Canara Bank has announced the launch of a new life insurance scheme called "Canara Freedom Suraksha”. "It offers a cover of Rs one lakh for all its savings bank customers as a value-added service at a very nominal premium", the bank said in a statement.
A K Gupta, the bank Executive Director, said the facility will be launched on Tuesday, 21st August 2012. This life insurance is a Canara Bank initiative in association with its joint venture company "Canara HSBC Oriental Bank of Commerce Life Insurance Company".
To add to this, the cover is provided without any medical test and merely on a declaration of good health by customers. It will cover both, natural and accidental death.
A K Gupta also mentioned that the annual premium rates (inclusive of service tax) are Rs 177, Rs 366 and Rs 988 for age groups of 18-35, 36-50 and 51-59, respectively.
Meanwhile HDFC has come up with a new fixed rate for home loans with a launch of a new product where interest rates are fixed for ten years. Under the new scheme, rates are 125 basis points lower than HDFC's existing fixed rate loans. Home loans of up to Rs 10 lakh are available at a fixed interest rate of 10.75% and loans between 10 lakhs to 75 lakhs at 11%.