SBM launches life insurance for depositors

Bangalore, Oct 12 (UNI) The State Bank of Mysore (SBM) in association with SBI Life Insurance Co Limited (SBI Life) today announced the launch of Super Suraksha Group Insurance Scheme for its depositors.

Speaking to newsmen here, SBM CEO and Managing Director P P Pattanayak said the bank, which had been constantly bringing value added services to its customers, was rolling out 'Mybank Surakshana' life insurance cover free of cost to depositors.

Under the scheme, which was open to all customers in the age group of 18 and 55 who deposit Rs 50,000 and multiples thereof, would be covered.

''In case of any unforeseen circumstances, the depositor's nominee will not only receive the deposit amount but also the sum assured under the scheme,'' he said.

Outlining the features of the scheme, which was being introduced for the first time, Mr Pattanayak said eligible depositors can avail insurance cover from SBI Life without any medical examination. The cover would be available for one year and may be renewed thereafter.

Terming it as an 'unique product,' Mr Pattanayak said the majority of people in the country were still out of the ambit of any insurance coverage.

'This insurance cover is directly linked to the deposit amount with a minimum sum assured of Rs 50,000 and a maximum sum assured of Rs five lakh. In the event of the depositor's death, the sum assured will be payable to the legal heir of the customer,'' he added.

SBM, the only bank in Karnataka with all its branches networked, had set a target of crossing the Rs 50,000 crore mark during this fiscal.

The bank had surpassed Rs 40,000 crores business milestone graduating from small size to medium size bank, he added.

SBI Life Managing Director and CEO U S Roy said the innovative product was demonstration of 'Integrated Bancassurance' approach adopted by SBI Life.

''This is a step towards developing Life Insurance Solutions complimenting banking products enabling ease of sales to our business partners and convenience to customers,'' he added.

UNI