Information on bank insurance union bank

Union Bank of India, a premier public sector bank in India, offers a range of insurance products to its customers in collaboration with leading insurance companies. These products cater to various needs including life insurance, health insurance, and general insurance. Here is a detailed overview of the insurance services provided by Union Bank:

1. Life Insurance Union Bank has tied up with several life insurance companies to offer a wide array of life insurance policies. These policies are designed to provide financial security to the policyholder's family in case of the policyholder's demise. Key partners include: a. SBI Life Insurance Term Insurance: Pure protection plans that provide a high sum assured at a low premium. Endowment Plans: Offer a combination of insurance and savings, providing lump sum maturity benefits. ULIPs (Unit Linked Insurance Plans): Combine market-linked returns with life insurance coverage. Pension Plans: Designed to provide a steady income stream post-retirement. b. LIC (Life Insurance Corporation of India)

Term Plans: High coverage at low cost, ensuring financial stability for the family. Whole Life Policies: Coverage for the entire lifetime with savings benefits. Money Back Plans: Periodic returns during the policy term along with maturity benefits. Annuity Plans: Guaranteed regular income for life, ideal for retirement planning. 2. Health Insurance Health insurance is crucial to cover medical expenses that may arise due to illnesses or accidents. Union Bank has partnered with leading health insurance providers to offer comprehensive health coverage: a. Star Health and Allied Insurance Family Health Optima Insurance Plan: Provides coverage for the entire family under a single sum insured. Senior Citizens Red Carpet Health Insurance Policy: Tailored for senior citizens with no pre-insurance medical test required. Star Comprehensive Insurance Policy: Covers hospitalization expenses, pre-existing diseases after a waiting period, and offers high sum insured options. b. Religare Health Insurance Care Health Insurance Plan: Comprehensive coverage including hospitalization, daycare procedures, and annual health check-ups. Health Insurance for Senior Citizens: Plans designed specifically for senior citizens, offering extensive coverage with minimal waiting periods. 3. General Insurance

General insurance products cover non-life aspects such as vehicles, homes, and travel. Union Bank has partnered with leading general insurers to provide these services: a. Bajaj Allianz General Insurance Motor Insurance: Comprehensive and third-party liability cover for cars and two-wheelers. Home Insurance: Covers damages to the structure and contents of the home due to natural and man-made calamities. Travel Insurance: Provides coverage for medical expenses, trip cancellations, and loss of baggage during travel. b. New India Assurance Motor Insurance: Wide-ranging coverage for private and commercial vehicles. Personal Accident Insurance: Financial compensation in case of death or disability due to accidents. Fire and Burglary Insurance: Protects against losses due to fire and theft. Benefits of Choosing Union Bank for Insurance

Convenience: Customers can purchase insurance policies directly through Union Bank's branches or online portal, ensuring ease of access. Reliability: Partnering with reputed insurance companies ensures that customers receive trustworthy and dependable services. Competitive Premiums: Union Bank's collaborations often lead to competitive premium rates, making insurance affordable. Tailored Products: A wide variety of insurance products cater to the diverse needs of customers, ensuring comprehensive coverage. How to Purchase Insurance through Union Bank Visit the Branch: Customers can visit any Union Bank branch to inquire about and purchase insurance products. Online Portal: The bank’s website provides detailed information about various insurance products and allows for online purchasing. Customer Service: Union Bank’s customer service representatives are available to assist with policy selection and purchase. Claims Process Intimation: Notify the insurance company about the claim through Union Bank’s customer service or directly.

Documentation: Submit the required documents such as policy details, claim form, and proof of loss to the insurance company. Assessment: The insurance company will assess the claim based on the provided documents and may request additional information if needed. Settlement: Upon successful assessment, the claim amount will be disbursed to the policyholder or nominee.