!=!=!=!=!=!=PREMIUM=!=!=!=!=!=!
Rs.12/- per annum per member. The premium will be deducted from the account holder’s savings bank account through ‘auto debit’ facility in one installment on or before 1st June of each annual coverage period under the scheme. However, in cases where auto debit takes place after 1st June, the cover shall commence from the first day of the month following the auto debit.
The premium would be reviewed based on annual claims experience. However, barring unforeseen adverse outcomes of extreme nature, efforts would be made to ensure that there is no upward revision of premium in the first three years.
!=!=!=!=!=!=ELIGIBILITY CONDITIONS!=!=!=!=!=!=
The savings bank account holders of the participating banks aged between 18 years (completed) and 70 years (age nearer birthday) who give their consent to join / enable auto-debit, as per the above modality, will be enrolled into the scheme.
!=!=!=!=!=!=TERMINATION OF COVER!=!=!=!=!=!=
The accident cover for the member shall terminate on any of the following events and no benefit will be payable there under:
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1) On attaining age 70 years (age nearest birth day).
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2) Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
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3) In case a member is covered through more than one account and premium is received by the Insurance Company inadvertently, insurance cover will be restricted to one only and the premium shall be liable to be forfeited.
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4) If the insurance cover is ceased due to any technical reasons such as insufficient balance on due date or due to any administrative issues, the same can be reinstated on receipt of full annual premium, subject to conditions that may be laid down. During this period, the risk cover will be suspended and reinstatement of risk cover will be at the sole discretion of Insurance Company.
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5) Participating banks will deduct the premium amount in the same month when the auto debit option is given, preferably in May of every year, and remit the amount due to the Insurance Company in that month itself.
[Issues for Public Interest Only, Bank Mitra Team]
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