BoM, United India Insurance enter JV

Pune, May 18 (UNI) Bank of Maharashtra today entered in an agreement with United India Insurance Company to offer cover for health and property under its Bancassurance and Mahabank Swasthya Yojana (MSY).

The new scheme's feature is that it covers the entire family.

Parents are also included by paying extra premium. No medical examination is necessary to subscribe to this scheme.

Under the scheme, insurance cover is available at a nominal yearly premium of Rs 931 for a policy of Rs 50,000 under 1+3 scheme and Rs 1571 for a policy of Rs 50,000 under 1+5 scheme. These rates are special as they cover a group. The premium is only one-third as compared to that of regular mediclaim policy.

To subscribe to the policy, one has to be an account holder of the bank. The policy can be availed from any of the bank's more than 1300 branches spread across the country. The policy under Life Insurance Corporation will be available at the branches shortly.

The spread in respect of age limit is vast from 5 years to 65 years, which can further be extended upto 80 years only on renewals.

The sum insured ranges between Rs 50,000 and Rs five lakh in multiples of Rs 50,000. The policy holders are eligible for tax exemption under section 80-D of Income Tax Act.

B K Piparaiya, General Manager (Risk Managment and Planning), who highlighted the features of the Bancassurance and Mahabank Swasthya Yojana scheme, said that this would go a long way for the benefit of the family members of the saving bank account holders, a release stated.

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