Banking finance company AU Small Finance Bank has signed an MoU with LIC to offer Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), a company official said.
Under the MoU, LIC will give a life cover of ₹2 lakh in case of death to the customer at a nominal premium of ₹330 per annum.
The aim is to provide best services to the customers under one roof, MD and CEO of the company, Sanjay Agarwal said in a statement.
Briefing about another recent development, Agarwal said the company has re-entered the housing finance segment.
The company will also offer loans under government’s affordable housing and subsidy schemes such as Pradhan Mantri Awas Yojana, he added.
He said the customers can avail loans up to ₹1 crore.
The product will be targeted for both salaried and self- employed (professional and non-professional) customers in urban, semi-urban and rural areas which is the bank’s core market segment.