The Hindu : Business : IOB launches insurance product for NRIs

Online edition of India's National Newspaper
Wednesday, Apr 12, 2006

Business

Business

IOB launches insurance product for NRIs

Corporate Reporter

Joins hands with United India Insurance

CHENNAI: Indian Overseas Bank has come out with a new insurance product — NRI Shield — targeted at non-resident Indian customers. Addressing presspersons here on Tuesday, T. S. Narayanasami, Chairman and Managing Director of the bank, said the objective was to provide all conceivable insurance that was required by NRIs and their families when on a visit to India. The premium, which starts from Rs. 250 for a cover of Rs. 1 lakh, goes up to Rs. 50 lakh.

The range of cover includes personal accident, partial and total disability, repatriation of dead body in the event of death, loss of baggage and passport. The insurance cover is available for NRIs when on a visit to India and is restricted to 180 days in a year.

According to M. K. Garg, Chairman and Managing Director of United India Insurance, the NRI customers can enter the scheme before completing the age of 65 years and can renew the policy till the completion of 80 years. Apart from hospitalisation for illness, accident and surgery the cover provides for maternity benefits and baby care, ambulance charges, pre and post hospitalisation period, cost of health check-up after three consecutive claim-free years subject to certain limits and conditions.

To sell gold coins

Later in an informal chat, the CMD of the bank indicated that the bank would be selling gold coins from select branches. The launch was scheduled on April 19, he said. There would be a great demand as many would be willing to buy the coins for their purity, he said.

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