India Post Payments Bank has launched Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) in partnership with PNB MetLife India Insurance Company for its customers. The scheme will provide protection and financial security to the poor and underprivileged, especially in unbanked and remote areas of India, in the unforeseen and unfortunate event of the loss of a family member who is primarily the breadwinner. The low-cost insurance scheme seeks to bring large sections of the underserved and unserved population into the financial mainstream. J. Venkatramu, MD & CEO, of the bank, said the scheme takes forward the Government’s mission of creating a universal social security net for needy and disadvantaged sections. Backed by an unparalleled reach on a pan-India basis through the extensive network of the Department of Posts along with PNB MetLife’s expertise, the bank aims to fulfill the needs and aspirations of different segments of the population, he added.
