IDBI Bank and Life Insurance Corporation of India (LIC) have entered into a memorandum of understanding (MoU) to implement the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJBY) for savings bank account holders of the bank.

PMJBY was announced by Prime Minister Narendra Modi to address a societal issue through a social security system,” the bank said in a statement.

PMJBY, a life insurance scheme, is one of the three schemes announced by the Government in the Budget for 2015-16.

The scheme offers life insurance cover of Rs 2 lakh to the bank accountholders in the age group of 18-50 years at an annual premium of Rs 330 plus service tax. The insurance cover will be available up to 55 years.

M.O. Rego, DMD, IDBI Bank said, “At IDBI Bank, we have been relentlessly working towards connecting with the masses and catering to their financial needs. PMJBY is yet another initiative of the Government towards inclusive growth. We take pride in partnering in such an initiative and will work tirelessly to make this a success.”

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