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Our Bureau

Kochi , Feb. 4

SOUTH Indian Bank, in association with ICICI Prudential Life Insurance Company, has unveiled a life insurance policy for its customers called SIB Suraksha.

ICICI Prudential has offered a one-year renewable group term insurance scheme exclusively for the customers of the bank. For a normal healthy bank customer in the age group of 18-35, the premium for a policy of Rs 1 lakh is Rs 215. According to the insurance company, this is the lowest premium for such a cover in the life insurance market. Life insurance cover will also be available to all bank customers up to the age of 55 years by paying a higher premium.

"I am happy that Indian insurance companies have solemnly undertaken to insure all the citizens of the country up to the age of 55 years as part of their commitment to the society. This is also part of the various steps taken by the bank to offer value-added services to its customers," Mr A. Sethumadhavan, Chairman of the bank, said in his presidential address.

At a function held at Thrissur, Ms Shikha Sharma, MD and CEO of ICICI Prudential, handed over the master policy of SIB Suraksha to Dr V.A. Joseph, Executive Director of the bank. "SIB Suraksha is the first specific bancassurance product launched by ICICI Prudential and marks the commitment that we have with South Indian Bank, its customers and our bancassurance partners," Mr Binayak Dutta, Head of Alternative Distribution, ICICI Prudential said.

More Stories on : Life Insurance | Private Banks

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