New India Assurance Company Corporation Bank and New India Assurance Company Ltd signed a memorandum of understanding (MoU) for implementing Pradhan Mantri Suraksha Bima Yojana [PMSBY], central government`s scheme to provide security against personal accidental risk and permanent or partial disability. Under PMSBY, Bank`s Aadhar-linked SB account holders will be eligible for coverage against personal accidental risk, permanent/partial physical disability up to Rs 2 lakh. One has to pay a nominal premium of Rs 12 plus service tax. New India Assurance Company Ltd will issue a master policy under group insurance scheme, which is voluntary for the customers. The social security scheme is meant for all Aadhar linked SB account holders who are not covered under any other social security scheme, whose age is in between 18 to 70 years can enroll in to the scheme by paying a premium amount, a bank communique here states.
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