Dena Bank Signs MoU with United India Insurance Co. Ltd (UIIC) to Extend the Prime Minister’s Pradhan Mantri Suraksha Bimayojana (PMSBY) Scheme to its Account Holders

Dena Bank is associated with UIIC as a corporate agent since 2011 and now UIIC has offered this new product as announced in the budget. Dena Bank has entered into a Memorandum of Understanding (MOU) with United India Insurance Company Limited (UIIC) under the Prime Minister’s Pradhan Mantri Suraksha Bima Yojana (PMSBY) scheme to provide accidental insurance cover to all saving account holders of the bank in the age group of 18 to 70 years. The scheme will come in effect from 1^st of June, 2015.

Under the scheme, a risk of Rs 2 lakh will be covered in case of accidental death and full disability and for partial disability Rs. 1 Lac will be covered. The premium sum of Rs 12/- per annum will be auto-debited to the account holder’s account. As per the terms of risk coverage, a person has to opt for the scheme every year. 

The MOU has been signed by Shri M K Bhatia General Manager (Bancassurance) Dena Bank and Shri Soumya Mukherjee, Dy. General Manager, Mumbai Regional Office-II, UIIC. The other top executives of Dena Bank and officials of UIIC were also present on that occasion.

About Dena Bank

In its platinum jubilee year, Dena Bank was founded on May 26, 1938 by the family of Devkaran Nanjee under the name Devkaran Nanjee Banking Company Ltd. It became a Public Ltd. Company in December 1939 and later the name was changed to Dena Bank Ltd. Dena Bank is amongst the first nationalised banks to enter equity market in November 1996.  It offers the entire gamut of banking services including Retail Banking, Corporate Banking, International Banking, Services, Priority & SME Banking amongst others. The Bank is the first public sector bank to introduce Tele-Banking facilities for its customers at selected metropolitan centers. Dena Bank offers minor savings scheme, credit card in rural India and customer rating system for rating the bank services. The Bank posted a Total Income of Rs. 2,539.74 crore and a Net Profit of Rs. 125.67 crore as of the quarter ended March 31, 2013.