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image   PRADHAN MANTRI SURAKSHA BIMA YOJANA [PMSBY]

Introduction

Need and benefits of insurance in developing countries like India are yet not fully realized/availed by people. More so, in the case of masses who are still financially excluded. Concept of financial inclusion provides for four basic necessities to be fulfilled i.e. saving, credit, remittance and insurance. It is in this backdrop that "Pradhan Mantri Suraksha Bima Yojana" was announced by Government of India to be implemented with effect from 01 June 2015 through Banks with tie up arrangement with Public Sector General Insurance Companies (PSGICs) and other General Insurance Companies willing to offer the product on similar terms. Our bank has tie up arrangement with United India Insurance Co. Ltd for this scheme. Earlier bank also had tie up with M/s New India Assurance Co Ltd. which has been discontinued now.

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