Union Bank Launches ‘Union Wellness Deposit’, Open FD and Get Free Health Insurance upto Rs.5 Lakhs
| ➡️ Get instant news updates on Whatsapp. Click here to join our Whatsapp Group. |
Union Bank of India has introduced a new fixed deposit plan for retail customers called the ‘Union Wellness Deposit’. This scheme is designed to offer more than just financial returns — it combines the benefits of a traditional fixed deposit (FD) with added perks like health insurance and lifestyle rewards.
What Is the Union Wellness Deposit Scheme?
The Union Wellness Deposit is a special term deposit scheme with a fixed tenure of 375 days. It provides customers with a secure investment option while also offering extra value through health and lifestyle benefits.
Interest Rates and Investment Details
- The deposit offers an attractive interest rate of 6.75% per year.
- Senior citizens enjoy an additional interest of 0.50%, making it a total of 7.25% per annum.
- Customers can invest a minimum of ₹10 lakh, with the maximum limit set at ₹3 crore.
Health Insurance Benefit
One of the biggest highlights of this scheme is the inclusion of a Super Top-up Health Insurance cover worth ₹5 lakh, valid for the same 375-day period as the deposit.
- The insurance covers cashless hospitalization, giving customers peace of mind during medical emergencies.
- This benefit is available to individuals aged 18 to 75 years.
- For joint accounts, the insurance is only available to the primary account holder.
Additional Lifestyle Benefits
Along with health insurance, deposit holders also get lifestyle rewards through the RuPay Select Debit Card. This card comes with special privileges such as access to airport lounges, cashback offers, and discounts on various lifestyle services.
Eligibility
Any Resident Individual, Jointly or Singly (only Primary A/c Holder will be covered) can open this FD account.
Deposit Amount
- Minimum Single deposit amount of Rs 10.00 Lac
- Maximum Single deposit below Rs 3.00 Crores.
- Cumulative/Multiple Deposit will not be covered under the scheme.
- Conversion of Existing Deposits into this scheme through HTDREN and HTDEXT is not permitted.
Scheme Code
- TDUW2 (Union Wellness FDR)
- TDUW6 (Union Wellness MIS)
- TDUW3 (Union Wellness DRIC)
Age
- 18-75 Year
Interest payment Frequency
- As per existing guidelines of Domestic Term Deposits.
TDS
- TDS will be deducted as per guidelines of Domestic Term Deposits.
Loan Facility
- Available as existing guidelines of Domestic Term Deposits.
Nomination Facility
- Available as per guidelines of Domestic Term Deposits.
Renewal/Extension
- Available. However, Insurance Coverage will not be available on Renewal. In case of Extension of deposit opened under this scheme, insurance coverage will be available till original maturity date.
Labelling
- Labelling of Saving account “UW375” will be done for identifying the eligible Account for Insurance and RUPAY Select Debit card facility.
Higher Variant Debit Card
- All depositors will be eligible for RUPAY Select Debit Card in their existing/ newly opened savings/current account (Individual or Proprietorship), with normal minimum Balance as per category of the Branch.
- If any customer already had debit card of lower variant, he may surrender existing card and avail RUPAY Select Debit Card.
Additional Benefits
Health Insurance with following features
| Particular | Scheme Features |
| Product Type | Super Top up |
| Deductible | Rs. 5Lakhs |
| Sum Insured | Rs. 5Lakhs |
| In Patient Hospitalization | Up to the sum Insured (provided that the amount is greater than the deductible) |
| Room Rent | At actual |
| Day Care Treatment | Up to Sum Insured |
| Pre & Post Hospitalization | 60/90Days |
| Road Ambulance cover (Per event) | Up to Rs 2000/- |
| Domiciliary Hospitalization Cover | Up to Sum Insured |
| Donor Expenses Cover | Up to Sum Insured |
| In -Patient Hospitalization for AYUSH | Up to Sum Insured |
| Pre-Existing waiting Period | None (Pre-Existing Diseases covered from day 1) |
| Specific Illness waiting Period | None |
| Initial Waiting period for Hospitalization except accidental | 30 Days. |
| Policy Tenure | 375 Days or till date of closure of the Deposit account in case of premature closure. Insurance Coverage will not be available on Renewal. In case of Extension of deposit opened under this scheme, insurance coverage will be available till original maturity date. If a customer opened multiple deposits under this scheme and closed his first deposit account, then he is not eligible for insurance coverage for other account. Means one customer is eligible for only one time i.e. on his first Union Wellness Deposit account. |
| Cover Type | Individual In case of Joint Account – only Primary A/c Holder will be covered |
| Insurance Company | Manipal Cigna Health Insurance Co. Ltd. |
| Insurance Premium | Borne by Bank. |
Bank will provide Super Top Up Policy for Sum Insured of Rs.5.00 lakhs, it will be over and above Rs.5.00 lakhs only i.e. initial amount of Rs 5.00 Lakhs to be paid by the customer(In case of Customer is not having any Health Insurance Policy)/ by the existing Health Insurance Policy (if having any Health insurance cover for Rs 5.00 Lakhs and above) / by both customer as well as Health insurance Policy (in case customer has existing health insurance policy for less than Rs 5.00 lakhs).
Features of Rupay Select Debit card:
| Classification | Select |
| Daily Cash Withdrawal Limit-ATM | Rs. 1,00,000 |
| Daily Shopping Limit: PoS/E- com | Rs. 3,00,000 |
| Total Daily Limit | Rs. 4,00,000 |
| Per Transaction Limit for Contactless Mode | Rs. 5,000 |
| Maximum Per Day Limit for Contactless Mode Transactions | Rs. 15,000 |
| Max. Number of Contactless Transactions Per Day | 5 |
| Airport Lounge access | Yes |
| Reward Points on Every Rs. 100/- Spent on PoS/E-com | 1 Point |
| Annual Maintenance Charges | Rs. 400/- + GST |
| Personal Accidental Insurance CoverageAir Accidental Insurance Coverage | Rs. 5,00,000/-Rs. 50,00,000/- |
| Merchant | Offer Details |
| Complimentary Lounge Visits | 1 complementary visit every quarter at Domestic airports & 2 complementary visits every calendar year at international airports |
| Insurance | Additional Personal Accidental Insurance of Rs.10 Lakh from NPCI on Death and Total Permanent Disability |
| Health Check* UP | One complementary health checks up every quarter. |
| Spa/Saloon * | One complementary SPA session every quarter |
| Golf * | One complementary golf session/lesson every quarter |
| Gym | 1 Month Elite pass subscription at Cult. Fit (Offline) /3 Month Cure. Fit Live subscription at Cult. Fit (Online) every quarter |
| OTT | 1-year complimentary Subscription of Sony LIV / Amazon Prime Video / Zee5 |
| Cab | One complementary coupon of Ola/Uber worth Rs. 100/- every quarter |
| Concierge Services | Personal Assistance Anytime, anywhere 24/7 assistance is available in Hindi & English language |
How to open FD?
To open FD, you need to visit your nearest branch of the Union Bank of India. Just visit the branch, submit the application form, and get FD and enjoy extra benefits along with it.
