IOB launches insurance cover for NRIs

Indian Overseas Bank, along with United India Insurance, has come up with an insurance product which covers the risks that the increasing number of non-resident Indians are facing while they are on a visit to their home country.

This services of the new product named NRI Shield, will be provided for all Indian Overseas Bank customers. The NRI customers, who enter the scheme before completing the age of 65 years and can renew the policy till the completion of 80 years. The premium to be paid starts from Rs 250 for a cover of Rs 1 lakh.

The product's coverage would include personal accident, total disability and partial disability, medical benefits due to accident, ambulance charges, repatriation of dead body in the event of death, loss of baggage and delay in receiving checked-in baggage loss and loss of passport.

The above services are available for the NRIs when they are on a visit to India and are restricted to 180 days in a year. However, the fire and allied cover for NRIs' house property and contents in the house are available for one year.