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Corporation Bank, LIC sign pact
Corporation Bank, LIC sign pact.orporation Bank and Life Insurance Corporation (LIC) of India signed a MoU in Mangaluru on Monday for implementing ‘Pradhan Mantri Jeevan Jyoti Bima Yojana’ (PMJJBY), the central government’s scheme to bring the entire nation under the ambit of insurance coverage.
Hyderabad: Corporation Bank and Life Insurance Corporation (LIC) of India signed a MoU in Mangaluru on Monday for implementing ‘Pradhan Mantri Jeevan Jyoti Bima Yojana’ (PMJJBY), the central government’s scheme to bring the entire nation under the ambit of insurance coverage.
Under PMJJBY, the bank’s Aadhar-linked savings account holders will be eligible for life insurance up to Rs 2 lakh for a premium of Rs 330 (plus service tax) per annum. A master policy under ‘Group Insurance Scheme’, which is voluntary for the customers, will be issued by LIC.
The eligible age of the customer is between 18 years and 50 years. Enrolment period will be from first June to August 31 2015 or as extended by the central government, a bank statement said.
