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Particulars

Details

1

Recurring Deposit with Personal Accident Cover

Eligibility

Accounts opened singly / jointly on or after 01.12.2009

Monthly Installment

Minimum Rs 500/-

Period

Maturity period of two years and above

Rate of interest

As applicable to RD Scheme

Sum Assured

Double the maturity value rounded off to the nearest thousand rupees subject to minimum of Rs.25,000 and maximum of Rs.5,00,000/- per RD a/c.

Age of the account holder

Not exceeding 65 year as on the date of opening of the account.

Joint Accounts

In case of joint accounts, PA Insurance Cover is given only on the life of the first named person.

Multiple Accounts

In case of multiple accounts, the coverage will be allowed per person for one RD a/c only, irrespective of the number of RDs he/she has with one or multiple branch of our Bank, in same or different period.

Payment of instalments

Regular payment of monthly instalments is a precondition for insurance cover.

Rate of interest

As applicable to Recurring Deposit accounts.

Policy Certificate

The Insurer will not provide certificate of insurance to individual customers.

Others

All other terms and conditions applicable to RD Scheme of the Bank are also applicable to this Special Scheme.

2

Effective Date/  Risk Start Date

The policy shall commence on the Effective Date i.e. date of opening of Recurring Deposit a/c. 

3

Limitation of Liability

In the event of accidental Injury resulting into death of the Insured Person, the total benefit payable will be limited to amount stated in the schedule. Cholamandalam MS (Insurer) maximum liability however should not be more than 100% of the Principal Sum.

4

Claims Notification

It shall be a condition precedent for any claim to be made by the Insured under the policy or for liability attaching to Insurer hereunder that written notice of claim must be given to Insurer immediately upon the occurrence or commencement of any loss, or as soon thereafter as reasonably possible, and in any event not later than 40 days of such occurrence or commencement.

5

Time For filing Claim Forms & Evidence

Completed Claim Form with written evidence of loss must be furnished to Cholamandalam MS within thirty (30) days after the date of such loss.  Failure to furnish evidence within such time as required shall not invalidate or reduce the claim if the insured satisfies that it was not reasonably possible to do so within such time. In any event, no proof furnished beyond one (1) year from the date of loss shall be accepted.

6

List of documents

Following documents are required in respect of the accident leading to death 

1. Duly completed Claim form by the nominee
2. Death Certificate
3. Post Mortem Report/Coroner's report
4. FIR / Police Report /Inquest Report
5. Certificate from the bank confirming the validity of the account.

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Particulars

Details

7

Payment of Claims

All Claims under the policy shall be payable in Indian currency and to Registered Nominee of Recurring Deposit a/c (Nomination registered with the Bank).  The same shall be made after confirmation from Central Bank of India.  Any claim paid by the Insurer and received will discharge the Insurer from any further payment for the same claim. All payment made in good faith will discharge to the extent of such payment.  If the circumstances of death/contingency are doubtful, Cholamandalam MS may appoint an investigator to verify the authenticity of the accident.

8

Invalid Claim

Failure to comply with any of the provisions contained in the policy shall invalidate all claims hereunder.

• Fraudulent And/Or Dishonest And/Or Deceitful Claim(s) : If the Insured, the Insured Person shall make or advance any claim knowing the same to be false or fraudulent as regards amount or otherwise, the policy shall be void and all claims or payments hereunder shall be forfeited.
• Conditions Precedent To Liability  For the avoidance of doubt, it is hereby expressly stipulated and made clear that compliance with the terms and conditions of the policy in so far as these relate to anything to be done by The Insured or on his behalf is a condition precedent to the Insurer liability there under.

9

Cancellation of Cover

The policy may be cancelled by mutual consent by giving 30 days written notice either by Cholamandalam MS or by Central Bank of India.

10

Exclusions

The policy does not provide benefits for any death, disability, expense or loss incurred in result of any Injury attributable directly or indirectly to the following:

• Intentionally self-inflicted injury, suicide or any

              attempt thereat while sane or insane;

• Injury or Disease directly or indirectly caused by or contributed by ionizing radiation or contamination by radioactivity from any nuclear fuel or from any nuclear waste from burning nuclear fuel;

• Injury or Disease directly or indirectly caused by or contributed by the radioactive, toxic, explosive or other dangerous properties of any explosive nuclear equipment or any part of that equipment;

• war, invasion, act of foreign enemy, hostilities (whether war be declared or not), civil war, rebellion, revolution, insurrection, mutiny, military or usurped power, seizure, capture, arrests, restraints and detainment of all kinds, princes, and people of whatsoever nation condition or quality,

• The Insured Person's participation in naval, military or air force operations whether in the form of military exercises or war games or actual engagement with the enemy with foreign or domestic;

• loss sustained or contracted in consequence of the Insured being under the influence of alcohol or drugs unless administered on the advice of a physician;

• any loss of which a contributing cause was the Insured's actual or attempted commission of, or willful participation in, an illegal act or any violation or attempted violation of the law or resistance to arrest;

• any loss sustained whilst engaging in aviation or ballooning, whilst mounting into, dismounting from or traveling in any balloon or aircraft other than as a passenger (fare paying otherwise) in any duly licensed standard type of aircraft anywhere in the world;

• any opportunistic infection and/or malignant neoplasm, if at the time of the accident or sickness the Insured had an Acquired Immune Deficiency Syndrome (AIDS) or having an antibody positive blood test to HIV (Human Immune-deficiency Virus). Opportunistic infection shall include but will not be limited to pneumosystis carinii pneumonia, organism of Kaposi's Sarcoma, central nervous system lymphoma, and/other malignancies now known or which become known as causes of death in the presence of Acquired Immune Deficiency Syndrome;

• any loss sustained while the Insured is participating in contests of speed using a motorized vehicle or bicycle and/or hunting and/or skiing and/or skydiving and/or gliding and/or mountaineering and/or winter sports;

• any loss resulting directly or indirectly from or, contributed or aggravated or prolonged by childbirth or from pregnancy.

• Murder (intentional and unintentional) and suicide

In addition to the Exclusions listed above, this product shall not cover and no payment shall be made with respect to:

• loss caused directly or indirectly, wholly or partly by:
  • bacterial infections (except pyogenic infections which shall occur through an accidental cut or wound) or any other kind of disease;
  • medical or surgical treatment except as may be necessary solely as a result of Injury

11

Termination of Policy

Subject to provision relating to cancellation, the policy will terminate on the earliest of the following occurrence:

• The expiry date of the policy,

• In case of death of the Insured

• Any claim paid up to the Principal Sum Insured.