Bank of Maharashtra and Life Insurance Corporation of India have together unveiled two products, Maha Suraksha Deposit Scheme and MahaGrih Suraksha scheme. Under the Maha Suraksha Deposit Scheme, deposit holders get life cover under a one-year renewable term insurance plan of LIC of India. Deposit account holders between 18 and 59 years of age, who opt for the scheme, would be eligible for an insurance cover of Rs 1 lakh on life, at a low premium. The amount of annual premium depends on the age of the optee.
The Maha Grih Suraksha Scheme provides life insurance cover to the housing loan borrowers of the bank through LIC under Group mortgage redemption assurance scheme (GMRA). For this, the premium is payable in single instalment and depended on the age at entry of the borrower, loan amount to be covered and the term of loan. It also stated that premium is to be paid by the housing loan borrowers and could either be recovered separately from the loanee or the bank can treat the premium payable as a part of the loan. In case of co-borrowers, only the first name of the borrower will be covered. The cover would be available up to 65 years of age. Both these schemes are available at all branches of the bank from September 1.
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