Federal Bank has signed an agreement with New India Assurance (NIA) Company to proliferate the Pradhan Mantri Suraksha Bima Yojana (PMSBY).

This South-based private sector bank aims to provide affordable insurance cover to its savings bank account holders based on the PMSBY scheme. The MoU signed in Kochi, Kerala between the parties will concentrate on providing Rs 2 Lakh accident cover for an annual premium of Rs. 12. The cover is applicable to all account holders aged between 18 and 70 years.

The cover includes an accidental death benefit and partial loss of limbs or sight as stated under the PMSBY guidelines. In case of death, beneficiaries will receive Rs. 2 Lakh, while the loss of sight or limb will entail a cover of Rs. 1 Lakh.

 Source: This news was published on May 6, 2015 in economictimes.indiatimes.com under the title: Federal Bank customers to get Rs 2 lakh accident cover for Rs 12 premium

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