Vasai Vikas Sahakari Bank Insurance Scheme

We have tie up with Kotak Mahindra Life Insurance Co Ltd., & Max Life Insurance for life insurance & THE NEW INDIA ASSURANCE CO. LTD for general Insurance. For more information please contact/visit our nearest branch.

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

We have tied up with The New India Assurance Co Ltd. to provide Pradhan Mantri Suraksha Bima Yojana (PMSBY) to our savings bank account holders in the age group of 18 to 70 years. The scheme offers accidental death and disability cover of ₹2 lakhs for an annual premium of ₹20/-. Period of insurance cover will be from 1st June to 31st May every year.

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  • Welcome Bonus

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  • Accelerated Rewards

    Business will frequently occur that pleasure have to be repudiated.

  • Fuel Surcharge Waiver

    The wise man therefore always holds these principle of selection.

Features

Eligibility

All savings bank account holders in the age 18 to 70 years will be entitled to join the Scheme.

Premium

Annual premium of ₹ 20/- only.

Enrollment Period

Insurance period is from 01st June to 31st May, every year. Enrollment possible on payment of full annual premium on any date.

Premium Payment

Premium auto-debited from enrolled account centrally.

Scheme Validity

Scheme validity will be till May 31, every year, from the first day of following month from date of debit of premium from customers’ account.

Scheme Renewal

In the month of May (before 31st May) every year.

Termination of Assurance

-On attaining age 70 years (age neared birth day).
-Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
-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 account and the premium shall be liable to be forfeited.

Enrollment Mode

Customers can enroll for the scheme through Branches as offline mode, by giving a one page application form.

  • Eligibility

    • DEATH: Sum Assured: ₹ 2 Lakh
    • PERMANANT DISABILITY - Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or foot : Sum Assured: ₹ 2 Lakh
    • PARTIAL DISABILITY - Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot Sum Assured: ₹ 1 Lakh
  • Important Terms & Conditions

    • Due to insufficient balance on due date or any other administrative / technical issues if the insurance cover is ceased,the same can be continued after receiving of full annual premium and a satisfactory statement of good health. During this period, the risk cover will be suspended and continuation of risk cover will be at the sole discretion of concerned insurance company.
    • The assurances granted under the scheme are subject to an initial lien of 45 days. No claim is admissible for deaths during the first 45 days from the date of commencement of risk. However the same is not applicable if cause of death is due to accident. No lien is applicable on subsequent renewals.

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) provides life insurance cover of ₹2 lakhs for an annual premium of ₹436/-. This is an annual cover starting from 01/06/2015, renewable from year to year and provides cover for death due to any reason. The scheme would be administered through Life Insurance Corporation of India. All savings bank account holders in the age group of 18 to 50 years are entitled to join the scheme.

  • Awesome Image
  • Welcome Bonus

    Holds these matters principles selection right some rejects.

  • Accelerated Rewards

    Business will frequently occur that pleasure have to be repudiated.

  • Fuel Surcharge Waiver

    The wise man therefore always holds these principle of selection.

Features

Eligibility

All savings bank account holders in the age 18 to 50 years will be entitled to join the Scheme.

Premium

Annual premium of ₹436/- only.

Enrollment Period

Insurance period is from 01st June to 31st May, every year. Enrollment possible on payment of full annual premium on any date.

Premium Payment

Premium auto-debited from enrolled account centrally.

Scheme Validity

Scheme validity will be till May 31, every year from the date of debit of premium from customers’ account.

Scheme Renewal

In the month of May (before 31st May) every year.

Termination of Assurance

On attaining age 55 years (age near birth day), subject to annual renewal up to that date (entry, however, will not be possible beyond the age of 50 years). Closure of account with the Bank or insufficiency of balance to keep the insurance in force. In case a member is covered through more than one account and premium is received by LIC inadvertently, insurance cover will be restricted to ₹ 2 Lakh and the premium shall be liable to be forfeited.

Enrollment Mode

The customers can enrolled for the scheme through Branches as offline mode, by giving a one page application form.

  • In Case of Death :

    • ₹2 lakhs is payable on member’s death due to any reason.
  • Important Terms & Conditions

    • Due to insufficient balance on due date or any other administrative / technical issues if the insurance cover is ceased, the same can be continued after receiving of full annual premium and a satisfactory statement of good health. During this period, the risk cover will be suspended and continuation of risk cover will be at the sole discretion of concerned insurance company.
    • The assurances granted under the scheme are subject to an initial lien of 45 days. No claim is admissible for deaths during the first 45 days from the date of commencement of risk. However the same is not applicable if cause of death is due to accident. No lien is applicable on subsequent renewals.
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