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SBI Transaction - Authorized or Unauthorized ?

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Deal Captain
aswaniexpress

Hi Dimers,

State bank of India made a transaction of 100 rupees from my account. When I check in online , it was written that TO TRANSFER INSURANCE PREMIUM. I Don’t have any idea about this insurance and I didn’t get any certificate for the same

Any body have any Idea

CC @DealSeeker @Vatsan @rajrocks

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@cybertechie wrote:

@disclaimer wrote:
Nothing comes free these days. Citibank is most generous in term of charges levied, most of the services are free or very reasonably priced.


Thanks!

Yes Citi is indeed very generous when it comes to charges. But Citi also has dubious distinction of cherry picking their customer’s. Although i don’t need to maintain any monthly/quarterly charges but i’m aware that Citi has a very high average monthly minimum balance limit.


Yes, only two options for savings account. Zero balance salary account or normal account with Rs. 2 Lakh under combined assests held with citi. Then 25 Lakh. Basic account there for compliance, but very few would have opened these accounts.

Deal Lieutenant Deal Lieutenant
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@cybertechie wrote:

@Magus wrote:

* I’m paying an amount of Rs.8000 for a policy which covers me for 2 lakhs*. That’s not too bad, is it? https://cdn1.desidime.com/assets/textile-editor/icon_smile.gif


8000 rs for 2 yrs policy. Is it for term insurance or health insurance ?


8000 is for 40 years considering Magus lives for 40 years and then utopian assumption that SBI would charge only Rs. 200 per year for that insurance cover for the next 40 years.

Critic Critic
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@cybertechie wrote:

@Magus wrote:

* I’m paying an amount of Rs.8000 for a policy which covers me for 2 lakhs*. That’s not too bad, is it? https://cdn1.desidime.com/assets/textile-editor/icon_smile.gif


8000 rs for 2 yrs policy. Is it for term insurance or health insurance ?


It’s Accidental Death Insurance. The sum assured is 2 lakh rupees. The maximum age upto which the policyholder will be covered is 65 years, I guess. Premium amount is Rs.200 p.a. So, if one opens a savings account and also takes this policy at the age of 25, he will just be paying Rs.8000 altogether to the bank while being covered for 2 lakh rupees. That doesn’t look like a bad investment, right? https://cdn1.desidime.com/assets/textile-editor/icon_smile.gif

@B@R_0_0_D Let me know if I have understood it right. https://cdn1.desidime.com/assets/textile-editor/icon_smile.gif

Critic Critic
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@disclaimer wrote:

8000 is for 40 years considering Magus lives for 40 years and then utopian assumption that SBI would charge only Rs. 200 per year for that insurance cover for the next 40 years.



Let’s hope so. https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif

Shopping Friend Shopping Friend
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@Magus wrote:
It’s Accidental Death Insurance. The sum assured is 2 lakh rupees. The maximum age upto which the policyholder will be covered is 65 years, I guess. Premium amount is Rs.200 p.a. So, if one opens a savings account and also takes this policy at the age of 25, he will just be paying Rs.8000 altogether to the bank while being covered for 2 lakh rupees. That doesn’t look like a bad investment, right? https://cdn1.desidime.com/assets/textile-editor/icon_smile.gif


I pay 4.5k including taxes per year for a 50 lakh cover from HDFC. It’s a pure term insurance policy and premium is fixed for the next 35 years.

If you got any dependents , i would suggest you to take a better term insurance for a higher coverage. HDFC click2protect plan is a good option.

Critic Critic
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@B@R_0_0_D Let me know if I have understood it right. https://cdn1.desidime.com/assets/textile-editor/icon_smile.gif


@B@R_0_0_D Uncle, liking is not enough. Say something about the policy. https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif

Critic Critic
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@cybertechie wrote:

I pay 4.5k including taxes per year for a 50 lakh cover from HDFC. It’s a pure term insurance policy and premium is fixed for the next 35 years.

If you got any dependents , i would suggest you to take a better term insurance for a higher coverage. HDFC click2protect plan is a good option.



Bro, SBI one is for Mangomen like me. HDFC one is for Supermen like you. https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif

Shopping Friend Shopping Friend
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@Magus wrote:

@disclaimer wrote:

8000 is for 40 years considering Magus lives for 40 years and then utopian assumption that SBI would charge only Rs. 200 per year for that insurance cover for the next 40 years.



Let’s hope so. https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif


Why talk about 40 years, all assumptions can change in 10 years , most of the insurance underwriter assumes ( takes) risk for 1 year ( Max. 2 years) except building cover against fire/ earthquake. Every thing is market driven else u will not get so much discounts in books, telecom and e commerce.

SBI or bank is not allowed to sale any policy directly , hence the tie up between master agent ( bank) and insurance co. Is mostly driving force behind such pricing and bancassurance channel is cost effective barring online sales.

Earlier the tie up was for 1 lac , which is not cost beneficial neither to bank nor SBI general insurance (Australia JV), hence they discontinued the cover of 1 lac and introduced new cover of 2 lac on same cost ( 100 per lac SA) , which is better for all. Such master policy has huge service cost to attend legal , claim process and verification.

Anyway, rs 12 product is better and no private company could bid for that. All such products are optional and can be discontinued anytime.

No company will accept the liability/risk of more than 10 years and only IRDAI approved product can be sold. Also, the cost structure is dynamic and I won’t be surprised to see the rise in such cost.

Deal Cadet Deal Cadet
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they will cut it u u have any policy

Benevolent Benevolent
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@disclaimer wrote:

@Magus wrote:

@disclaimer wrote:

Yes, even PSU banks following the policy adopted by private banks. Rs. 100/200 is small amount for many, but for poor people it is a considerable amount. And they neither know that is optional nor do have the courage to complain.



Yes. They aren’t even courteous enough to explain it to us and ask if we are interested or suggest it as an option. They simply hand over the insurance form along with account opening form. When I asked the CO if it was mandatory, he said yes. I thought 200 p.a. was not a big deal and so didn’t make a fuss.


The person assigned the role of opening new account simply refuses to accept the form unless you fill that insurance form.

Last time someone tried to pull a trick like that on me, I threw the form in his face and made a complaint to the local head office (LHO) and the banking ombudsman. The branch manager came to my office with a box of sweets and folded hands requesting me to settle the complaint.

Deal Lieutenant Deal Lieutenant
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@panchabhut wrote:

Last time someone tried to pull a trick like that on me, I threw the form in his face and made a complaint to the local head office (LHO) and the banking ombudsman. The branch manager came to my office with a box of sweets and folded hands requesting me to settle the complaint.


You could have contacted the branch manager directly to save time https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif

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