IOB-Jeevan - Group Life Insurance Scheme in association with LIC of India

What is IOB-Jeevan Scheme: The scheme is a Group Term Assurance scheme for the account holders of Indan Overseas Bank, with very low premium offered in association with LIC of India. The insurance cover is available to account holders who pay the prescribed premium.

You are eligible, if you are;~Existing account holder of the Bank maintaining a Savings Bank or a Current Deposit account in your individual capacity either singly or jointly with others.~Opened a fresh S.B. or C.D. account in your individual capacity either singly or jointly with others.~Completed 18 years of age and not over 54 years of age.

All you have to do is to sign a simple Consent Letter-cum-authorisation-cum-declaration of good health. Authorise the Bank to debit your account with the premium amount and the administrative charges for the current year and every year for renewal.

Your life is covered for a sum of Rs.1.00 lakh. In the unfortunate even of the account holder dying in accident or due to natural causes, the Insurance company will pay Rs.2.00 lakh to the nominee of the account holder or the legal heir(s).The premium paid by you is eligible for tax benefit under Section 80C of Income Tax Act.

Administrative charges of Rs.33 is payable along with the premium.

The policy period starts from 1st July. If you join during August or thereafter up to June you can pay proportionate premium for the months the insurance cover is available.

The policy is a pure term assurance policy which covers only life risk and there is no savings element. Therefore, no amount is payable in case the policy holder survives the policy period.

There is no need for any medical examination. A simple declaration of Good Health will suffice, which is obtained along with the consent-cum-authorisation letter from you.

The date of birth as given by you in the consent-cum authorisation letter is taken in to account. However, in case of dispute, the onus of proving the correctness of age will rest with the account holder/nominee.

: Individual policies will not be issued. Bank will be the Master Policy holder.

: The policy is not available to persons with critical illness. The critical illness excluded by the policy are;

1. Cancer
2. AIDS
3. Condition requiring open chest surgery
4. History of typical chest pain
5. Kidney failure
6. Brain stroke or paralysis
7. Having undergone a major organ transplantation such as heart, lung, liver or kidney.

In case of death during the first 45 days from the date of joining, no claim will be payable except for deaths due to accident.

can become a member of the scheme under only one account, if you have more than one account in the same branch or different branches. In the event of more than one claim being received, claim will be paid under only one account and the premium if any recovered under other accounts will be refunded.

In the case of joint accounts, cover can be extended to both or all the joint account holders separately, provided each individual signs a separate consent-cum-authorisation letter which should be counter signed by all the account holders and on recovery of appropriate premium.

: On death of the member, the claim amount is payableto thenominee as given by the account holder in the consent letter. Intimation is to be given to the Branch, within 90 days from the date of death, where the account is held, through which the member had joined the scheme along with original Death Certificate for making a claim with LIC of India. In case of death due to accident, FIR, Post-mortem certificate and Final Investigation Report are to be submitted additionally. Bank will prefer the claim with LIC of India and follow up for early settlement.

: Once the account is closed you cease to be a member of the scheme. However, the insurance cover will be extended till the end of the policy period for which the premium has already been paid by you.