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Federal Bank
Source Name: Federal Bank

Federal Bank Signs MOU with New India Assurance Co for Implementation of Pradhan Mantri Suraksha Bima Yojana

May 06, 2015   16:10 IST 
Mumbai, Maharashtra, India

Federal Bank has tied up with New India Assurance Co. Ltd 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 Shri. Sanath Kumar, Director and General Manager, New India Assurance Ltd 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.

 

Table of benefits under the Scheme:

 

Event

     Sum Assured

Death due to accident

     Rs. 2.00 Lakh

Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or foot, due to accident

     Rs. 2.00 Lakh

Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot, due to accident

     Rs. 1.00 Lakh

 

About Federal Bank:

Federal Bank is a leading Private Sector Bank with a branch network of 1,247 branches and 1,485 ATMs spread across the country. The Bank’s total business mix (deposits + advances) stands at Rs 1.22  Lakh  Crore as at March 31, 2015 and it has earned a net profit of Rs 1005.75 Crore.  Bank’s Capital to Risk weighted Ratio (CRAR) stood at 15.46% at the end of March 31, 2015.  Federal Bank has its Representative Office at Abu Dhabi that serves as a nerve centre for NRI customers in the UAE. Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well defined vision for the future as a guidepost to its progress.


 
 
Federal Bank ties up with New India Assurance Co. Ltd for implementation of Pradhan Mantri Suraksha Bima Yojana. Seen in picture is Shri Antu Joseph, General Manager (Products), Federal Bank and Shri K Sanathkumar, Director & General Manager, New India Assurance Co. Ltd. exchanging the MOU in the presence of Smt Minimole Liz Thomas, AGM, Shri Chitrabhanu K G, AGM, Federal Bank, Shri John Philip, Senior Regional Manager, New India Assurance Co. Ltd. and Shri Janardhanan K E, Senior Divisional Manager, New India Assurance Co. Ltd. among others
Federal Bank ties up with New India Assurance Co. Ltd for implementation of Pradhan Mantri Suraksha Bima Yojana. Seen in picture is Shri Antu Joseph, General Manager (Products), Federal Bank and Shri K Sanathkumar, Director & General Manager, New India Assurance Co. Ltd. exchanging the MOU in the presence of Smt Minimole Liz Thomas, AGM, Shri Chitrabhanu K G, AGM, Federal Bank, Shri John Philip, Senior Regional Manager, New India Assurance Co. Ltd. and Shri Janardhanan K E, Senior Divisional Manager, New India Assurance Co. Ltd. among others
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