Life policy for SBI account-holders

Mumbai: SBI Life has inaugurated Super Suraksha, a group insurance scheme for State Bank of India (SBI) account-holders.

The scheme has been distributed to around 100 farmers from Akluj, a village near Sholapur in Maharashtra, besides term deposit-holders at three branches of the bank in Mumbai.

Super Suraksha offers the policyholder aged between 20 and 60 a life-cover for a sum assured of Rs 50,000 to Rs 1 lakh. The scheme will initially run for five years, renewable every year.

The premium has been pegged at Rs 25 per month for a cover of Rs 50,000 and Rs 50 per month to cover Rs 1 lakh. The cover is double the sum assured in case of an accidental death or permanent disability arising from accidents.

Addressing press persons, SBI chairman Janki Ballabh said once the legislative amendments allowed the sale of insurance products through bank branches, SBIs corporate accounts branches will market housing and insurance products in a big way. These branches have a huge corporate clientele.

SBI Life MD and CEO R Krishnamurthy said: Next on the cards is a group insurance product to cover the banks housing loan customers. SBI Life also plans to cover SBIs large customer-base in small- and large-scale industries. All SBI Life schemes offer a full refund within 30 days.