Syndicate Bank, LIC tie up

Syndicate Bank and Life Insurance Corporation have signed a memorandum of understanding to implement the ‘Pradhan Mantri Jeevan Jyoti Bima Yojana’. LIC will provide a life cover of ₹2 lakh in case of death of the insured person at a nominal premium of ₹330 per annum. Savings bank account holders of the bank, in the age group of 18 to 50 years, can avail themselves of the product. The scheme will come into effect from June 1, the bank said.