1. SBI Life ??? Life Insurance Policies.
2. United India Insurance Co., _ General Insurance Policies.
Some of the attractive insurance policy schemes of SBI Life are as under:
Objective :
To protect against the risk of death due to any reason during the tenure of the loan. The scheme will be operated as a group insurance scheme at all branches of Kaveri Grameena Bank.
Persons Covered:
1. Housing Loan borrowers in the age group of 20 to 60 years
2. In good health and not suffering from any serious illness
3. Opts for the scheme and sign the consent letter
SUM Insured: Equal to the outstanding loan amount including the interest up to the maximum amount .
Benefits: in the event of death of the insured person due to any cause, the sum assured would become payable to the branch.
Period: the terms of the insurance cover is equal to the tenure of the loan, subject to a maximum age of 70 years.
Periodicity of Premium: Single premium payable in advance.
SBI Life Super Suraksha ??? Group Insurance Scheme:
Objective: To extend life insurance coverage at a relatively low cost.
1. Persons covered: All the depositors and borrowers who have attained the age of 18 years and up to the age of 50 years, which will terminate on the life insured attaining the age of 55 years.
2. Those above 40 years would be charged a differential premium.
3. Sum assured will vary based on age.
4. Nomination is compulsory.
The cover ceases when a member withdraws from the scheme or fails to pay renewal premium.
Coverage: A member of the Group Insurance scheme has two options for life cover.
1.Sum assured Rs 25000/-
2.Sum assured Rs50000/-
Premium will be recovered yearly on a fixed date called payment date. At the time of joining, premium is recovered on prorate basis up to the next premium payment date.