Corp Bank and LIC in MoU

Mangalore Today News Network

Mangaluru, April 01, 2015: As per reliable reports, Corporation Bank and Life Insurance Corporation of India signed a Memorandum of Understanding (MoU) for implementing "Pradhan Mantri Jeevan Jyoti Bima Yojana" (PMJJBY), to bring the entire nation under insurance cover.  M’luru. Under PMJJBY, bank’s Aadhaar-linked savings account holders will be eligible for life insurance up to Rs 2 lakh for nominal premium of Rs 330 plus service tax per annum.

A master policy under "Group Insrance Scheme’’, which is voluntary for customers will be issued by LIC.

The eligible age shall be between 18 and 50 years. Enrolment period will be from June 1 to August 31. Corp Bank was awarded trophy by LIC Chairman S K Roy for becoming number one in premium collection under Bank assurance Business.