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Family Protection Account

1. ELIGIBILITY

A single individual who is willing to opt insurance product subject to compliance of Know Your Customer (KYC) Guidelines, execution of Account Opening Form and completion of requisite formalities, viz., photographs, identity and address proof etc. She/He is required to submit a prescribed application form for insurance product alongwith AOF for SF.

2. The highlights of the product are as under:

  • Eligibility: Individual (Single) saving account applicant who is consciously willing to purchase this product.
  • Entry Age: Min- 25 years & Max 60 yrs (as on last Birthday) Max entry age to be 60 yrs for a policy term of 15 yrs
  • Maximum maturity age: 75 Yrs
  • Insurance Plan :Term with Return of Premium Option (TROP)
  • Coverage Term Options: 10 Years & 15 Years
  • Premium Payment Mode :Monthly/Annually as per option of the customer
  • Premium Amount/Premium Reckoner :As per Table at Appendix-II and Appendix-II-A
  • Monthly income Options Rs. 10,000/- & Rs. 25,000/-
  • Pay out amount as per option : As per Table at Appendix-III
  • Maturity payment to the customer (if the insured is alive and policy is in force on the completion date of the policy) on completion of opted period : Equal to 110% of the total premium paid.
  • Minimum Base amount For 10 years Period For 15 years Period
    For Rs. 10,000/- monthly income option (Min) Rs. 14.20 lakh Rs. 12 lakh
    For Rs. 25,000/- monthly income option (Max) Rs. 35.50 lakh Rs. 30 lakh
  • Medical Check up: No medical checkup (only undertaking of good health)
  • Payment on surrender of policy: The customer may surrender the policy at any time during the opted period. However the surrendered value will be paid as per Appendix-IV. No amount will be paid if policy is surrendered before 3 years
  • Free Look in period: 15 days
  • Customers who maintain QAB of Rs.50,000/-, can be issued Platinum Debit Card. Platinum Debit Card has higher value for cash withdrawal & use at POS & customer of FPA who has availed the insurance plan i.e. Family Income Protector Plus.

Others guidelines:

  • Death resulting from suicide whether sane or insane will not be covered for the first year from the date of first admission of the life assured
  • Premium will be paid by debiting Customer`s Saving Bank account opened/converted for this purpose.
  • The coverage shall be as per terms and conditions of the policy. Separate Policy Document mentioning the Terms and Conditions will be provided by PMLI to each individual insured.
  • All policy related matters will be facilitated through the branches.
  • Other terms and conditions applicable to Saving Fund Customers issued by bank from time to time will be adhered to.

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