All savings bank account holders in the age group of 18 to 50 years in participating banks are eligible to join.

No, a person can join the scheme through one savings bank account only.

Aadhaar is not mandatory for enrollment in the scheme, but it is the primary KYC for the bank account.

The tenure of the policy is 1 year, renewable every year up to 55 years of age.

The coverage period starts on 1st June and ends on 31st May of the following year.

The sum assured in case of death is Rs. 2 Lac.

The premium rate varies based on the month. For June-July-August, it is Rs. 436; for September-October-November, it is Rs. 342; for December-January-February, it is Rs. 228; and for March-April-May, it is Rs. 114.

No, the scheme is a pure term insurance product with no maturity benefit/bonus payable.

Claims for deaths which occur during the first 30 days from the date of enrolment will not be paid, effectively meaning that the risk cover will commence only after the completion of 30 days from the date of enrolment into the scheme by the member. However, accidental death will be exempted from this guideline of 30 days.

Union Bank is the master policyholder on behalf of the participating customers.