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LIC told to provide life cover under PMJDY

The finance ministry has directed Life Insurance Corporation to operationalize the benefit of life cover under the Pradhan Mantri Jan Dhan Yojana. LIC has been told to enter into a MoU with the Indian Banks Association for providing this facility. When the scheme was launched in August 2014, the National Payments Corporation of India has been entrusted with the task of providing a life cover of Rs 30,000 to the account holders using the RuPay card. Now the ministry has told NPCI not to be agency for providing the life cover. The life cover would be made available for all those who subscribe to a bank account for the first time during the period 15 August to 26 January next year. LIC will create a fund for life coverage under the scheme with an initial corpus of Rs 100 crore from the social security fund of Government of India under Aam Admi Bima Yojana being managed by LIC.

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