These banks offer free life insurance to FD holders; Know details

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Since people are busy exploring insurance products in the wake of a prolonged pandemic, banking institutions have come out with an exclusive offer to make the most of this trend. They are offering free-of-cost life insurance policies to customers who have a fixed deposit account with the bank. However, this comes with certain prerequisites and limitations that must be followed in order to enjoy the benefits of a free insurance cover. Currently, the finance market is abuzz with various insurance products priced for every section of society.

The striking number of casualties reported during the first and second waves of Covid-19 has alarmed Indians to purchase an insurance policy. It will provide much-needed security to the dependents on the bread earner in the family in case of his/her death. But people often get confused while buying an insurance product. There are plenty of options available and little time to compare each of them to suit your needs. In order to serve the needs of such people, banks like DCB and ICICI have introduced unique offers of free life insurance for their fixed deposit holders.

DCB Bank 

For its Suraksha FD scheme, DCB Bank has collaborated with Aditya Birla Sun Life for its life insurance policy. The offer is made available for those aged between 18 and 54 years. Those beyond the age limit aren’t eligible for life insurance. The sum assured under this policy will be equivalent to the amount held in the customer’s fixed deposit account. This means, if you have Rs 5 lakh in your FD, the insurance cover will be of the same amount.

However, the upper limit of the cover shall not go beyond Rs 50 lakh even if your FD amount is more than this. The interest rate on the Suraksha FD is 6.75% for a three-year period. You need to produce the PAN, nomination, and email ID to open DCB Suraksha Fixed Deposit. The fixed deposit tenure is 36 Months. The customer is not liable to pay any premium on this specific life cover. Moreover, no medical tests are required for such linked life insurance covers.

ICICI Bank