India’s largest bank State Bank Of India (SBI) will discontinue a
free accident insurance cover given to its housing and car loan customers from
July, 2013.
In a notification to its
customers, the SBI said the complimentary group personal accident insurance
cover (Death only) for home loan and car loan customers will be discontinued on
the expiry of current Master Policy on July 1, 2013.
“Hence, in case of accidental
death of any Home loan / Car loan borrower on or / before July 1, 2013, claims
may be lodged for the outstanding amount in the loan account subject to the
terms & conditions mentioned in
Master Policy,” SBI said.
The SBI, however, did not
mention the reasons for scrapping the complimentary cover.
SBI said that its home loan
and car loan borrowers, who do not have any insurance cover for their loan
liabilities, may opt for the policies being offered by SBI’s insurance venture.
Now, SBI General Insurance
Company Ltd is offering an accident insurance cover of Rs 4 lakh for SBI’s
savings bank account holders for an annual premium of Rs 100.
Earlier this year (2013), SBI
had said it provided personal accident cover to above 70 lakh of its account
holders across the country in association with SBI General Insurance.
SBI General Insurance Company
is a joint venture between the SBI and Australia’s leading general insurance
provider Insurance Australia Group.
No comments:
Post a Comment