India's largest lender- State Bank of India's subsidiary, State Bank of Hyderabad (SBH) will offer personal accident insurance policy to all its savings account holder.
The savings account holder will have to pay a nominal annual premium of Rs 100 to avail a policy cover of Rs 4 lakhs. SBH in collaboration with SBI General Insurance Company Limited launched a group personal accident insurance policy.
State Bank of Hyderabad has a network of 1500 branches and 1500 ATMs across the country.
Any Indian resident aged between 18 years and 65 years having an account with State Bank of Hyderabad can buy the policy. The policy coverage is restricted to death on account of accident only. The accident policy can be renewed by submitting the renewal form and fee of Rs 100. The policy also comes with the nomination facility, said a bank release.
The saving account holder will have to visit SBH branch and fill up a form that will allow deduction of Rs 100 from the account. The policy documents will be delivered to the policy holder's account within few days.