Union Bank Life Insurance

Union Bank of India stands as a stalwart among the nation's public sector banks, bearing a legacy dating back to November 11, 1919, when it was first established as a limited company. With its corporate headquarters nestled in the prestigious Nariman Point area of Mumbai, the bustling heart of India's financial landscape, this bank has emerged as a pivotal player in the country's financial sector. Notably, the Government of India holds a substantial 76.99 percent stake in the bank's total share capital, underscoring its significance as a trusted financial institution. The bank offers various types of life insurance including commercial Union life insurance, pension plans, money growth plans, etc..

In this write-up, we will explore different Union life insurance plans and their noteworthy features that will help you choose the best one according to your individual needs.

Types of Union Life Insurance Plans

The plans provided by the Union bank can be broadly divided into four categories, namely:

Pension Plans

• Designed to provide financial security during retirement.
• Individuals contribute regularly during their working years.
• Accumulated funds are used to purchase an annuity, ensuring a regular income in retirement.
• May offer tax benefits and additional features like guaranteed additions.

Savings Plans

• Aimed at helping individuals save and grow their money over time.
• Typically offer a variety of investment options.
• May include life insurance coverage.
• Can be used to meet financial goals like buying a home or funding education.

Child Future Plans

• Specifically designed to secure a child's financial future.
• Provide a lump sum or periodic payouts at crucial milestones in a child's life.
• May include features like premium waivers in case of the parent's demise.
• Help build a financial foundation for a child's education, wedding, or other needs.

Money Growth Plans

• Focus on growing wealth over time.
• Offer various investment options, often in the form of funds.
• May include features like top-up options and partial withdrawals.
• Provide financial security and flexibility for long-term wealth accumulation.

Features of Union Life Insurance Plans

Union bank life Insurance plans offer a comprehensive range of features, carefully crafted to meet the diverse needs of our customers. These features are not only aimed at providing a safety net of financial security but also at fostering savings, facilitating growth, and offering valuable tax advantages. Below, we've outlined some of the standout features that make Union Insurance plans a top choice for numerous individuals and families:

• Budget-Friendly Premiums - Union believes that safeguarding your future shouldn't drain your bank account. The insurance premiums are carefully structured to be affordable, making quality life insurance accessible to a wider range of customers.
• Tailored Coverage for Every Situation - Union understands that life insurance needs vary, which is why it offers both Single Life and Joint Term Plans. Whether you're an individual seeking personal protection or a family looking to secure your future together, The plans adapt to your unique circumstances.
• Customize Your Policy Tenure - Your insurance journey should align with your long-term financial goals. Union life insurance provides a diverse range of policy tenures, allowing you to select the term that best suits your needs. Whether you're looking for a short and sweet under 10-year plan or a more extended 30-year commitment, the choice is yours.
• Tax-Saving Benefits - Gain an extra advantage with Union bank life Insurance plans - tax benefits. By choosing Union’s plans, you not only secure your financial future but also enjoy tax deductions as per current tax laws. This not only protects your finances but also puts more money back in your pocket.
• Tailor-Made Coverage with Riders - Union understands that your insurance requirements may be unique. That's why it offers a range of optional riders like accidental death benefits or critical illness coverage. These riders empower you to personalise your coverage to precisely match your specific needs and circumstances.
• Supporting Your Loved Ones - In unfortunate times, Union life insurance stands by you. In the event of the insured's passing during the policy term, it ensures that a valuable death benefit is provided to the nominated beneficiary. This financial support can be a lifeline for your family, easing their financial burdens during challenging times.

List of Union Bank Life Insurance Plans and their Advantages

Claim Process of Union Life Insurance Plans

Filing a claim with Union is a structured and straightforward process. Below are the steps and instructions you would need to follow to submit a claim for a Union Bank Life Insurance Plan:

• Notify Union Bank - In the unfortunate event of the policyholder's death, promptly inform Union Bank. Contact your nearest branch or the bank's customer service to initiate the claims process.
• Obtain Claim Forms - Request the necessary claim forms from Union Bank. You can do this by visiting a branch in person or by accessing the forms online.
• Complete Claim Forms - Fill out the claim forms accurately and thoroughly. This typically includes providing personal details, policy information, and details regarding the cause of death.
• Acquire the Death Certificate - Obtain the original death certificate from the appropriate authority. This document is essential for processing the claim and must be submitted along with the claim forms.
• Additional Documentation - Depending on the specific policy and claim amount, you may need to provide additional documents. These may include the original policy document, the nominee's identification, and any legal representation documents if applicable.
• Submit Documents - Visit your nearest Union Bank branch to submit all the required documents, including the completed claim forms and the original death certificate. Ensure that you also have photocopies of the documents for verification purposes.
• Verification Process - Union Bank will initiate a verification process to confirm the validity of the claim. This may involve a review of the submitted documents and may include inquiries if necessary.
• Claim Approval - Once the verification process is successfully completed and the claim is approved, Union Bank will proceed with the claim payment.
• Payment to Nominee - The claim amount will be disbursed to the nominee(s) specified in the policy. If a valid nomination exists, Union Bank will make the payment to the nominee without considering claims from legal heirs.
• Tax Considerations - Be aware of any tax implications associated with the claim payment. In many cases, life insurance proceeds are tax-free, but it's essential to understand the specific tax regulations that apply in your region.
• Acknowledge Receipt - Upon receiving the claim amount, you may be required to acknowledge the receipt. This could involve signing a receipt or acknowledgment form provided by Union Bank.
• Policy Review - It's advisable to review the terms and conditions of the insurance policy to fully understand any additional benefits or options available to you as the beneficiary.

Please keep in mind that the exact procedures and documentation requirements may vary depending on the specific branch of Union Bank, its terms and conditions, and local regulations.

Procedure for Payment of Union Bank Life Insurance

The procedure for payment by Union Bank varies depending on certain factors. These include:

• Payment to Nominee:
  • Verify documents such as the application form, original death certificate, outstanding loans, and nominee details.
  • Check the nominee's identification.
  • Follow prescribed procedures for closing accounts.
  • No higher authority approval, indemnity bond, or surety is needed.
  • Payment made through an "Account Payee only" Pay Order/Demand Draft.
• Payment to Legal Heirs on production of Legal Representation:
  • Verify the original legal representation/court order.
  • Confirm it is issued by a competent court and includes bank deposits/properties.
  • Take a certified photocopy.
  • Identify the persons mentioned in the order.
  • Payment made through an "Account Payee only" Pay Order/Demand Draft.
  • No higher authority approval is needed; only seek clarification if required.
  • No indemnity bond or surety is required.
• Payment to Legal Heirs in the absence of Legal Representation:
  • Procedures vary based on the claim amount.
  • For claims up to Rs. 5,000, claims can be settled based on branch manager's satisfaction.
  • For claims above Rs. 5,000 and up to Rs. 50,000, additional documents like legal heir certificates, affidavits, and indemnity bonds may be required.
  • For claims above Rs. 50,000, further documentation and legal processes apply.

To know more about Union Bank Life Insurance, go through the following frequently asked questions section.

FAQ's