Bank of Maharashtra launches schemes along with LIC

PUNE: Bank of Maharashtra (BOM) in association with Life Insurance Corporation of India (LIC) has launched two products-Maha Suraksha Deposit Scheme and Maha Grih Suraksha scheme.

Maha Suraksha Deposit Scheme covers savings, current and term deposits and provides value addition of life insurance for deposit account holders. The deposit holders of the Bankcan avail life insurance cover under a One Year Renewable Term Insurance Plan of LIC of India , a BOM release said on Monday.

The Deposit account holders of the bank between 18 and 59 years of age, who opt for the scheme, would be eligible for an insurance cover of Rs one lakh on life, at a very low premium.

The amount of annual premium would depend on the age of the optee, the release added.

Maha Grih Suraksha Scheme provides life insurance cover to the Housing loan borrowers of the Bank through LIC under "Group Mortgage Redemption Assurance Scheme" (GMRA).

Both the schemes are available at all branches of the bank from September 1, 2007.