The Hindu Business Line : Bank of Maharashtra in pact with LIC

Pune, Sept. 3 Bank of Maharashtra in association with Life Insurance Corporation of India has launched two products, Maha Suraksha Deposit Scheme and MahaGrih Suraksha scheme. Under the Maha Suraksha Deposit Scheme, deposit holders get life cover under a one-year renewable term insurance plan of LIC of India.

Deposit account holders between 18 and 59 years of age, who opt for the scheme, would be eligible for an insurance cover of Rs 1 lakh on life, at a low premium. The amount of annual premium depends on the age of the optee.

The Maha Grih Suraksha Scheme provides life insurance cover to the housing loan borrowers of the bank through LIC under “Group mortgage redemption assurance scheme” (GMRA). For this, the premium is payable in single instalment and depended on the age at entry of the borrower, loan amount to be covered and the term of loan, it noted.

It also stated that premium is to be paid by the housing loan borrowers and could either be recovered separately from the loanee or the bank can treat the premium payable as a part of the loan. In case of co-borrowers, only the first name of the borrower will be covered. The cover would be available up to 65 years of age. Both these schemes are available at all branches of the bank from September 1, it added.

More Stories on : Fixed Deposits | Public Sector Banks | Life Insurance

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Rupee weakens slightly

ICICI Prudential assets cross Rs 20,000 cr

Insurers to state solvency every six months

Price war hurts Iffco Tokio General

Punjab & Sind Bank IPO likely next fiscal

SIDBI outlay for microfinance

Bond prices rise 20 paise

Educational loans worth Rs 1.54 cr sanctioned

Credit plan for Virudhunagar dist

Call rates close at 6.15%

Bank of Maharashtra in pact with LIC

IRDA in no hurry to lift tariff curbs