Bankers should alert legal heirs, nominees to claim under PM insurance schemes: AIBEA

Under these policies, the family of the victims are eligible to claim the insurance amount in case of death, or death due to accidents or even loss of limbs in such accidents. "Since separate Insurance Policies are not being issued to the account holder who are members of these Schemes, the family members are mostly unaware that the deceased person had subscribed to these Insurance Schemes and hence are eligible to claim the insured amount. Hence these benefits will remain unclaimed," Venkatachalam said.