Bank Insurance for Accidental Death

POSTED BY Kirubhakaran Sundarrajan ON June 8, 2013 7:41 pm COMMENTS (6)

Hi,

Just a small query, is there any other “Insurance Policy” clubbed with Saving Accounts of Banks, like provided by SBI???

If yes, should I open account in those banks just to avail this insurance, will they honour the claims????

P.S – I already have adequate Term insurance, this is for additional value and to recommend to my friends…

6 replies on this article “Bank Insurance for Accidental Death”

  1. Dear Vksnathan, please check with Bharti Axa also. Under gold plan, the maimum SA is 20L for death & 30L for PTD.

    Thanks

    Ashal

  2. vksnathan says:

    This relates to my personal search for a personal accident insurance policy.

    I found that most of the PSU Insurance companies restrict the coverage amount based on your salary.Even for a Salary of 12 Lakhs / annum I found that the maximum coverage offered is only 10 lakhs.This is the case even for Bajaj Alliance.

    It looks like only a very few insurers offer a large coverage amount for Personal accident policy.I have currently contacted Tata AIG in this regard and still waiting for a response from them.

  3. Dear K Sunder, do you really see any benefit? Please do note for an imaginary situation there are 10 banks & al banks are offering cover like this, there ‘ll be around 50L Rs. sum assured at your family’s disposal. Sounds great! Really?

    Who is going to claim if happens at all? Your family. Now that’s where the problem starts. Your family ‘ll haveo to contact 10 insurers from banks + your own personal term cover insurers.

    Rest is clear to you now, I hope. 🙂

    thanks

    Ashal

    1. Kirubhakaran Sundarrajan says:

      Actually I have my own Term, Health & Accidental cover for adequate sum…

      Certain PSUs like SBI, Andhra Bank, Syndicate bank are providing these 1 Lakh cover for a meagre 200rs premium.

      Is there any other banks, financial institutions giving group insurance like I stated above
      Whether to opt for it as a additional cover?

      Thanks..

      1. Dear K Sunder, other banks are also offering such low prem. low sum assured group covers like IOB. But think from the claim settlement point also, as I mentioned in my prev. reply.

        thanks

        Ashal

  4. The additional value provided by such group insurance policies (for which you need a bank account) is nearly zero. If I am not wrong the SBI one has a 4 lakh limit? when typical term insurance covers for a person with a family is close to or above a crore what do you intend achieve with such a policy? Ones networth will be close to 4 lakh by the time they hit mid 30s if they have even small bit of discipline in investing.

    if you want to add value to term cover get a accidental insurance cover from a psu general insurer.

    Stay away from this one.

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