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IOB offers insurance cover to customers
CHENNAI:
Indian Overseas Bank has launched `IOB Jeevan' scheme under which all its customers (savings/current/deposit account holders and also borrowers) will get life insurance cover for Rs. 1 lakh renewable on an annual basis, at a nominal premium. Open to account holders in the age group 18-55, the scheme is being launched in collaboration with LIC of India. Additionally it provides personal accident insurance cover for Rs. 1 lakh. The premium paid under this group insurance scheme is eligible for benefits under Sec. 80C of the Income Tax Act and the insurance cover is available by merely signing a consent letter and no medical examination is required, according to a bank release.
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