Fixed Deposit with Group Term Plan (GTP) Life Cover
FD Life offers the benefits of returns and security of Fixed Deposit and the protection of a Life Cover.
Amount of deposit
- The life cover will be available on FDs opened for a minimum value of Rs.3 lakh.
Duration of deposit
- The life cover will be available on FDs opened within a period of minimum 2 years.
- It can be opened by resident individuals i.e. FD account holder where the mode of holding is either single or joint
- Facility of life cover with NRI FD will also be provided when the NRI customer is in India
- The GTP Life Cover to be provided only to the primary holder of joint FD
- The customer should be in the age group of 18 to 50 years.
Life Cover policy
- GTP Life Cover will be valid for a period of one year
- GTP Life Cover policy will be issued to customers after opening of FD
- Eligible customers should provide a declaration of good health. If a customer declares s/he is not in good health, the GTP Life Cover shall not be provided
Effective date of life cover policy
- The effective/start date of the policy will be from the FD opening date.
Rate of interest
- The FD will earn prevailing fixed interest rates as applicable for the deposit period for which the deposit was opened.
- Interest earned on the deposit will be subject to Tax Deducted at Source (TDS).
- Partial/Premature withdrawal will be permitted as per the Terms & Conditions agreed to
- In case of Partial/Premature withdrawal of deposit, the free life cover offered to customers will be withdrawn from the date of partial/premature withdrawal.
Life cover claim and query handling process
In case you require any further information on life cover claim, you may write to us at email@example.com
For Fixed Deposit T&C click here
For Fixed Deposit GTP Life T&C click here