Free Insurance Cover: DCB Bank has tied up with Aditya Birla Sun Life to offer free insurance cover on its Suraksha FD plan.
Free Insurance Cover: In view of the long-standing pandemic, people are increasingly searching for a good policy to get insurance and hence banking institutions have come up with a special offer for their customers.
These banks are offering free life insurance policies to those customers who already have a fixed deposit account with the bank. However, it has its own limitations which have to be followed along with the benefits of free insurance cover. At present, there are many insurance products in the finance market with different pricing for each segment.
Best offers of free life insurance
Looking at the death toll during the first and second wave of Kovid-19, people are now thinking loudly about buying an insurance policy.
This insurance policy will take care of the needs of the members who are dependent on him after the death of the head of the family. But people often get confused while buying insurance.
Considering your needs, there are many insurance products available in the market and you have very little time to compare them.
To meet the needs of such people, banks like DCB and ICICI have come up with great offers of free life insurance for their fixed deposit holders.
DCB Bank
DCB Bank has tied up with Aditya Birla Sun Life for a free life insurance policy on its Suraksha FD scheme. This offer is available for people between the age group of 18 to 54 years.
People above this age limit will not get the facility of life insurance. The sum assured under this policy will be equal to the amount deposited in the fixed deposit account of the customer. This means that if you have Rs 5 lakh in your FD, then the insurance cover will be for the same amount.
However, the upper limit of cover will not exceed Rs 50 lakh, even if your FD amount is more than that. Security FD will get an interest rate of 6.75% on the tenure of three years.
For DCB Suraksha Fixed Deposit, you will need PAN, nomination and email ID.
The tenure of fixed deposit is 36 months. Customers will not have to pay any premium on this particular life insurance. Apart from this, no medical test is also required for such linked life insurance covers.
ICICI Bank
The bank is offering a group cover in partnership with its subsidiary – ICICI Prudential Life Insurance.
Under this, ICICI will give free life insurance cover of up to Rs 3 lakh to its FD holders. If you open an FD of Rs 3 lakh or more, then the insurance policy will be given for one year.
However, the tenure of the FD should be more than two years. The age limit to take advantage of this scheme is 18 to 50 years. People above or below this are excluded from the purview of free life insurance on opening an FD account with the bank.
In case of joint accounts, for both DCB Bank and ICICI Bank, the primary account holder will be covered for this facility. Also, in case you break your FD prematurely, the life cover can be withdrawn and canceled at any time.
