Bank has entered into an MOU with LIC of India on 27.6.2013, as its Corporate Agent for selling life insurance products through its Branch Network. This tie-up will provide a comprehensive insurance option to our valued customers.
LIC of India, the pioneers in Insurance Industry in India, offer spectrum of policies covering every segment of the society.
SyndicateBank is a corporate agent of LIC of India. The participation by Bank’s Customers’ in insurance product is purely on voluntary basis. Insurance is a subject matter of solicitation.
*Customer education on Life Insurance:
Life Insurance is a financial cover for a contingency linked with human life, like death, disability, accident, retirement etc. Human life is subject to risks of death and disability due to natural and accidental causes. When human life is lost or a person is disabled permanently or temporarily, there is loss of income to the household. Though human life cannot be valued, a monetary sum could be determined based on the loss of income in future years. Hence, in life insurance, the Sum Assured ( or the amount guaranteed to be paid in the event of a loss) is by way of a ‘benefit’. Life Insurance products provide a definite amount of money in case the life insured dies during the term of the policy.
Why you should you buy Life Insurance?:
Life Insurance is needed - To ensure that the immediate family members has some financial support in the event of any unfortunate happening to the earning member and the dependents are not put into hardship.
- To have a savings plan for the future so that a constant source of income is there even after retirement
- To ensure that you have extra income when your earnings are reduced due to serious illness or accident
- To provide for other financial contingencies and life style requirements
Who needs Life Insurance?
Primarily, anyone who has a family to support and is an income earner needs Life Insurance. In view of the economic value of their contribution to the family, housewives too need life insurance cover. Even children can be considered for life insurance in view of their future income potential being at risk.
How much Life Insurance is needed?
The amount of Life Insurance coverage you need will depend on many factors such as:How many dependants you have, Whether you have any Liabilities/debts/mortgages to be covered, What kind of lifestyle you want to provide for your family, How much you need for your children’s future education, What your investment needs are, What your affordability is, etc.