The Bank has tied up with Life Insurance Corporation of India for offering this scheme to its individual customers, as Master Policy Holder.
Highlights of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Individuals / Savings Bank Account holders of 18 years (completed) and 50 years (age nearer birthday) may join this Life Insurance scheme with facility of auto-debit premium on annual basis.
The cover shall be for one year commencing June 1 to May 31 the next year.
Rs. 330 (per annum).
The premium will be debited to the subscribers’ Saving Account with the Bank. For renewal of the policy, it will be auto debited between May 25 and May 31, unless the customer has given the cancellation request to the Bank for the policy.
Sum Assured of Rs. 2 Lakh on death of the Insured member for any reason is payable to the Nominee.