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1. Star Flier Scheme:
The Bank has built in a free personal air accident insurance cover upto Rs. 5.00 lakh to all individual Diamond SB customers who maintain an average quarterly balance of Rs.1.00 lac and more in their savings bank account.
2. Other Products offered at specially reduced rates to BOI Customers
(A) Domestic Travel Insurance:
A comprehensive insurance scheme covering loss of life, hospitalisation and personal baggage while travelling on any public mode of transport – Rail/Road is available for the Bank of India account holders.
The premium payable by the customer is Rs.56/- p.a. (Excl. Service Tax). The maximum cover available is Rs.1 lakh.
Individual policy will be issued to customers by National Insurance Company Limited.
Policy is renewable every year.
(B) Health Insurance Scheme
BOI National Swasthya Bima* is Family Floater Mediclaim Insurance Cover exclusively devised for all customers of Bank of India.
The coverage is for the Account Holder, Spouse and Maximum of 2 Dependent Children, upto the age of 21 years.
Entire family (Account holder, his/her spouse and their two dependent children upto the age of 21) is covered to the extent of sum insured in as much as part of the sum insured can be availed at different times by family members.
Premium is lower than those available in the market since policy is issued on group basis – Group of Bank of India customers.
3. Insurance cover offered alongwith other Loans/Products
A. Free built in Personal Accident Insurance Cover to Star Home Loan borrowers, Agricultural Borrowers & Credit Card holders.
B. Home Loan Assurance Scheme (Optional :
Bank of India has a group insurance scheme in tie-up with ICICI Prudential Life Insurance Company Limited for Star Home Loan borrowers.
The objective of the scheme is to provide financial security to the dependents of the insured Star Home Loan borrowers in case of any unexpected eventuality.
In such an event the insurance company assumes the responsibility to pay the Bank the sum assured so that the dependents of the insured borrower(s) are spared from financial hardship and insecurity.
This is a single premium term insurance cover for home loan.
The insurance cover is an optional facility exclusively available to our Star Home Loan borrowers for a low premium.
C. Educational Loan Insurance Scheme (Optional) :
In order to protect the interest of the student and their parents, an optional life insurance scheme at very competitive rates is available where the premium is also funded as a component of loan.
The insurance cover will be for the duration of course + moratorium + repayment period.
In the event of untoward incident involving the student or the parent, the insurance company will repay the outstanding loan amount to the Bank.
If there is any surplus, the amount will be paid to the nominee.
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