Hello All,
Wanted to share this information with you all:
SBI has recently launched a Personal Accident Insurance policy for its Savings Account holders wherein each account holder can avail such a policy of 4 Lakhs for a nominal annual premium of Rs.100. The insurance provider is SBI General.
The process is quite simple: you need to visit your SBI branch and fill up a form that will permit them to deduct Rs.100 from your savings account. Within a couple of days the policy document (which is a nothing but a single sheet of paper) and a receipt for the paid premium can be collected from the branch. While collecting the same, you need to fill up the nominee details on this policy document. For me the entire process took just two days.
From what I found out as of now there is no provision of availing this policy using SBI’s online banking. Even for policy renewal you need to visit the branch, but hopefully that will change in a year.
The SBI General website has the product brochure. But their site is not working right now so I have put up these documents here:
Product Brochure => http://goo.gl/TJNNJ
Policy Wording => http://goo.gl/EOCd5
Regards!