State Bank Of India
0.00 (0.00%) SBI to discontinue free accident cover for loan customers from July 1
Date: 10-04-2013State Bank of India (SBI), the country’s largest bank will discontinue the complimentary group personal accident insurance cover (death only) given to its home and car loan customers from July this year on expiry of current Master Policy. The bank didn’t mention the reasons for scrapping the complimentary cover.
In case of accidental death of any Home/Car loan borrower on or before July 1, 2013, claims may be lodged for the outstanding amount in the loan account subject to the terms and conditions mentioned in Master Policy.
The home and car loan borrowers, who do not have any insurance cover for their loan liabilities, may opt for the policies being offered by SBI General Insurance Company, a joint venture between the State Bank of India and Australia's leading general insurance provider Insurance Australia Group (IAG).