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Corp Bank, LIC in tie-up for PMJJBY

Corporation Bank and Life Insurance Corporation of India have entered into memorandum of understanding for implementing “Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), the central government’s scheme to bring entire nation under the ambit of insurance coverage. Under PMJJBY, bank’s Aadhar-linked savings account holders will be eligible for life insurance cover of up to Rs 2 lakh for a nominal premium of Rs 330 plus service tax per annum. A master policy under group insurance scheme, which is voluntary for customers, will be issued by LIC. The eligible age of customer shall be between 18 years and 50 years. Enrollment period will be from 1 June 2015 to 31 August 2015 or as extended by the union government. The bank’s premium collection for LIC for the current year has crossed Rs 170 crore. The bank is targeting to collect premium of more than Rs 500 crore in the financial Year 2015-16.

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