SBI General launches ‘Surety Bond Bima‘

Current Context: SBI General Insurance, the non-life insurance arm of State Bank of India (SBI), has launched a new insurance product called 'SBI General Surety Bond Bima (Conditional & Unconditional)'.

• This product is designed to provide protection against breach of terms and conditions by the contractors either during the bidding stage or during the performance stage of an infrastructure project.
• It also provides an assurance to the project owner that the contractor would complete the project as per the agreed terms and conditions. 
• The product was developed in response to the government’s vision to upscale infrastructure development.

Question:

Q.1 What is the name of the new insurance product launched by SBI General Insurance?
a. SBI General Surety Bond Bima (Conditional & Unconditional)
b. SBI General Surety Bond Bima (Bid & Performance)
c. SBI General Surety Bond Bima (Advance & Retention)
d. SBI General Surety Bond Bima (Conditional & Bid)