Union Banks - Union Double Plus

Union Bank of India has entered into an agreement with LIC to offer 'Union Double Plus', a group insurance scheme for the bank's fixed deposit customers. All fixed deposit account holders, including the bank staff, in the age group of 18-55 would be eligible to join the Union Double Plus Scheme. The insurance cover is limited to the difference between the maturity value of the deposit and the accumulated amount in the account, including interest at any policy anniversary subject to a maximum of Rs.5 lakh, the bank said. The fixed deposit account holder will be charged the single premium for the entire term of the deposit (ranging grom 93 months to 105 months) at the time of entry into the scheme.