Dena Bank, Union Bank tie up with insurers for social schemes

Dena Bank and Union Bank of India on Tuesday signed agreements with United India Insurance and Star Union Dai-Ichi Life New India Insurance, respectively, for insurance cover under the social schemes announced in the Budget.

Dena Bank tied up with the United India Insurance under the Prime Minister’s Pradhan Mantri Suraksha Bima Yojana (PMSBY) to provide accidental insurance cover. This will be available to all savings account holders of the bank in the age group of 18-70 years. The scheme will come into effect from June 1, 2015.

Under the scheme, a risk of Rs 2 lakh will be covered in case of accidental death and full disability; and Rs 1 lakh will be covered for partial disability. The premium, Rs 12 a year, will be auto-debited from the policy holder’s account.

Union Bank of India tied up with Star Union Dai-Ichi Life New India Insurance to launch two social security insurance schemes, Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme (PMJJBY) and PMSBY.

PMJJBY is a group term insurance scheme, which will have to be renewed every year, while PMSBY will be an accident insurance scheme. Both will have auto-debit facility for premium payment.

All savings bank account holders in the age group of 18-50 years would be eligible under PMJJBY, while customers in the age group of 18-70 years would be covered under PMSBY.

The sum assured under the above schemes will be Rs 2 lakh with premium of Rs 330 for life cover and Rs 12 for personal accident cover.