Staff Correspondent

Personal accident insurance cover of Rs. 1 lakh

The scheme covers all individual savings bank account holders from the age of five onwards

The accident benefit is available at a monthly cost of 84 paise only

Udupi: The Deputy General Manager of Syndicate Bank, Sujir Prabhakar, on Tuesday said that the bank had recently launched a new group insurance plan, in association with the United India Insurance Company Ltd. (UIICo), for all savings account holders as a value addition, to provide personal accident insurance cover of Rs. 1 lakh by collecting a nominal premium of Rs. 10 per year per account.

Addressing presspersons here, Mr. Prabhakar said that this plan would benefit all section of savings bank account holders, particularly the low income group of customers of rural, semi-urban, and urban areas, who did not have access to such policies at such a low premium.

This policy would be in addition to all other existing policy benefits taken by the customer.

No age limit

The scheme would cover all individual savings bank account holders from the age of five years onwards (there is no upper limit).

In case of joint account holders, it would be available in proportionate to the sum assured, depending on the number of account holders. The plan extends cover of Rs. 1 lakh with maximum sum assured of Rs. 5 lakh for multiple accounts.


In the event of death due to accident, the UIICo would pay a sum of Rs. 1 lakh to the nominee of the deceased.

The risk would be covered against death due to accident in road, rail, air, fire, bomb blast, house collapse, electrocution, earthquake, drowning, biting of snakes, insects, and so on.

In case of injury due to accidental cause, risk would be covered if death happens within six months from the date of accident, provided sole and direct cause of death is related to the accident. However, normal death due to sickness or any other normal cause, and suicide, would not be covered.

Sign of success

Within a month of launching of the scheme in this region, the UIICo had settled three claims within this short a period through the Syndicate Bank.

“We appeal to the public to open SB accounts for every member of the family to avail the accident benefit insurance cover at a monthly cost of 84 paise,” Mr. Prabhakar said.

Assistant General Manager of the Syndicatebank, H. Vasanth Nayak, Chief Managers Hemanath Bhide and A.S. Chandrashekhar were present on the occasion.