Syndicate Bank ties up with LIC for PMJBY
In order to implement Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJBY), the Syndicate Bank and Life Insurance Corporation (LIC) has entered into an MoU in Bengaluru on Friday. As part of the MoU, LIC would provide a life insurance cover of Rs 2 lakh in case of death of insured person at a nominal premium of Rs 330 per annum.
Hyderabad: In order to implement Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJBY), the Syndicate Bank and Life Insurance Corporation (LIC) has entered into an MoU in Bengaluru on Friday. As part of the MoU, LIC would provide a life insurance cover of Rs 2 lakh in case of death of insured person at a nominal premium of Rs 330 per annum. The saving account holders between age group 18 and 50 years can avail this.
“Saving bank account holders, 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,” said a release from the bank. The bank will promote the scheme to bring savings account holders under the ambit of insurance coverage, the release said.
