Bank of India has entered into a MoU the with New India Assurance Co and Star Union Dai-ichi Life Insurance Company for rolling out of social security insurance (non-life and life) schemes – the Pradhan Mantri Suraksha Bima Yojna and the Pradhan Mantri Jeevan Jyoti Bima Yojna respectively to its customers. Mrs. V R Iyer, CMD of the bank, G. Srinivasan, CMD of the New India Assurance Co and Girish Kulkarni, MD and CEO of Star Union Dai-ichi Life Insurance Company were present at the function. Mrs Iyer said the bank has always been at the forefront of low-cost social sector banking and insurance schemes that will increase penetration across all sections of society across geographies. The MOUs are an extension of the finance minister’s announcement in the budget to implement such welfare schemes through banks and as per the phase II draft guidelines under Pradhan Mantri Jan Dhan Yojna (PMJDY). As per PMSBY scheme guidelines, the bank’s customers in the age bracket of 18-70 years will be eligible for risk coverage of Rs 2 lakh for accidental death and full disability and Rs 1 lakh for partial disability. The premium is just Rs. 12 per annum plus service tax. As per PMJJBY scheme guidelines, the customers in the age bracket of 18-50 years will be eligible for coverage of Rs 2 lakh for life insurance. The premium is just Rs 330 per annum (plus service taxes as applicable), which will be directly auto-debited by the bank from subscribers’ accounts.
