Karur-based Lakshmi Vilas Bank (LVB) has tied up with Chennai-based Star Health and Allied Insurance Company to offer free accident cover to its savings account holders.
Lakshmi Vilas managing director VS Reddy said the bank would offer the policy to 100,000 savings account holders by September 2009. Customer opting for savings account with a minimum balance of Rs 5,000 will get a cover of Rs 1 lakh and for those with a minimum balance of Rs 10,000, the bank would offer a cover of Rs 2 lakh.
The entire premium will be paid by the bank.
V Jagannathan, chairman and managing director of Star Health and Allied Insurance Company, said the company expected premium of around Rs 40 lakh from the bank.
