Our Bureau

Chennai, Feb. 27

AMP Sanmar Life Insurance Co Ltd and Tamilnad Mercantile Bank have tied up to launch a scheme that bundles a life insurance cover with a recurring deposit scheme that the bank will launch.

Officials of AMP Sanmar and the bank signed an agreement to this effect on Saturday.

Under the scheme - Siranjeevee Recurring Deposit Scheme - a life cover will equal the maturity value of the deposit, in addition to the accumulated deposit amount, according to officials of the two companies.

They told a press conference that 55 years would be the upper age limit for joining the scheme in which the deposit amounts could be as low as Rs 100 a month.

The bank hoped to get about 50,000 accounts in the first year of the scheme, which will be launched in March. The premium will be Rs 413.25 for a sum assured of Rs 1 lakh. In case the depositor dies during the deposit period, the scheme will offer repayment of the deposit amount and also the assured insurance amount.

(This article was published in the Business Line print edition dated February 28, 2005)
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