Student Edition   Industry Edition  
 
Insurance cover for IOB's NRI customers

To cater to NRI customers, Indian Overseas Bank (IOB) has introduced an insurance cover in tie-up with United India Insurance Company whenever they visit the country along with the family.

As one more product in a series of initiatives of the bank to ramp up its range of retail services, NRI Shield for a nominal premium that starts from Rs 250 provided a sum assured of Rs one lakh which goes up to Rs 50 lakh, the range of cover included personal accident, permanent and partial disability, medical benefits due to accident, loss of baggage and delay in receiving checked-in baggage and loss of passport.

While Plan A covered personal risks and loss of belongings with full sum assured, the Plan B dealt with health insurance with access to cashless account for treatment expenses at a chain of Indian hospitals. 'While the accident cover and health insurance are restricted to 180 days in a year when the NRIs visit the country, the fire and other allied cover for NRIs' property are available for one year from the date of cover,' said Asoka Chatterjee, general manager, IOB.

NRIs could opt for health insurance too for additional premium. Under the health cover, treatment in super speciality hospitals or other networked hospitals in India for NRI family consisting of account holder, spouse and two dependent children was offered, while the sum assured ranged from Rs 50,000 to Rs 5 lakh. An account holder entering the scheme before completing the age of 65 years, could renew the policy till the completion of 80 years. Apart from hospitalisation for illness, accident and surgery, the cover provided for maternity benefits and baby care and cost of health check up after 3 continuous claim free years, subject to certain limits and conditions. 'The bank is trying to reach out to NRI customers as part of its initiatives in retail services with a slew of new products made available to domestic customers,' Chatterjee said.

M K Garg, chairman and managing director, United Indian Insurance, said the NRI Shield aimed would bring value-addition to customers and 'no other insurance company or bank have come together to offer such a product in the country, catering specially to NRI customers.'

Later, talking to newsmen, T S Narayanasami, CMD, IOB, said the bank's forex income has touched Rs 30,450 crore for the year 2005-06 and in the coming months more retail products to cater to the varied requirements of domestic customers would be launched. 'The short term interest rates which were stiff, are bound to settle down to original levels, as they can't be let to remain high,' he said.

 

(http://newstodaynet.com)

 
Trends | Archives | Current News

© Amity Edumedia. All Rights Reserved.
Powered By AKC Data Systems (India) Pvt. Ltd.
Private Policy | Disclaimer