Bancassurance

State Bank of Mysore has adopted Bancassurance model and entered into tie-ups with SBILife Insurance Company Limited for marketing and distributing life insurance products and with National Insurance Company Limited, for non-life Insurance products in order to deliver greater value to its clientele.

Bank is particularly concentrating on insurance products, which have synergies with their main loan products. The Bank, after obtaining the consent of the Home loan / Car loan / Tractor loan borrowers, is covering the lives under Group Insurance. Complex life products are sold to both customers / non-customers through trained personnel of the Bank. Bank is selling more insurance products and is extending more financial services to meet all its customers’ needs and to retain them as loyal customers.

SBI Life: << Click for details

SBILife is a joint venture of State Bank of India and Cardif – a wholly owned subsidiary of BNP Paribas of France, the 5th largest bank in the world. SBI Life has an authorized Capital of Rs.250 crores with a paid up capital of Rs.175 crores and is managed by State Bank of India. A range of life insurance, savings, critical illness cover and pension products are available. It has a wide range of the products focusing on both group and individual. The group products are hassle free and are available at the same cost among the group members. The Individual products are inexpensive and the premium depends on the various factors like age, health conditions etc. As an attempt to meet both financial and insurance needs, SBILife has introduced Unit Plus II, which gives the benefit of Market linked returns, which in the long term gives better returns than traditional savings products. Another Product Scholar II, takes care of the future of the child in the event of unfortunate death of the parent/s. Yet another product ‘Shield’ is unique, wherein the insurance cover grows year after year. SBILife offers several other tailor made insurance products.

SBI Mutual Funds:<< Click for details

A wholly owned subsidiary of State Bank of India, established in 1987. All of its products are distributed through SBM There are various types of mutual fund schemes namely equity, debt and liquid fund schemes in the market to cater to investor’s needs. SBIMF has been chosen as India’s Most Preferred Mutual Fund in the CNBC Awaaz Consumer Awards 2006 and has bagged 12 awards for top performance of various schemes during the year 2005-06. The equity funds of SBIMF are among the top funds in the industry in their asset class. The equity funds have been given top rating given by rating & research firms namely Crisil, ICRA and Value research. Magnum Contra Fund, Magnum Global Fund, Magnum Balanced Fund, Magnum Tax gain scheme continue to be ranked CPR 1 by CRISIL indicating ‘Very Good’ performance. As on 30th June 2006, seven schemes have been rated ‘four stars or more’ by Value research. The liquid funds performance is also worth mentioning with both the funds viz; Magnum Institutional Income Fund – Savings Plan & Magnum Insta Cash Fund – Liquid floater being rated AAAf by CRISIL.

SBI Cards: << Click for details

GE Capital Services and State Bank of India created a joint venture to address the Credit Card market: namely, SBI Cards and Payment Services Ltd. (SBICPSL) and GE Capital Business Process management Services ltd. (GECBPMSL). SBI CPCL offers various types of credit cards. All types of credit cards are sourced through designated branches of the Bank located at important centers.

SBI Capital Markets Limited: << Click for details

SBM guides its customers to invest in tax free Govt. of India Saving Bonds, Capital Gain Bonds, National Housing Bank Bonds, Rural Electrification Corporation Bonds, Small Industries Development Bank of India (SIDBI) Bonds etc.,SBM in association with SBI Capital Markets Limited also provides advisory services for Privatization, Mergers and acquisitions to its Corporate customers, which are new emerging business opportunities.

Referral Arrangements with National Insurance Company:

SBM has entered into Referral Arrangement with National Insurance Company for marketing general insurance products through the network of branches. A mediclaim policy has been introduced for the customers of the Bank.

Dhanvanthari Bima Policy << Click for details

State Bank of Mysore and National Insurance Co. Ltd have launched Dhanvanthari Bima Policy, a Health Insurance Policy, Exclusively for the account holders of State Bank of Mysore. The entire family consisting of the a/c holder, spouse and 2 dependent children (below the age of 21 years) can be covered under this policy up to the age of 80.