SBI General Surety Bond Bima : SBI General Insurance, the non-life insurance subsidiary of the State Bank of India (SBI), has introduced the ‘General Surety Bond Bima (Conditional & Unconditional)’ insurance product, aligning with the government’s infrastructure development vision. This initiative aims to provide a protective shield for infrastructure projects, offering security to both contractors and the contract-awarding authorities.
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The meticulously designed product offers coverage against potential breaches of terms and conditions by contractors, whether during the bidding phase or project execution, as outlined in a statement by SBI General.
The Surety insurance product includes various types of bonds such as bid bonds, advance payment bonds, performance bonds, and retention money bonds, catering to the diverse needs of contractors operating in today’s dynamic environment.
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Two variants are available for this product: conditional and unconditional bonds. A conditional bond disburses a specified amount to the beneficiary upon meeting specific conditions, while an unconditional bond provides easier access to funds with minimal or no conditions.
This initiative aligns with the government’s overarching goal of promoting infrastructure development, as emphasized by Anand Pejawar, Whole-Time Director at SBI General Insurance.
Surety insurance instills confidence in project owners through a Surety Bond, signifying the contractor’s commitment to completing the project in accordance with agreed-upon terms and conditions. This enhances project reliability and security.
SBI General Surety Bond Bima PFD Download