Mumbai: State Bank of India on Monday said it has provided personal accident cover to over 7 million of its account holders across the country in association with SBI General Insurance.
"We take deep satisfaction in providing personal accident cover to over 7 million account holders of SBI during a span of about 10 months," SBI Chairman Pratip Chaudhuri said in a release issued here.
"This product provides immediate support to the accident victim account holder's family. It 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," he added.
The personal accident insurance provides for a cover of Rs 4 lakh against loss of life due to an accident.
The cover is available exclusively for State Bank of India's Saving Bank Account Holders against a payment of Rs 100. The account holders have to fill a simple form to enroll for the insurance.
"SBI's account holders see a great value in this personal accident cover and have adopted it overwhelmingly. The policy has also helped us in expanding our footprints to nearly 14,000 branches of SBI and achieve nearly 19 percent of premium income from the rural sector," SBI General Insurance Managing Director CEO Bhaskar Sarma said.
SBI General Insurance Company is a joint venture between the State Bank of India and Australia's leading general insurance provider Insurance Australia Group (IAG).