Sbi account holder avail 4 lakh accidental insurance

CA AYUSH AGRAWAL (Kolkata-Pune-Mumbai) (26986 Points)

29 August 2012  


SBI Account Holder Avail 4 Lakh Accidental Insurance

SBI Accountholders Could Get Personal Accidental Insurance of Rupees 4 Lakhs

State Bank of India, the largest bank of the nation, has recently introduced cheapest accidental insurance of Rupees 4 lakhs for SBI savings bank account holders. Under this insurance scheme, by paying an annual premium of Rs. 100 only every SBI Savings Bank accountholder may avail accidental coverage of Rupees 4 lacs from SBI General insurance provider.

How SBI Launched Accidental Insurance for Accountholders

SBI has launched this scheme with tagline “Your family’s happiness is priceless Protect it”. SBI General’s Group Personal Accident Insurance policy has provided facility to get Rs. 4 lakhs sum assured for an annual premium of Rs. 100/- only. It is issued under the group personal accident insurance master policy issued to SBI covering savings bank accountholders.

How to avail SBI’s Accidental Insurance Scheme

The process to avail SBI’s accidental insurance policy is quite simple.

·           SBI savings bank accountholder needs to visit his servicing SBI branch and has to fill up a form by which accountholder permits SBI to deduct Rs 100/- from his savings bank account.

·           After 1-2 days, the policy document and premium paid receipt could be collected from the Branch. In the policy document so received, the accountholder has to fill up nominee details as well as some other important information. After furnishing the details he/she needs to put a signature in the form.

·           After all formalities are done, the account holder would finally get one copy of the SBI General’s policy document.

This way, Rs 4 Lakhs accidental insurance facility is availed by SBI savings bank account holders.

Key Features of SBI Accident Insurance for Accountholders

The key benefits or features of SBI General’s Group Personal Accident Insurance Policy for SBI account holders are: 
SBI General’s Group Personal Accident Insurance Policy covers,

·           Loss of Life due to accident

·           Disabilities due to accident

Eligibility to buy SBI Accidental Insurance of Rs 4 Lakhs

The Group Personal Accident Insurance Policy can be bought fulfilling the following criteria:

·           He/She must be a permanent Indian resident.

·           He/She must have a savings bank account in SBI.

·           He/She must be aged between 18 years to 65 years.

Sum Assured and Premium for this Policy

The Sum Assured is Rupees 400000/- and the annual premium is Rupees 100/- for SBI Personal Accidental Insurance facility for SBI savings bank account holders.

Scope of cover and Table of Losses for this Policy


The policy pays for accidental death and permanent total disability by sudden accidents.

Table of Losses:


% of Sum Assured

Accidental Death


Under Permanent Total Disablement


(Loss of):


Both hands or both feet


Sight of both eyes


One hand and one foot


Either hand or foot and sight of one eye


Speech and hearing in both ears


Either hand or foot


Sight of one eye


Speech or hearing in both ears


Hearing in one ear


Thumb and index finger of same hand



How this Policy will be Issued

This policy will be issued to State Bank of India’s savings bank account holders, if opted, under the Group Personal Accident Master Policy Number 68100-0000-00 issued to State Bank of India. The SBI account holders can visit nearest SBI Branch for understanding the benefits under this policy.

Should you Avail this Policy

Yes, you must avail this policy. If you are a savings bank account holder of State Bank of India and between 18-65 years of age, you must avail this accidental insurance policy. Think, for rupees four lacks of personal accidental insurance the actual premium charges should be near about Rs. 400/- but SBI provided you this insurance for just Rs. 100/- only. So, you are getting nearly 75% discount in premium amount compared to actual premium charge. I also have my own savings bank account in State Bank of India and have already availed this insurance facility. The whole process completed in 2 days only and I have received my policy document too.

More Information on this Policy

If you need more information on State Bank of India account holder’s personal accidental policy you can call toll free numbers 1800-22-1111 or 1800-102-1111. Alternatively, you can log in to

Hence it is highly recommended for savings bank account holders of SBI to avail personal accidental insurance coverage facility of Rupees 4 lakh as soon as possible by visiting SBI branch. Also, if you have already availed this facility do share about this for the benefit of other savings bank account holders of State Bank of India.