Money & Banking

Corp Bank settles 1,148 claims under social security schemes

Our Bureau Mangaluru | Updated on July 10, 2019 Published on July 10, 2019

Corporation Bank settled a total of 1,148 claims under the two social security schemes of the government during 2018-19 and up to May of the current fiscal.

A press release said here on Wednesday that the bank settled 776 claims under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) in 2018-19, and 123 claims up to May of the current financial year. The scheme provides insurance cover to citizens in the age group of 18 to 50 years at an annual premium of ₹330.

The bank settled 211 claims under Pradhan Mantri Suraksha Bima Yojana (PMSBY) during 2018-19, and 38 claims up to May of 2019-20. PMSBY provides accident insurance cover to citizens in the age group of 18 to 70 years at a premium of ₹12 per annum.

The schemes are linked to savings bank accounts. The premium is deducted automatically from the bank account of the insured person, it said.

Published on July 10, 2019
This article is closed for comments.
Please Email the Editor