SBI to discontinue free accident cover from 1 July

India Infoline News Service | Mumbai |

In case of accidental death of any Home/Car loan borrower on or before July 1, 2013, claims may be lodged for the outstanding amount in the loan account subject to the terms and conditions mentioned in Master Policy

State Bank of India (SBI) will discontinue a free accident insurance cover provided to its home and car loan customers from July 2013.

The complimentary group personal accident insurance cover (death only) for home and car loan customers will be discontinued on the expiry of current Master Policy on July 1, 2013, SBI said in a notification to its customers.

"Hence, in case of accidental death of any Home/Car loan borrower on or before July 1, 2013, claims may be lodged for the outstanding amount in the loan account subject to the terms and conditions mentioned in Master Policy," SBI said.



 

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