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Defense

Salary and Pension Solutions for Indian Military Personnel

    • Free Personal Accident Insurance – Death & Permanent Total Disability cover of attractive amount
    • Platinum, Diamond, Gold and Silver variants according to officer rank.
    • Overdraft facility available*
    • Waiver in processing charges on Home loan
    • Baroda Scholar Loan to wards of defence personnel

Bank of Baroda has entered into an agreement with Indian Army for new and customized banking experience for serving and retired personnel of Indian Army. The highlights of this MoU is Free Personal Accident Insurance - Death & Permanent Total Disability cover of attractive amount applicable for pensioners of Indian army up to the age of 70 yrs.

Key benefits

  • All Salary Bands covered
  • Overdraft facility upto 3 salary credits
  • Lifetime free Credit Card as per account variant with 5x reward points
  • Discount on Depository Services/Demat AMC upto 100%
  • Discounted rental on Lockers

Life Insurance Facility

Eligibility

All Customers in Age Group of 18-70 are eligible to avail the Life Insurance benefits Any resident individual who has attained the age of 18 years and has not completed the age of 70 yrs can avail the facility of Life Insurance Cover from “IndiaFirst Life Insurance Co. Ltd” (IFLIC) upto an amount of Rs.5.00 lac after payment of required premium and submission of simple Health Declaration Form (DOGH)

Sum Assured

The Sum assured starts at a minimum of Rs.1.00 lac and goes up to Rs.5.00 lacs (in multiples of Rs. 1.00 lac).

Under the Scheme, Only one insurance cover per person shall be allowed.

Periodicity

Period of Insurance is one year from 01st January to 31St December every year and is annually renewable. In case of those accounts which are opened in due course in the middle of the year, premium shall be paid on prorata basis only for the year in which the insurance is subscribed as per details mentioned below:

Premium Table

Insurance premium chart - 1 Lac
Age in Years
18-35 36-50 51-59 60-70
Month of joining the Scheme Premium ( Inclusive of GST )
with effect from 01.01.2020
Coverage in Months
Jan 138 276 768 1,975 12
Feb-20 127 253 704 1,811 11
Mar-20 115 230 640 1,646 10
Apr-20 104 207 576 1,482 9
May-20 92 184 512 1,317 8
Jun-20 81 161 448 1,153 7
Jul-20 69 138 384 988 6
Aug-20 58 115 320 823 5
Sep-20 46 92 256 659 4
Oct-20 35 69 192 494 3
Nov-20 23 46 128 330 2
Dec-20 12 23 64 165 1

From second year onwards the premium for the full year will be auto debited at central level in the month of January.

Insurance cover shall be available only till the Savings Account is active and Premium amount once collected shall not be refunded even if the account is closed.

Terms & Conditions

For more details on Salary Accounts, please e-mail us at: liabilities.corp.bcc@bankofbaroda.com

For pension accounts: cppc.delhi@bankofbaroda.com

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