Date:03/12/2005 URL: http://www.thehindubusinessline.com/2005/12/03/stories/2005120302690600.htm

Back Indian Bank ties up with LIC to offer customers 4 products

Our Bureau

Chennai , Dec. 2

INDIAN Bank, in association with Life Insurance Corporation of India (LIC), has launched four insurance products for its account holders - the IB Jeevan Kalyan, a life insurance policy for all customers; IB Griha Jeevan for home loan borrowers; IB Jeevan Vidya for students who have taken educational loans; and IB Insured RD for recurring deposit holders.

Apart from this, Indian Bank also launched three new savings bank accounts with free insurance cover, a silver bank account with a minimum balance of Rs 5,000, a gold account with a minimum balance of Rs 10,000, and a platinum account with a minimum balance of Rs 25,000. For the platinum account holders in the age group between 18 and 45 years, an additional life insurance cover for Rs one lakh will be provided.

Mr R. Venugopal, Executive Director (Pension and Group Schemes), LIC, said that these policies cover all people between the ages of 20 and 60. He said that the south zone was a good market for LIC, and the target for the year has been achieved - 3.48 lakh people as opposed to the target of 3 lakh, with a premium income of Rs 208 crore as of November 15, 2005.

Mr B. Sambamurthy, Executive Director, Indian Bank, said that coalition economics would be the future of the financial sector. He said that there would be more of these alliances in the near future, in the area of capital market services. He said that the idea was to provide all financial products - insurance, loans and investment consultation under one roof.