[Resolved]  State Bank of India — SBI insisting 100 Rupees insurance for new account opening

Address:

Bangalore, Karnataka

Last week I went to SBI to open an account, and all staffs there insisted to fill up 100 Rs insurance form which they said it was mandatory for new SB accounts. I checked details of insurance and below were key high lights.

1) Pay premium 100 and get coverage for 4 Lakhs. This is accident insurance policy. That means it is covered only if death happens due to accident.
2) Armed forces, Police, and few other jobs where death rate is high are excluded.
3) Policy covers max cap of 4 Lakhs regardless how many same insurances you hold with different state banks (Like mysore, travancore etc)
4) There was a lower and upper limit to age too (I remember it as minimum 5 maximum 67)

Policy looks very promising but not sure why staff intentionally projects it as mandatory. Staff at SBI insists to fill up form without checking our profession, age and accounts we hold with other state banks. Please check.