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Last Updated on 03/05/2018
IOB Suraksha


Indian Overseas Bank as corporate agent under IRDAI does not underwrite the risk or act as insurer.

"IOB SURAKSHA"  is a personal accidental death cover tailor-made for our IOB customers in tie up with our Insurance Partner M/s. Universal Sompo General Insurance Co Ltd for providing Rs.10.00 Lakhs at a nominal premium of Rs.100/-+ Service Tax. 

Coverage : Accidental Death Coverage Benefit Only

Sum Insured: Rs. 10 Lakhs ( RUPEES TEN LAKHS)

Premium: Rs.100/- Plus Applicable Service Tax (Annual Premium)


Salient Features of the Product:

  • Product is available for all the Savings Bank Accounts customers (including SB NRE & SB NRO) / Current Account customers of Indian Overseas Bank.
  • Entry age under the product is from 18years to 70 years and it can be renewed up to 75 years of age subject  to payment of renewal premium by the customer.
  • The premium per day works out to less than 0.32 paise.
  • Same premium for all Age Group of customers.
  • Customer can enrol through our Internet banking with in few minutes /or walk in any of our bank branches and get enrolled.
  • Simple Claim procedure and the claim can be intimated with any of the IOB Branches or of USGIC Branch across Pan India for further processing.
  • The geographical scope of this policy will be worldwide; however the claims will be settled in India in Indian rupees only.  


General Exclusions:

The policy will not pay for any compensation in respect of Death of the Insured Person arising out of:

1.      Natural death.

2.      Committing or attempting suicide, intentional self injury. Pregnancy including Child birth, miscarriage abortion or complication arising there from.

3.      HIV and or related illness. Curative treatments or interventions.

4.      War, invasion, act of foreign enemy, hostilities (whether war be declared or not) civil war, rebellion, revolution, insurrection, mutiny military or usurped power, con?scation, seizure, capture, assault, restraint, nationalization, civil commotion or loot or pillage in connection herewith.

5.      Ionizing radiation or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel. For the purpose of this exclusion, combustion shall include any self sustaining process of nuclear ?ssion.

6.      Whilst engaged in any adventurous sports and / or hazardous activities.

7.      Participation in any naval, military or air force operations.

8.      Air travel except as a passenger on a recognized airline operating on regular scheduled air routes and air travel by any charter aircraft duly licensed as a recognized air carrier and ?own by professional crews between properly established and maintained airports. Consequential loss of any kind and / or any legal liability.

9.      This Insurance does not cover any loss, damage, cost or expense directly or indirectly arising out of

a)   Biological or chemical contamination

b)   Missiles, bombs, grenades, explosives due to any act of terrorism

10.   Person under the in?uence of intoxicating liquor /drugs.



1.    By Company:

The Policy may be cancelled by sending 15 days notice in writing by recorded delivery to the customer at their last known address. In such cases, customer will be entitled for a pro-rata refund of premium for the unexpired period of this Policy from the date of cancellation, which USGIC is liable to pay on demand.

2.    By Customer:

Customer may cancel this Policy by sending a written notice to USGIC (The written notice may be submitted to any nearest Branch of USGIC). Retention premium for the period the customer were on risk will be calculated based on short period table and the balance will be refunded to the customer subject to the condition that no claim has been preferred on USGIC.


Expired Period

Premium Retained (Tabulated)

Up to 1 month

25%of the Annual Premium

Above 1 months and up to 3 months

50%of the Annual Premium

Above 3 months and up to 6 months

75%of the Annual Premium

Above 6 months

100 % of the Annual Premium


Claim Procedure:

  • The Claim has to be intimated to Universal Sompo General Insurance Company Ltd's Toll Free / Claim Intimation Telephone Numbers or Email id within a maximum time limit of one calendar month from the date of death.
  • The claim related documents should be submitted within 90 days from the date of intimation to the nearest branch of Indian Overseas Bank or Universal Sompo General Insurance Ltd. for further processing.
  • List of document (as mentioned below) to be submitted by the customer:

1. Duly filled original Claim Form   

7. Post Mortem report - Attested Copy

2. Duly filled Bank Mandate Form.

8. Inquest/Coroner's Report - Attested Copy

3. Certificate of Insurance

9. Final Police Report / Original Panchnama*

 4. Claim Intimation

10. Legal Heir certificate /nominee certificate*

5. FIR - Attested or Original  

11. KYC documents of Nominee 

6. Death Certificate - Attested Copy

12. Any other documents required by the claim settling authority.


*Optional Documents - changes from case to case

Note: Only one Policy per individual is allowed under the scheme

Registration of Claims:

Email: contactclaims@universalsompo.com

Toll Free Number: 1800 22 4030, 1800 200 4030 (From MTNL & BSNL Lines)

Helpline Number: 022 - 27639800, 022-39133700

In case of any discrepancy in claims, please write to healthcare@iobnet.co.in.


Bank's rights:

The coverage of personal accident insurance cover will be subject to the terms and conditions as well as expiry period of the master policy taken by the Bank and continuation of this facility will be at the sole discretion of the bank. Bank reserves all the rights.


IOB Suraksha Pamphlets