It signed a memorandum of understanding with NIA at Kochi for implementation of the Pradhan Mantri Suraksha Bima Yojana (PMSBY), which focuses on accident cover.
Through the tie-up, Federal Bank saving account holders between the ages of 18 and 70 will be able to get a cover of up to Rs 2 lakh by paying Rs 12 as annual premium, the bank said in a statement.
Under the PMSBY, beneficiaries will get Rs 2 lakh for death due to an accident or for loss of sight and limbs.
The PMSBY, announced first in the Budget by Finance Minister Arun Jaitley in February, will be formally launched this weekend by Prime Minister Narendra Modi.
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