South Indian Bank Ltd (SIB) on Wednesday launched SIB Suraksha, a life insurance product designed for its customers by ICICI Prudential Insurance Company Ltd. | |
| This is part of the corporate agency tie-up that SIB had entered into with ICICI Prudential Life Insurance in May 2002 and is the first specific bancassurance product launched by the later so far. |
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| SIB chairman and chief executive officer A Sethumadhavan said: "Under the scheme, the premium for a life insurance cover of Rs 1 lakh comes to around Rs 215 for a person in the age group of 18-35 years. The comparable premium for a product offering a life cover of Rs 1 lakh in the normal course works out to Rs 815." Under SIB Suraksha, which is a one-year renewable group term insurance product, life insurance cover is also available up to the age of 55 years by paying a higher premium, he added. |
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| At a function held here, the master policy of SIB Suraksha was handed over to the bank's executive director V A Joseph by Shikha Sharma, managing director of ICICI Prulife. |
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| Emphasising that ICICI Prudential's relationship with SIB has been mutually rewarding ever since the said tie-up in May 2002, Shikha Sharma said it has helped in generation of volumes, enlarging penetration and increasing the reach of both the organisations. |
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| As of December 31, 2003, ICICI Prudential had issued over 5,50,000 policies with a sum assured exceeding Rs 13,000 crore and a premium income of over Rs 1,000 crore. The company has a network of nearly 29,000 advisors as well as 11 bancassurance tie-ups, she added. |
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