Chennai, Apr 11 (UNI) In yet another initiative to provide value addition to its NRI customers, the Indian Overseas Bank (IOB) today launched a new insurance scheme - IOB-NRI Shield - in association with United India Insurance (UI).
Launching the product, IOB Chairman and Managing Director T S Narayanasami and UII CMD M K Garg told reporters here the new scheme would cover all existing NRI customers who would be visiting India on payment of a nominal premium of Rs 250 per lakh.
'The scheme aims at providing all conceivable insurance cover that is required by the NRI and family when on a visit to India', Mr Narayanasami said. The range of cover under Plan A, restricted to 180 days a year, included personal accident, total disability and partial disability, medical benefits due to accident, loss of baggage, delay in receiving checked-in baggage and loss of passport.
Under Plan B, the NRI could also opt additionally for Health Insurance cover for additional premimum, which allowed treatment in super-speciality hospitals or any other networked hospitals in India.
IOB had a total of 82.26 lakh NRI account holders as on September 30 last year and was expecting business revenue of Rs five crore.
'We have just started. By virtue of many facilities embedded in the policy, including low premium, it should catch up with other NRIs (those not banking with IOB) and bring them to our fold', he said.
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