What is the time upto which the life insurance cover is extended under the SRD scheme to the optee member ?
On occurrence of any one of the below events whichever is earlier, the Life cover comes to an end: • The date upto which the insurance premium (Annual/Pro-rata) has been actually paid. • The cover is available upto 5.30 P.M on that last day, which is the business hours of the insurance company. • When the account is closed by the account holder. • When the account is closed by the Bank due to discontinuance of the SRD account for more than 3 months. • When the optee member attains the age of 58 years. In case the Bank closes the account on account of discontinuance of monthly instalments for more than 3 months by the account holder, whether the life insurance premium towards the remaining period will be refunded ?Yes, the Bank will refund the pro-rata premium towards the future period after the date of closure of SRD account till the actual date upto which premium stands remitted.
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