Peerless General Finance & Investment Ltd (PGFIL) today launched its first insurance-linked savings product targeted at expanding its existing four crore customer base with its alliance partner Iffco-Tokio General Insurance Ltd (ITGIL).
A company holding Rs 8,000 crore in public deposits, PGFIL's three-year fixed deposit scheme will now offer free critical illness and accidental death insurance cover through four options titled silver, gold, platinum and royale.
PGFIL chairman D N Ghosh said the scheme would give "customers the confidence that the products they choose meet their present and future requirements" besides extending the company's reach.
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The scheme was part of PGFIL's drive to emerge as a single-stop financial supermarket offering owned or marketed products that satisfied every customer need.
The company expects the product to be a hit with the customers owing to its diversified benefits.
"It would also help field workers enhance their income and bring more skilled people into our field force," said managing director S K Roy.
Depositors will not be required to undergo medical examination and would receive a Peerless savings card along with facilities such as premature withdrawal, loans, nomination and withdrawal in cash or cheque. Insurance cover would be paid promptly after diagnosis of any critical illness, ITGIL sources said.