Products of Banks

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  • Topic: Insurance, Insurance in India, Life insurance
  • Pages : 32 (8515 words )
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  • Published : June 26, 2011
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Products of different banks
1. Allahabad bank

Bancassurance With an object to offer the customers of the bank a one stop shop having an array of varied financial products under one roof and for fulfillment of their diverse needs, Allahabad Bank has entered into Corporate Agency tie-up with the leading insurance companies in both life and non-life (general) insurance segment for distribution of various insurance products through its Branch outlets.The alliance with M/S Universal Sompo General Insurance Co. Ltd. (USGICL) was entered into by Allahabad Bank in November 2008 for promotion of non-life (general) insurance products. On 1st July 2004, the Bank tied-up with Life Insurance Corporation of India (LICI) for promotion and distribution of life insurance products.The Bank has also tied-up with ECGC (Export Credit & Guarantee Corporation) in February 2004 for selling of export credit insurance products through selected branches.Under the Corporate Agency tie-up with USGICL, LICI & ECGC the Bank has deployed its own trained Officers across the country for marketing of insurance products. These Officers have successfully completed the necessary training and tests on insurance as specified by the Insurance Regulatory & Development Authority (IRDA) and obtained IRDA license to carry on insurance business. Sampoorna Swasthya Kavach-Health Insurance SchemeThe Scheme provides Health Insurance cover to all the account holders maintaining Savings Bank, Current Account and Term Deposit Account in the Bank. The Scheme is launched by M/S Universal Sompo General Insurance Company Ltd (USGICL) and designed specially for the depositors of the Bank available pan India. The Third Party Administrator for the scheme at present is M/S E. Meditek Health Care services Pvt. Ltd.The policy covers the customer and his dependents health related expenses right from consultation, hospitalization for treatment and even post hospitalization expenses, subject to maximum Sum Insured.The salient features of the Scheme 1. Age: The maximum age limit for entering in to the scheme is 65 years and renewal of the policy can be done upto the age of 70 years. The minimum age of entry into the scheme is 3 months. 2. Sum Insured: The minimum policy amount is Rs. 100000/- and the maximum amount of cover available for the floater family is upto Rs. 500000/- with multiple of Rs. 50000/-. 3. Cashless facility: cashless facility is available over 5000 network hospitals pan India showing the ID card issued by TPA. 4. Income Tax Benefit: Tax benefit under section 80D of Income Tax Act available. 5. Add on facility: The add-on cover is also available to the policy holder for critical illness coverage in addition to the basic coverage on payment of additional 50% of Basic Premium. 6. Health check-up: Reimbursement for health check-up is provided at the end of four claims free policies with USGICL @ not exceeding amount equal to 1% of the average basic sum insured for the block. 7. Ambulance Charge: Limit of 1% of Basic sum Insured subject maximum of Rs. 1000/- on each claim. 8. Pre existing Diseases: Covered after four claim free policy years with USGICL. 9. Daily allowance: Daily allowance benefit is also available under the policy at .1% of the basic sum insured or Rs. 250/- per day for the duration of Hospitalization whichever is less subject to maximum of Rs. 2500/-. 10. Domiciliary Hospitalization: up to 20% of Basic sum Insured. 11. Consultation fee:The consultation charge up to 25% basic sum insured. 12. Pre Hospitalisation: For upto 30 days prior to Hospitalisation. 13. Post Hospitalisation: For up to 60 days of post Hospitalisation. 14. Premium payable under the scheme: The premium payable under the scheme is as under: A. INDIVIDUAL POLICIES (TABLE A)| Age Group| 100,000| 150,000| 200,000| 250,000| 300,000| 350,000| 400,000| 450,000| 500,000| 0-25| 972| 1,465| 1,884| 2,256| 2,628|...
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