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Canara Bank to launch life insurance scheme

The cover is extended without any medical test

August 23, 2012 5:04 IST | India Infoline News Service
Public sector bank Canara Bank said it will launch Canara Freedom Suraksha, a life insurance cover of Rs. 1 lakh for all its savings bank customers as a value-added service at a very nominal premium, the bank said in a statement.

AK Gupta, executive director, Canara Bank, said the facility is being launched in association with its joint venture company Canara HSBC Oriental Bank of Commerce Life Insurance Company. The cover is extended without any medical test and merely on a declaration of good health by customers and covers both natural and accidental death, he said.

The annual premium rates (inclusive of service tax) are Rs. 177, Rs. 366 and Rs. 988 for age groups of 18-35, 36-50 and 51-59, respectively, the statement said.

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