New Delhi, Sep. 16, 2005
: IndusInd Bank on Friday announced an agreement
with Life Insurance Corporation of India (LIC) to
offer group insurance to its current and saving account
holders. The scheme is open to all individual account
holders aged between 18 and 54 years maintaining accounts
with IndusInd Bank.
Under the scheme, resident
account holders are eligible for an insurance cover
of Rs one lakh and Non Resident Indians can extend
it to Rs three lakh. IndusInd is the first bank to
offer a cover of Rs three lakh to NRI Saving Accounts
under a Group Insurance Scheme.
''It is a value added facility for our account holders
that provides insurance cover at a concessional premium
as compared to normal insurance cover. The features
of this product blend well with our service philosophy,''
IndusInd Bank Managing Director Bhaskar Ghose said.
LIC Managing Director K Sridhar said, ''The tie-up
with IndusInd Bank is in line with LIC's continued
focus on bancassurance. LIC is taking all steps to
reach out to people not only through individual insurance
but also through group products like this scheme for
account holders of banks.''
