State Bank of India's subsidiary, SBI General Insurance has provided personal accident to around 7 million State Bank of India account holders across India, said the company on press release.
The personal accident insurance will provide cover of Rs 4 lakh in an unfortunate loss of life due to an accident. The personal accident insurance is only available for State Bank of India's saving account holders against a payment of Rs 100. The account holder will just have to fill a simple form to avail the insurance.
"This product provides much needed immediate support to the accident victim account holder's family. This product is now being extended to account holders of SBI's associate banks. Our aim is to extend the cover to 10 million account holders by March 2013," said Mr. Pratip Chaudhuri SBI Chairman.
"The policy has also helped us expand our footprint to nearly 14,000 branches of SBI and achieve nearly 19 per cent of premium income from the rural sector," said Bhaskar Sarma, MD & CEO, SBI General Insurance.