Dena Bank, LIC sign MoU to provide life cover under PMJBY


State-run lender Dena Bank today signed agreement with LIC to provide insurance cover to its savings account holders under the Prime Minister’s Pradhan Mantri Jeevan Jyoti Bima Yojana ( PMJBY) scheme.

Under the Memorandum of Understanding, LIC will give a life cover of Rs 2 lakh in case of death of the insured person at a nominal premium of Rs 330 per annum. Account holders in the age group of 18 to 50 years can avail of the product.

People who join the scheme before completing 50 years can continue to have the risk of life cover up to the age of 55 years subject to payment of premium.

The scheme will come into effect from June 1, 2015. The bank customers can join the scheme between June 1, 2015 to May 31, 2016.

Read more at: Economic Times