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Kolkata, Oct 24 (UNI) Reliance General Insurance(RGI), one of the fastest growing private Insurance players, today joined hands with the UCO Bank, as the first public sector bank, for providing personal accident insurance cover to its depositors at an incredibly low rate.

President and Chief Executive Officer of RGI K A Somasekharan signed the agreement on behalf of his company, while UCO Bank Chairman and Managing Director V Sridhar did so for the city-based bank at a function here today.

Later speaking to newsmen about their vision, both Mr Somasekharan and Mr Sridhar said under the agreement about 15 million current and savings bank account holders of UCO Bank would benefit from group Insurance of Rs one lakh at a one shot premium of only Rs 6.99. The sum assured might go up in multiples of Rs 100,000 to a maximum amount of Rs five lakhs.

Claiming this to be a landmark achievement for both the partners, the RIG and UCO Bank chiefs said for enjoying the maximum benefits the UCO Bank account holders would have to maintain a certain minimum average balance of Rs 25,000 each in their account round the year.

However, to begin with 165 selected UCO Bank branches across the country would offer the unique products and on the basis of their success the facility would be extended to most of the Bank's 1345 branch network in India, Mr Sridhar said.