Sunday, April 12, 2015

#Syndicate Bank and #LIC sign MOU to provide life cover under #PMJBY

Syndicate Bank and Life Insurance Corporation (LIC) of India signed a memorandum of understanding (MoU) in Bengaluru on 10.04.2015 for implementing ‘Pradhan Mantri Jeevan Jyoti Bima Yojana’ (PMJBY).

Under the Memorandum of Understanding, LIC will provide a life insurance cover of Rs 2 lakh in case of death of the insured person at a nominal premium of Rs 330 per annum. Saving Bank Account holders of the Bank in the age group of 18 to 50 years can avail of the product.

Saving Bank Account holders of the Bank, who join the scheme before completing 50 years can continue to have the risk of life insurance cover up to the age of 55 years subject to payment of premium. The scheme will come into effect from June 1, 2015.

Syndicate Bank will promote the schemes through all its branches to bring Savings account holders under the ambit of insurance coverage.