Union Bank, LIC's 'Double Plus' insurance scheme

Mumbai, Dec 30: The public sector Union Bank of India has tied up with state-owned Life Insurance Corporation of India (LIC) to launch 'Union Double Plus', a Group Insurance Scheme for Fixed Deposit(FD) account-holders.

Accordingly, all the fixed deposit account holders including staff account-holders of Union Bank of India in the age group of 18-55 would be eligible to join the Union Double Plus scheme, said a UBI press release here today.

Highlights of the scheme is that the insurance cover is limited to the difference between the maturity value of the deposit and the accumulated amount in the account including interest at any policy anniversary subject to a maximum of Rs five lakh. Whenever the initial FD is more than Rs five lakh, the cover will be as if the initial deposit is Rs five Lakh.

Single Premium for the entire term of the deposit (ranging from 93 months to 105 months) is charged at the time of entry into the scheme. In case of death of the member during the term of cover, the difference between the targeted maturity value of deposit and the accumulated amount of fixed deposit as on the last policy anniversary is paid to the nominee.

In case of premature closure of deposit the proportionate premium for the unexpired term of the deposit is refunded.

UNI