Federal Bank has joined hands with New India Assurance (NIA) to offer cost-efficient accident cover to its savings bank account holders. The account holders will be eligible for a cover up to Rs. 2,00,000 for merely Rs. 12 annually.
Under this policy the policyholder will be paid Rs. 1 lakh for loss of sight in one eye or loss of one of the limbs. Moreover, Federal bank also ventured with NIA to launch Pradhan Mantri Suraksha Bima Yojana (PMSBY). Under the PMSBY, beneficiaries will get Rs. 2 lakh for death due to an accident or for loss of sight and limbs. This yojana will be launched this weekend by Prime Minister Narendra Modi.
Federal Bank Limited is a major Indian commercial bank in the private sector. It is the 4th largest bank in India in terms of capital base. New India Assurance is largest general insurance and operates both in India and foreign countries. With this venture, there would be a significant section of savings’ account holders who will opt for this cost efficient accidental cover.
