SBI to launch mediclaim facility soon

India’s largest lender State Bank of India (SBI) will soon launch mediclaim and accidental insurance facility for its savings bank account holders over nominal charges.

The scheme is likely to be launched in January or February 2012, SBI chairman Pratip Chaudhary said here on Tuesday.

“We are holding a meeting of SBI general managers in Lucknow, wherein the contours of the insurance scheme would be given a final shape before it is launched in New Year,” he told to reporters here this evening. He, however, said the scheme would be almost 50 per cent cheaper than the prevailing mediclaim and accidental insurance policies in the market. Earlier, SBI had submitted proposal to the Centre to raise Rs 20,000 crore through rights issue.

The bank requires funding for its growth plans in near future.

During his Lucknow visit, Chaudhary will formally launch the defence banking branch and unveil ‘Bank on Wheels’ under financial inclusion.

Source: Business Standard