Andhra Bank
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AB Abhaya Jeevan Plus is a Savings Bank Account launched in association with M/s IndiaFirst Life Insurance Co.Ltd., which provide Group Life Insurance Cover with Accident Death Benefit:
  1.What is “AB Abhaya Jeevan Plus” is a Savings Bank Account ?

“AB Abhaya Jeevan Plus” is a Savings Bank Account that provides Group Life Insurance Cover and Accident Death Benefit.
2.Who can Open AB Abhaya Jeevan Plus Savings Bank Account?

The Scheme is open to all those who are in the age group of 18 to 55 years

  3.What is the Sum assured?

The Sum assured is Rs.2,00,000/- in case of normal death /accidental death.
  4.Do the person has to undergo any Medical Check-up?

No Medical Check-up is required except a simple Health Declaration Form.
  5.Do the person has to give Proof of age?

Yes. Proof of age is required if there is a claim


6.Do the person get any policy certificate and any Surrender Value of the Policy?

No individual policy will be given as this is a Group Policy and there will be no surrender value.

  7.Who will settle the Claim?

Settlement of claims is done by M/s IndiaFirst Life Insurance Company Limited at their sole discretion and our Bank will only act as a facilitator.

 8.Can a person includes his Family members in the Scheme?

Yes, By opening a joint account and on payment of premium applicable for each joint account holder.

9.What is the premium Payable:

Existing Rates
Revised Rates


  10.What is the Insurance Year?

The insurance year is from 1st December to 30th November every year

  11. What is the claim procedure?

Intimation of death to be given to the insurance company within 90 days and the duly filled in claim form along with necessary documents to given to insurance Company within 180 days through our Bank


  12. What are the Documents to be submitted to Insurance company?

In case of Normal Death: Death Certificate
In case of Accidental Death: Death Certificate, FIR Report , Final Report & Post mortem report.


  13. What are the Special features of the Scheme?

The premium paid by a person is a special rate offered under the Group Life Insurance Scheme and would be much more for the same policy if taken as an Individual policy.


  14. Lien Clause

Lien of 45 days is operative under AB Jeevan Abhaya/AB Abhaya Jeevan Plus Account. i.e. if death occurs within 45 days of opening of account, claim shall not be payable. However, this clause does not apply in case of death due to accident.
In case of the claim the customer should approach the branch where they are maintaining their account.
Administration of the scheme: All account holders of AB Jevan Abhaya SB account will be members of the scheme subject to their satisfying other eligibility conditions. They have to submit declaration of good health and nomination form at the time of opening of Account. Individual policy will not be given as this is a Group Policy and there will be no Surrender value/paid up value. Administrative charges of Rs.40/- per account will be charged for the scheme.
IndiaFirst Life Insurance Co Ltd., reserves right to call for any additional information regarding claim.

All the correspondence regarding Claims should be sent to the following Address:
Dr. Rakesh Moyal,
IndiaFirst Life Insurance,
3rd Floor,
Building No.4,
B Wing Infinity Park,239, General A.K.Vaidya Marg,
Dindoshi-Malad East,
Mobile No.98206 89118

Note: Only one claim will be settled irrespective of number of accounts held by the account holder with one or more branches of Andhra Bank. Exclusions under the Scheme are death due to suicide and self-inflicted injuries. Other exclusions in case of accidental death apply (as per master policy)

Nomination to be given at the time of opening the account.
*Critical illness is as defined in Health Declaration Form.
Settlement of Claims is done by IndiaFirst Life Insurance, at their sole Discretion and Andhra Bank will only act as a facilitator. IndiaFirst Life Insurance Co.Ltd., reserves the right for Admission of claim and reject a claim in case of incomplete submission of documents Or misrepresentation of facts.
Premium paid under this scheme is eligible for I.T.relief.

Table of proportionate premium for Account holders joining the scheme

Table of Proportionate Premium for Abhaya Jeevan Plus Account holders joining the scheme during the various months of the Insurance Year 2017-18 (From 01.12.2017 to 30.11.2018)

Month of joining the scheme
Premium for Age Group in Rs
Coverage in months
18-35 yrs
36-50 yrs
December-17 309 602 1555 12
January-18 284 552 1426 11
February-18 258 502 1296 10
March-18 232 452 1167 9
April-18 206 402 1037 8
May-18 181 352 908 7
June-18 155 301 778 6
July-18 129 251 648 5
August-18 103 201 519 4
September-18 78 151 389 3
October-18 52 101 260 2
November-18 26 51 130 1