Union Bank of India (UBI) has evolved beyond traditional banking into a comprehensive financial services hub. By adopting the bancassurance model, the bank offers customers a “financial supermarket” experience, as Union Bank Insurance. You no longer need separate providers for banking and risk management.
UBI leverages its massive network to distribute products from top-tier insurers like Star Union Dai-ichi (SUD) Life, Care Health, and Bajaj Allianz.
This integration simplifies premium payments through auto-debits and consolidates your financial portfolio. Whether you need Union Bank health insurance for medical emergencies or a Union Bank account holder insurance policy benefits linked to your debit card, the options are extensive.
Read on to learn more about the ecosystem, helping you identify the right coverage for your specific risk profile.
Insurance Partnership Ecosystem at Union Bank
Union Bank operates as a corporate agent. It does not manufacture insurance but distributes it through strategic tie-ups. This allows account holders to access competitive premiums and unified servicing.
The bank’s primary life insurance partner is a joint venture where UBI holds a stake, ensuring tighter product integration.
UBI Insurance Partner Landscape
| Partner | Insurance Category | Focus | Strength |
| Star Union Dai-ichi (SUD) Life | Life Insurance | Term, Savings, Retirement | High claim settlement, bank-promoted |
| Care Health Insurance | Health Insurance | Comprehensive Medical | Wide cashless network, critical care |
| Bajaj Allianz General | General Insurance | Motor, Home, Travel | Fast claim processing, digital-first |
| Chola MS General | Non-Life | Property, Accident | Commercial lines, customised risks |
| New India Assurance | General Insurance | Govt-backed schemes | Affordable, standardised coverage |
UBI Life Insurance Solutions via SUD Life
Life insurance is the cornerstone of family financial security. Union Bank distributes products primarily through Star Union Dai-ichi (SUD) Life.
This partnership offers a distinct advantage: products are often designed specifically for the bank’s customer base. The portfolio ranges from pure protection (term plans) to wealth creation tools.
UBI Life Insurance Schemes & Key Features
The UBI life insurance policies are as follows:
| Product | Key Features | Best For |
| SUD Life Saral Jeevan Bima | Standard term plan | Pure risk protection |
| SUD Life Abhay | Term plan with return of premium | Cost-conscious savers |
| SUD Life Century Royale | Whole life cover till age 100 | Legacy planning |
| SUD Life Wealth Creator | ULIP with loyalty additions | Aggressive investors |
| SUD Life Guaranteed Pension | Assured annuity rates | Retirement income |
| PMJJBY (Govt Scheme) | ₹2 Lakh cover for ₹436/year | Low-income groups |
Sample Premium Calculations of UBI Life Insurance
Note: Premiums are illustrative and depend on age, health, and smoking status.
| Age | Product | Annual Premium (₹) | Coverage/Benefit |
| 30 | SUD Life Saral Jeevan | 9,500 | ₹50 Lakh sum assured |
| 35 | SUD Life Wealth Creator | 50,000 | Market-linked growth |
| 45 | SUD Life Abhay | 22,000 | ₹1 Cr cover + ROP |
| 18-50 | PMJJBY | 436 | ₹2 Lakh flat cover |
UBI Life Insurance Add-Ons & Riders
Base policies often leave coverage gaps. Riders are cost-effective tools to plug these holes without buying a separate policy. They trigger payouts during specific life events like accidents or major illnesses.
Life Insurance Riders & Key Benefits from UBI
Here is a list of Life Insurances and riders from UBI:
| Rider | Core Benefit | When Useful |
| Accidental Death Benefit | Double sum assured on accident | Frequent travelers |
| Total Permanent Disability | Waiver of future premiums | Physical labor jobs |
| Critical Illness Rider | Lump sum on diagnosis (e.g., Cancer) | Family history of illness |
| Family Income Benefit | Monthly payout to nominees | Sole breadwinners |
Health Insurance Products by UBI
Medical inflation in India currently hovers around 14%. Union Bank health insurance options provide a shield against these rising costs. The bank partners with specialists like Care Health and Bajaj Allianz to offer plans ranging from individual covers to family floaters.
Union Bank Health Insurance Plans
Here is the list of Union Bank of India Health insurance plans:
| Product | Partner | Coverage Focus | Unique Feature |
| Care Supreme | Care Health | Comprehensive Family Floater | Unlimited recharge of the sum insured |
| Health Guard | Bajaj Allianz | Hospitalisation + Day Care | Convalescence benefit |
| Arogya Sanjeevani | Multiple | Standardised basic cover | Low copay options |
| Senior Citizen Red Carpet | Star Health* | Geriatric care | Pre-medical screening waivers |
| Union Health Suraksha | Joint Group Policy | Account holder exclusive | Discounted group premiums |
*Availability depends on specific branch tie-ups.
Sample Premium Calculations of Health Insurance:
| Plan | Age Band | Sum Insured | Annual Premium (₹) |
| Care Supreme (Floater) | 2 Adults (35 yrs) | ₹10 Lakh | 18,500 |
| Arogya Sanjeevani | Individual (30 yrs) | ₹5 Lakh | 6,200 |
| Senior Citizen Plan | Individual (65 yrs) | ₹5 Lakh | 28,000 |
Also Read: Tips to Choose Best Health Insurance
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Union Bank Debit Card Insurance (Implicit Cover)
Many customers overlook the Union Bank account holder insurance policy embedded in their debit cards. This is a complimentary benefit provided by payment networks (RuPay/Visa) in partnership with the bank.
| The most critical factor here is the “active usage” clause. You must use the card at a POS or e-commerce terminal within a specific window (usually 45-90 days) before the accident for the claim to be valid. |
Debit Card Insurance Benefits
Here is the list of debit card insurance benefits provided by UBI:
| Card Variant | Cover Type | Coverage Amount | Condition |
| RuPay Classic | Accidental Death | ₹1 Lakh | Card usage in the last 90 days |
| RuPay Platinum | Accidental Death | ₹2 Lakh | Card usage in the last 45 days |
| Visa Signature | Air Accident | Up to ₹50 Lakh | Ticket bought via card |
| Business Debit | Personal Accident | ₹5 – 10 Lakh | Active merchant transaction |
Union Bank Motor Insurance Schemes
Motor insurance is legally mandatory and financially prudent. Union Bank’s general insurance partners offer quick policy issuance, often instantly via the Vyom app.
