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Corporation Bank and Life Insurance Corporation (LIC) of India signed a memorandum of understanding (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, Corporation Bank’s Aadhar-linked savings account holders will be eligible for life insurance up to ₹2 lakh for a premium of ₹330 (plus service tax) per annum.
According to the press release, a master policy under ‘Group Insurance Scheme’, which is voluntary for the customers, will be issued by LIC. The eligible age of the customer shall be between 18 years and 50 years. Enrolment period will be from first June to August 31 2015 or as extended by the Govt, it said.
SK Roy, Chairman of LIC of India, awarded a trophy to Corporation Bank. The bank release said that the trophy was awarded to the bank for becoming number one in premium collection under bancassurance business.
The bank’s premium collection for the current year has crossed ₹170 crore. The release said that the bank is targeting to collect premium of more than ₹500 crore in 2015-16.
SK Roy, Chairman of LIC of India, and SR Bansal, Chairman and Managing Director of Corporation Bank, attended the programme in Mangaluru on Monday.
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