New insurance scheme launched by coop bank

Shimla, August 20

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The Himachal Pradesh State Cooperative Bank has introduced a scheme to provide “personal accidental insurance cover” of Rs 30 lakh through SBI General Insurance Company for its key customer segments, including Kisan Credit Card (KCC) holders, salary account holders, Sapno Ka Sanchay Deposit Scheme and Sashakt Mahila Rin Yojana customers.

In a press statement, Chairman Davender Shyam said these customer segments were crucial for the bank and drive its business.

He said the plan was rich in features and available to any bank customer aged 18-65 (entry age), except salary account holders. “The coverage under this policy will be in addition to any other personal accident policies the insured may have with SBI General or any other Indian general insurance companies” said the Chairman.

In the event of an insured accident, the policyholder can claim from all insurers under all policies. The company will pay the insurance amount for injuries resulting in immediate or eventual loss of life caused by an accident, provided the loss occurs within 365 days of the incident as described in the policy.

“The payment will be made after deducting any amounts paid or due under the policy’s permanent total disability section if the coverage results from the same accidental risk,” he said. Managing Director Shravan Manta said this insurance scheme will benefit lakhs of customers associated with the bank.

“In case of an untimely death of a borrower, the insurance amount will help the family with loan repayment,” he added.

He added that the scheme was available at a very nominal premium — it is Rs 25 per lakh per annum for KCC holders, Sapno Ka Sanchay Deposit Scheme and Sashakt Mahila Rin Yojana customers, while it is Rs 1,636 per annum for salary account holders.