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Karnataka Vikas Grameena Bank (KVGB), a regional rural bank headquartered in Dharwad, has signed a memorandum of understanding with Life Insurance Corporation of India under the ‘Pradhan Mantri Jeevan Jyoti Bima Yojana’. It aims at providing insurance cover to all the Aadhar-linked savings account holders of the bank in the age group of 18 to 50 years.
Speaking at a function to mark the signing of the pact, Ashok Reddy, Chairman of the bank, said that being a regional rural bank KVGB has a greater role to play in ensuring that the insurance products reach to the needy.
People who join the ‘Pradhan Mantri Jeevan Jyoti Bima Yojana’ will be eligible for life insurance up to ₹2 lakh for a premium of ₹330 per annum.
Stating that the bank would strive hard to popularise this product, he said it has a hope to reach more than 20 lakh people by September.
A press release by the bank said here that Ashok Reddy and M Jagannath, Senior Divisional Manager of LIC, exchanged the document of the MoU at Dharwad on Saturday.
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