Karnataka Bank has announced the launch of KBL Suraksha, a group personal accident insurance scheme, in association with Universal Sompo General Insurance Company. As a step towards providing financial security to the family members of banks's savings bank (SB) customers, bank has launched this Group Personal Accident Insurance Scheme which provides insurance cover for accidental death. All the bank's SB account customers between the age group of 18 to 70 years can subscribe to this scheme by paying a nominal annual premium of INR 100 for INR 1 million & INR 50 for INR 0.5 million coverage and the policy can be renewed up to the age limit of 75 years.

Provision is also made available for auto renewal of the policy with appropriate standing instruction. Further, its privileged SB account holders (SB-Platinum, SB Money Ruby etc.,) will get this insurance coverage free of cost. The claim procedures are also simplified.

This novel scheme comes into effect from January 01, 2016.