SBM launches Life Insurance for Depositors

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

Speaking to newsmen SBM CEO and Managing Director P P Pattanayak said that the Bank, which has been constantly bringing value added services to its customers, is rolling out 'Mybank Surakshana' Life Insurance cover free of cost to Depositors.

He said that under the scheme which is open to all customers in the age group of 18 and 55 who deposit Rs 50,000 and multiply there on would be covered life risk. "In case of any unforseen circumstances Depositor's nominee will not only receive the deposit amount but also receive the sum assured amount under this scheme".

Outlining the features of the scheme, which was being introduced for the first time, Mr Pattanayak said that depositors eligible for 'Mybank Surakshana' scheme can avail of insurance cover from SBI life without any medical examination which would available for one year and would be renewal thereafter.

Terming the launch of new service as an 'Unique product" Mr Pattanayak said that majority of the people in the country were still out of the ambit of any Insurance coverage and protection for life risk.

He said that 'this insurance cover is directly linked to the deposit amount, with a minimum sum assured of Rs 50000 and a maximum sum assured of Rs five lakhs and in the event of death of the insured depositor while covered the sum assured will be come payable to the legal heir of the customer". The SBM the only bank in Karnataka having all its branches networked has set a target of crossing the Rs 50,000 crore mark during this fiscal. The Bank has surpassed Rs 40,000 crores business milestone graduating from small size to medium size bank, he added.

Mr U S Roy, Managing Director and CEO, SBI Life, who was also present, said that the innovative product introduction was a 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 out business partners and convenience to customers", he added.


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