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.