Wednesday, April 29, 2015

Canara Bank signs MoU with LIC & United India Insurance to cover PMJJBY

Canara Bank has entered into Memorandum of Understanding (MOU)  with  LIC of India for offering Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Insurance cover and United India Insurance Co. Ltd (UIICL) for Pradhan Mantri Suraksha Bima Yojana (PMSBY) Insurance cover to all its eligible Customers.

Under the Memorandum of Understanding, LIC will offer a life cover of Rs 2 lakh in case of death of the insured person at a nominal premium of Rs 330 per annum. All Savings Bank Account holders in the age group of 18 to 50 years can avail the product. People who join the scheme before completing 50 years can continue to have the risk of life cover up to the age of 55 years subject to payment of premium. United India Insurance will give Accident Insurance Scheme offering accidental death and disability cover for death or disability on account of an accident