Federal Bank, a private sector lender, has tied up with New India Assurance Co. for implementation of Pradhan Mantri Suraksha Bima Yojana, the Personal Accident Insurance scheme announced by the Govt. of India for savings bank account holders in the age group of 18 to 70 years.

The Insurance scheme provides a cover of Rs 2 lakhs against death/permanent disability caused due to Accident, at an annual premium of Rs 12.00. The MOU for the arrangement was signed by Shri Antu Joseph, General Manager, Federal Bank and Sanath Kumar, Director and General Manager, New India Assurance at a function held in Kochi today.

All Savings Bank account holders in the age group of 18 to 70 years are entitled to join the scheme. The scheme commences from June 1, 2015. Customers of Federal Bank can join the scheme by submitting the duly filled in consent cum declaration form at their branches before May 31, 2015.