BOM – LIC team up for PMJJBY
New Delhi, April 21, 2015: Public sector lender Bank of Maharashtra (BoM) has partnered with Life Insurance Corporation (LIC) of India to provide life insurance cover to all its Savings account holders under Prime Minister Jeevan Jyoti Bima Yojana (PMJJBY). The Memorandum of Association is signed today by Shri S. Bharatkumar, General Manager (Resource Planning) Bank of Maharashtra, Head Office and Smt. Radha Chatterjee, Divisional Manager, (P & Gs Dept.)Divisional Office, LIC of India, Pune.
PMJJBY was announced during Union Budget 2015-16 under which Rs. 2 lakh will be paid in case of death due to any reason, and a premium of Rs. 330/- per annum will be auto debited from the account holder’s account. The premium is payable every year on 31st of May and insurance cover will start from 1st June.
As per the scheme, an individual of the age group from 18 to 50 Years will be given life insurance cover of Rs. 2 lakh.
Initially on launch for the cover period 1st June 2015 to 31st May 2016, subscribers will be required to enroll and give their auto-debit consent by31st May 2015. Late enrollment for prospective cover will be possible up to31st August 2015, which may be extended by Govt. of India for another three months, i.e. up to 30th of November, 2015. Those joining subsequently may be able to do so with payment of full annual premium for prospective cover, with submission of a self-certificate of good health in the prescribed proforma.