Complimentary Personal Accident Insurance

• Many banks offer free personal accident insurance with senior citizen accounts.
• Coverage includes accidental death or permanent disability.
• The insured amount usually ranges from ₹1 lakh to ₹5 lakhs.
• Benefits are tied to account activity and debit card usage.
• Conditions may apply regarding minimum monthly transactions.

Health Insurance Tie-ups

• Some banks collaborate with insurers to offer exclusive health plans.
• Policies may include critical illness, hospitalization, or surgery cover.
• Premiums are discounted for senior citizen account holders.
• Cashless hospitalization network and pre-existing disease coverage may be included.
• Terms vary by bank and insurance provider.

Group Term Life Insurance

• Select banks provide optional low-premium life insurance schemes.
• Coverage amount depends on age and medical eligibility.
• Available under group insurance models linked to savings accounts.
• May not require medical check-up up to a certain age.
• Nominee benefits are paid directly on claim approval.

Premium Waivers and Discounts

• Senior citizens may get lower premiums or administrative fee waivers.
• Discounts apply when insurance is bundled with FD or savings schemes.
• Some banks offer yearly renewal discounts for existing policyholders.
• Waivers may depend on account type and monthly balance criteria.
• Offers are typically promoted during enrollment periods.

Simplified Claim and Nomination Facilities

• Nomination for insurance benefits is simplified during account opening.
• Banks assist with claim processing and documentation support.
• Minimal paperwork is required for filing claims under group policies.
• Fast-track claims may be available for low-value policies.
• Claims are generally processed in coordination with the partnered insurer.