Pay a nominal annual premium of Rs 100 and get a policy cover for Rs 4 lakhs. This is the new offer from the State Bank of Hyderabad to all its savings bank account holders.
The bank with the SBI General Insurance Company Limited has launched a group personal accident insurance policy for its savings bank account holders. The bank has a network of 1,500 branches and 1,500 ATMs across the country.
The policy can be bought by any permanent Indian resident aged between 18 years and 65 years having a SB account with SBH. The coverage is restricted to death on account of accident only. The policy is renewable annually subject to submission of application for renewal and fee of Rs 100/-. Nomination facility is also available, said a bank release.
The account holder needs to visit SBH branch and fill up a form that will permit deduction of Rs 100 from the account. Within a couple of days the policy document will be delivered at the account holder’s address.