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Savings Account with Personal Accident Cover

 

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Parameters

Features

1

Name of the Scheme

“Cent Savings Plus Account”

2

Applicability

Savings Accounts opened on or after 10th June 2010 but before 31st March 2011 in CBS branches of Central Bank of India

3

Type of Insurance Coverage

Personal Accident cover for death only

4

Eligibility

  • Individuals-Single Accounts , Joint Accounts
  • However, only Principal Account Holder (First account holder) is covered under personal accident insurance.

5

Minimum Balance Requirement

Minimum Average Quarterly Balance (AQB) maintained in the account should be Rs.10,000/-to qualify for insurance cover

6

Age of Account Holder

Principal Account Holder (First Account Holder) should be aged between 18 years (completed) and 65 years. In case of accounts of minors, the guardian will be covered provided he/she is aged between 18-65 years.

7

Multiple Accounts

Scheme is not applicable for multiple accounts of Principal Account Holder. The Insurance cover is allowed only to one SB account of Principal Account Holder irrespective of the number of SB accounts he/she opens, either in one or multiple branch/es.

8

Sum Assured

Rs 1,00,000/- only, irrespective of the balance saving account.

9

Nomination facility

In the event of unforeseen demise of the Principal Account Holder, claim amount on settlement shall be paid to the nominee/s or legal heirs, as the case may be, on completion of the required formalities.

10

Policy Period

One year from the date of account opening. Bank may consider continuing the scheme at its discretion.

11

Payment of premium

To be borne by the bank.

12

Insurance Cover

  • Insurance Cover is available for accident which means a sudden, unforeseen and unexpected physical event caused by external, violent and visible means.
  • The insurance is provided under the Group Insurance Scheme from declared Risk Start Date by the Bank. No individual certificate will be provided to the customer.

13

Penalty for not maintaining minimum balance in the account

A penalty of Rs.100/- will be charged per quarter for not maintaining a minimum quarterly average balance of Rs 10,000/-. Further, if the customer fails to maintain the minimum average balance of Rs 10,000/- for three consecutive quarters, the insurance cover will lapse.

14

Settlement of claims

Insurance Company reserves the right for admission/rejection of claims. Further a claim is liable to be rejected in case of incomplete submission of documents and/or misrepresentation/ suppression of material facts.

15

Other Terms and Conditions

All other terms and conditions applicable to normal HSS Accounts are also applicable to “Cent Savings Plus Account”.



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