UBI Motor Insurance Options
Here is the list of motor insurance schemes provided by Union Bank of India:
| Product | Partner | Core Benefits | Add-Ons |
| Private Car Package | Bajaj Allianz / Chola | OD + Third Party | Zero Depreciation, Engine Protect |
| Two-Wheeler Long Term | Bajaj Allianz | 3-Year TP + 1-Year OD | Roadside Assistance |
| Commercial Vehicle | Chola MS | Fleet coverage | Legal Liability to the Driver |
Sample Premium Calculations of Motor Insurance are as follows
| Vehicle Type | Plan | Annual Premium (₹) | Notes |
| Compact SUV | Comprehensive | 14,500 | Includes Zero Dep |
| 150cc Bike | Comprehensive | 1,800 | Standard IDV |
| Sedan (5 yr old) | Third Party Only | 3,400 | Govt-mandated rate |
Home & General Insurance Coverages by UBI
Your home is likely your biggest asset. Union Bank offers property insurance to cover structures and contents against fire, theft, and natural disasters. This is particularly vital for home loan borrowers.
The Home & General Insurance Plans
Here is the list of home and general insurance plans offered by UBI:
| Product | Partner | Coverage Focus | Best For |
| Bharat Griha Raksha | Bajaj Allianz | Structure + Contents | Homeowners |
| Shopkeeper’s Policy | Chola MS | Stock + Cash in Safe | SME Business owners |
| Burglary Insurance | New India Assurance | Theft & Housebreaking | High-value inventory |
Sample premium calculations – Home Insurance
| Property Value | Plan | Annual Premium (₹) | Coverage |
| ₹50 Lakh | Structure Only | 2,500 | Fire & Allied Perils |
| ₹1 Cr | Structure + Contents | 6,800 | Full asset protection |
Related Read: Loan Against Insurance Policy
UBI Travel Insurance Products
Whether for leisure or business, travel insurance covers medical emergencies abroad and trip cancellations. Union Bank offers these through its general insurance partners.
Travel Insurance Plans by Union Bank of India
Union Bank of India provide the following travel insurance plans:
| Product | Partner | Key Benefits | Ideal For |
| Travel Prime | Bajaj Allianz | Medical + Baggage Loss | International tourists |
| Student Travel | Chola MS | Study interruption cover | Students abroad |
| Corporate Travel | New India | Multi-trip annual cover | Frequent flyers |
How to Buy Union Bank Insurance
Union Bank has digitised the buying journey. While branches provide human assistance, the Vyom app offers the fastest route for standardised products.
Step-by-Step Guide: Buying via the Vyom App is as follows:
- Login & Navigate: Open the Vyom app and tap on the ‘Insurance’ icon located under the ‘Invest & Insure’ dashboard.
- Select Category: Choose your required category (Life, Health, or General) and select the specific partner (e.g., SUD Life, Bajaj Allianz, or Care Health).
- Input Details: Enter relevant data—vehicle registration number for motor policies, or age and sum assured for health/life plans.
- Review Quote: The system generates an instant premium quote. Review the coverage limits, deductibles, and selected add-ons carefully.
- Instant Issuance: Authorise the payment using your transaction PIN. The premium is auto-debited from your savings account, and the policy PDF is emailed to you instantly.
Note: For high-value term insurance or investment-linked plans, we recommend visiting your home branch to consult the insurance desk for a detailed suitability analysis.
UBI Insurance Purchase & Servicing List:
| Channel | Best Use | Notes |
| Branch (Forex/Ins Desk) | Life & High-value Health | Personalised need analysis |
| Vyom Mobile App | Motor & Travel | Instant policy PDF generation |
| Net Banking | Renewals | Payment history tracking |
| Call Center | Claims assistance | Initial guidance only |
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Policy Servicing: Status, Downloads & Claims
After purchase, managing the policy is crucial. Customers can check policy status and download e-policy PDFs directly through the insurer’s portal or the Vyom app.
Servicing Tools provided by UBI Insurance are as follows:
| Service | Access | Requirement |
| Claim Intimation | Insurer App / Toll-free | Policy Number + Date of Loss |
| Tax Certificate | Vyom App / Net Banking | Linked account number |
| Cashless Hospital List | TPA / Insurer Website | Pin code search |
Suggested Read: SBI Insurance | HDFC Insurance | ICICI Insurance
Summary & Key Insights
Union Bank of India has successfully transitioned into a one-stop solution for financial protection. By leveraging the Union Bank of India insurance ecosystem, customers gain access to:
- Trust & Stability: Backing of a PSU giant and established insurers like SUD Life.
- Convenience: Integrated payments and view-access via the Vyom app.
- Cost Efficiency: Group rates and low-cost government schemes (PMJJBY/PMSBY).
For the best experience, align your purchase channel with the product complexity. Use the app for motor/travel insurance, but consult a branch expert for high-value life and health planning. Always verify the “active usage” clause for complimentary debit card covers to ensure eligibility.
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