State Bank of India (SBI
) in association with its general insurance arm, SBI General Insurance
, has provided personal accident cover
to over 7 million SBI account holders across India.
According to the company release, the personal accident insurance provides for a cover of Rs 4 lakh against any unfortunate event of loss of life due to an accident. The personal accident insurance cover is available exclusively for SBI's Saving Bank Account Holders against a payment of Rs.100. The account holders have to fill a simple form to enrol for the Insurance.
"We take deep satisfaction in providing Personal Accident Cover to over 7 million Account holders of SBI during this short span of about 10 months. This product provides the much needed immediate support to the accident victim account holder’s family. This product is now being extended to the account holders of SBI’s Associate Banks. Our aim is to extend the cover to 10 million account holders by March 2013," said SBI Chairman, Mr.Pratip Chaudhuri said
Bhaskar Sarma, MD & CEO, SBI General Insurance added that the policy has also helped them in expanding their foot prints to nearly 14,000 branches of SBI and achieve nearly 19% of premium
income from the rural sector.