Low Cost and very affordable - New Corp JeevanRaksha is a low cost insurance cover available to all its deposit account holders in the age group of 18 - 54 years.
No Medical Examination Required - The uniqueness of the scheme lies in the fact there is no need for any medical examination under the scheme.
Very easy and simple to operate - All the prospective member has to do is to sign a declaration of good health and consent to debit the premium, in the prescribed application form. Any person suffering /having suffered from critical illness* * are not eligible to join the scheme.
Premium Rates - Premiums are payable according to the age of the account holder as per the table below:
Age GroupPremium18 to < 35 yearsRs.156>36 to < 50 yearsRs. 34851 to < 54 yearsRs.828
The Premium rates as above are with effect from 1st October, 2012
The premiums are payable on an annual basis till the depositor reaches the maximum age stipulated under the scheme.
Life Cover - Life cover is available for Rs.1,00,000/- under the scheme for natural death or death due to accident. Coverage starts 45 days after the premium is collected from the member, except in the case of death by accident, where there is no such limitation. The scheme offers pure term insurance cover under one year term assurance plan and covers the risk of death only.
Tax Benefits - Tax benefits are available under Section 88 of the Income Tax Act for the premium paid under the scheme.
Administration of the scheme : - The Bank will be the master policy holder and arrange to collect the premiums from the account holder.
Claims - In the event of death, a claim of Rs.1,00,000/- will be settled under the scheme , subject to the submission of the required documents. The benefits are payable to the nominee as given in the application form.
So now avail yourself a low cost insurance cover without the hassle of any medical examination by signing up today. Even if you are not a customer of Corporation Bank, you can open your account now and become a member under New Corp JeevanRaksha.
Rush to the nearest branch of Corporation Bank for further details.
** Critical illness includes cancer, condition requiring open chest surgery, history of typical chest pain, kidney failure, brain stroke or paralysis or having undergone a major organ transplantation such as heart, lung, liver or kidney. If the applicant had suffered or is suffering from any of the above illness, he/she is not eligible to join the scheme. Insurance is the subject matter of solicitation.