No medical test will be required for insurance cover. DCB Bank has tied up with Aditya Birla Sun Life Insurance Company to provide life insurance.
Free Insurance on Fixed Deposit: How if you are getting insurance with good interest on FD and that too for free. There is such a bank in the country, which is giving this facility to you. This bank is DCB Bank. DCB Bank has the facility of Suraksha Fixed Deposit, under which the account holder gets free life insurance up to Rs 50 lakh. The account holder does not have to pay any premium for this life insurance. Let us know about this in detail…
Who can open this FD
Under DCB Security FD, an account can be opened by a person between the age of 18 to 54 years. A person above the age of 55 years cannot get this FD. DCB Security FD can be opened with a minimum deposit of Rs 10000. As a primary account holder in an FD, a person can keep a maximum amount of up to Rs 50 lakh. A person can open any number of security FDs, but in all, the maximum amount cannot be kept more than 50 lakhs.
How much insurance on more than one account
If the DCB cover is opened in the FD joint then only the first holder will get the benefit of free insurance cover. For a person holding more than one security FD, the amount of life insurance will be equal to the total FD amount in all the accounts combined. Even if the person has opened more than one security FD in the bank, then the maximum amount of life insurance will be only 50 lakhs for an individual.
What is the interest rate
To get free life insurance, you have to open a 3-year FD with DCB protection. Currently, the interest rate on 3-year FDs for single deposits of less than Rs 2 crore is 5.95 per cent per annum. For senior citizens, it is 6.45 per cent per annum. The insurance cover will be valid from 18 years to 55 years of age. To open a DCB security FD, PAN has to be given, a nominee has to be made and an email id has to be given.
No medical test for insurance
The certificate of insurance will reach the account holder via email within 15 working days of opening the FD. Apart from security, free insurance cannot be availed on any other FD of the bank. No medical test will be required for insurance cover. The bank has tied up with Aditya Birla Sun Life Insurance Company to provide life insurance.
Nomination and Premature Withdrawal Rules
If a security closes the FD before maturity, the free insurance will cease from the date of premature closure. In the event of the death of the FD holder, the nominee can claim life insurance with immediate effect as per the terms and conditions of the policy. With regard to the deposit amount, the nominee will have the option to either close it prematurely at a specified interest or continue till maturity. The nominee should be the same for both the FD and the insurance policy.