefit will be allowed only under one card i.e. one person per family will get a single cover of Rs.30,000/-, subject to the eligibility conditions.

J The life cover of Rs 30,000/- under the scheme will be initially for a period of 5 years, i.e. till the close of financial year 2019-20. Thereafter, the scheme will be reviewed and terms and condition of its continuation, including the issue of future payment of premium by the insured thereafter, would be suitably determined.

Ineligible Categories

J Central Government and State Government employees  (in service  or retired)  and their families.

J Employees (in service  or retired) of Public Sector Undertakings, Public Sector Banks, any entity owned by Central Government, any entity owned by a State Government or any entity jointly owned by the Central Government and any State Government, and their families.

J Persons whose income is taxable under I.T. Act 1961 or are filing the yearly Income Tax return or in whose case TDS is being deducted from the income, and their families.

J Persons who are included in the Aam Aadmi Bima Yojana covering  48 occupations defined under the Scheme, and their families.

J Otherwise eligible account holders, who have life cover on account of any other scheme of the Bank against the account, shall have to choose between the two schemes and derive benefit from only one.

J All persons who do not fulfill the basic eligibility conditions of the scheme.

Death Benefit Eligibility

The nominee of the account holder will be entitled to receive death benefit of Rs.30,000/-  in case of the unfortunate death of the accountholder on account of any cause.

Exit from Scheme

The person will exit the scheme on reaching  age  60 i.e. on the day the person turns 60.