Andhra Bank will be launching its new insurance-linked savings account scheme ‘AB Jeevan Abhaya Plus’ from December 1. Disclosing this at a press meet here on Saturday, the bank’s Deputy General Manager G. Ravi Kumar said that the scheme was being launched nationwide as part of the bank’s 70th year .
As per the scheme, customers who would opt for this savings account will be provided insurance cover of Rs. 2 lakhs. The insurance cover will be given by India First Life Insurance Company, an insurance company jointly promoted by Andhra Bank and Bank of Baroda. The bank proposes to enlist at least 25,000 new account holders under this new scheme by March end.
Explaining the uniqueness of this scheme, Mr. Ravi Kumar said that unlike other insurance-linked schemes wherein only accidental cover is given, this scheme will also cover natural death. “Essentially the premium works out to be about Rs.1.06 per head, per day,” said the DGM.
Elaborating on the premium he informed the media that from 18 to 35 years the premium works out to be Rs. 386 per year, from 36 to 50 it works out to be Rs. 766 per annum and from 51 to 55 it is about Rs. 1,666 per year. “The minimum balance requirement for rural areas is fixed at Rs. 1,000, for semi-urban it is Rs. 2,000, for urban Rs. 3,000 and for metro cities it is Rs. 5,000,” he said.
Mr. Ravi Kumar also informed the press that the bank has been conducting various CSR activities for the last two weeks such as elocution competition for school children and blood donation camps. Talking about business prospects he said that the Andhra Bank has got 94 branches in the district and by March it intends to launch 10 more branches in various places such as Pedapudi, Chintalapadu, Avanigadda, Trelaprolu, Nandigama Rythu Bazar, Yanamalakuduru and Lotus Land Mark in Vijayawada city. “We also intend to start about 15 new ATM counters in the district, with special focus on rural areas,” he said.
Giving details on the business, Mr. Ravi Kumar informed The Hindu that till date the bank has done a turnover of Rs. 7,346 crores in Krishna district, with deposits tuning to Rs. 3,808 crores and advances accounting to Rs. 3,538 crores.
