IDBI Bank signs MoU with Bajaj Allianz General Insurance Company Ltd.

Mumbai, 23 April 2015: IDBI Bank Ltd and Bajaj Allianz General Insurance Company Ltd (BAGIC) have entered into a Memorandum of Understanding (MoU) to implement the Pradhan Mantri Suraksha Bima Yojana (PMSBY) for savings bank account holders of the Bank. The MoU was signed by Medha V Joshi, Chief General Manager, Retail Banking Group, IDBI Bank and Sasikumar Adidamu, Chief Technical Officer, Bajaj Allianz, in presence of M. O. Rego, DMD, S K V Srinivasan, ED, IDBI Bank and Alpana Singh, Head – Bancassurance, Bajaj Allianz.

Pradhan Mantri Suraksha Bima Yojana announced by the Prime Minister aims at addressing a critical issue of our society through social security system. PMSBY, an accident insurance scheme, is one of the three schemes announced by the Finance Minister in the Union Budget for the year 2015-16. The scheme offers accident insurance cover of Rs.2 lakh to the bank account holders in the age group of 18-70 years at an annual premium of Rs 12 plus service tax.