The yearly premium for the life cover will be INR330, and the annual premium for the accidental death cover will be INR12.

The premium amount will be debited directly from savings accounts of customers after they opt for it.

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Both the policies will offer assured sum of INR2 lakh each to accountholders between the age-group 18 to 50 years.

The policies will be offered under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMJJBY) schemes. Customers will be allowed to voluntarily opt for these schemes after paying the applicable premium.

Moreover, Dena Bank has tied up with United India Insurance to offer accidental insurance cover under the Prime Minister’s Pradhan Mantri Suraksha Bima Yojana (PMSBY).

The cover, effective from 1 June 2015, will cover risk of INR2 lakh for accidental death and full disability and INR1 lakh for partial disability.

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It will have a yearly premium of INR12, which will be auto-debited from the policy holder’s account. The cover will be available to all savings account holders of the bank between 18 to 70 years.