Liability Products

IIPM PUBLICATION

1. No-frills S.B. account: In support of the policy of financial inclusion, to enable the poor people who have so far had no access to bank facilities to open bank accounts, the scheme was launched. S.B. account with low minimum balance of Rs.5 can be opened. There is restriction on maximum balance that can be maintained and total amount of credits to prevent its misuse. The account holder is not provided cheque facility, ATM or Debit card facility. Insurance linked value added schemes:


1. IOB-Jeevan: It is a pure term insurance scheme. S.B. and C.D account holders can avail the scheme by paying a very nominal premium. Premium depends on age of the account holder. The insured cover is Rs.1.00 lac for normal death and Rs.2.00 lakh for death due to accident. Renewal will be done every year based on standing instruction by the account holder. The Insurance cover is provided by LIC of India.
   
2. Vidya Suraksha: Students of reputed degree and professional colleges and their parents are provided life insurance and health insurance cover against payment of nominal premium. Premium collected by college and remitted for a group of students. The student may or may not avail educational loan. The scheme developed in tie-up with LIC of India and United India Insur-Ance Co Ltd.
   
3. Vidya Jyothi with Suraksha: The students who take Educational Loan from us and the parents will be provided life cover by LIC of India for which premium is collected upfront which can be recovered along with instalment. In case of death of student or parent, loan outstanding is paid by Insurance company.
   
4. IOB-Health Care Plus: The account holder, spouse and two dependant children are provided Mediclaim insurance Cover for nominal premium. Even parents not more than 65 years of age can be covered for additional premium. The insurance can be renewed till the insured completes 80 years of age. The cover is serviced cashless at network hospitals by Third Party Administrators. Renewal is done by debit to account holder based on standing instructions. Cover is provided by United India Insurance Co ltd.
   
5. Liability Insurance: All retail loans with a residual maturity of 3 years and more can be covered by life insurance of the borrower. The cover is provided by LIC of India. One time premium payable, which depends on age loan amount and period of loan, is payable by the borrower which can be recovered along with Loan instalments. On death of borrower loan outstanding as per repayment terms is paid by insurance company.

For Complete IIPM Article, Click on IIPM Article

Source : IIPM Editorial, 2007

An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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