The account holder/s close/s the SRD account premature. But, the optee member dies in an accident subsequently whether insurance claim is eligible ?
No. The optee member met with an accident and injured seriously. He could not remit the subsequent monthly instalments under SRD account but he dies within 6 months whether life insurance claim is eligible ? Yes, normally the Bank has discretion to close the SRD account if the monthly instalments are not paid continuously for 3 months. However, the scheme provides to the Branch discretion to permit revival of account if the arrears do not exceed 6 months, in such genuine circumstances. Further, the death occurred within 6 months of the accident but caused due to accident is treated as death due to accident and double accident benefit will be paid.
- The account holder/s close/s the SRD account premature. But, the optee member dies in an accident subsequently whether insurance claim is eligible ?
- When the optee member attains the age of 58 years during the chosen term of the SRD will the account will be continued or closed ?
- Whether premature closure of the P.O.R.D. account is permissible?