BOI Signs MoU with the New India Assurance Company Ltd. to Offer “PMSBY” and with Star Union Dai-ichi Life Insurance Company to Offer “PMJJBY”

• PMSBY & PMJJBY to be available to 7 cr plus BOI customers

• Simple & easy: No proposal form required from account holder

• Risk coverage of Rs. 2 lakh in case of death for any reason under PMJJBY and Rs. 2 lakh for accidental death and full disability under PMSBY

Bank of India signed a Memorandum of Understanding (MoU) with the New India Assurance Co. Ltd & Star Union Dai-ichi Life Insurance Company for roll out of social security Insurance (Non-life & life &) schemes; viz., “Pradhan Mantri Suraksha Bima Yojna (PMSBY)” & “Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY)” respectively to its customers. The dignitaries present at the MOU signing ceremony were: Mrs. V R Iyer (Chairperson & Managing Director, Bank of India), Mr. G. Srinivasan (Chairman & Managing Director, The New India Assurance Co. Ltd.), Mr. Girish Kulkarni (Managing Director & CEO, Star Union Dai-ichi Life Insurance Company), Mr. Arun Shrivastava (Executive Director, Bank of India) and Mr. K. Sanath Kumar (Wholetime Director & General Manager, The New India Assurance Co. Ltd.).

Mrs. V R Iyer, Chairperson & MD, Bank of India, said, “Bank of India has always been at the forefront of low-cost social sector banking & insurance schemes that will increase penetration across all sections of society across geographies. The MOUs with New India Assurance & Star Union Dai-ichi Life Insurance is an extension of the Finance Minister’s Union Budget Announcement to be implemented through Banks and as per the Phase II draft guidelines under Pradhan Mantri Jan Dhan Yojna (PMJDY). These unique insurance products will appeal to customers mainly in marginal category.” She added, “Bank of India has a customer base of 70.13 million (7.013 crore) who can benefit by these Union Government social security initiatives as per their eligibility in this regard. Cumulatively till now, Bank has opened more than 18.2 million accounts under various FI initiatives and out of it 7.02 million (70.2 lakh) accounts have been opened since launch of PMJDY. The Bank would drive to enroll maximum number of eligible Savings Bank accounts holders after launch of the above schemes though involvement of all its field functionaries including Business correspondents. Our Bank is committed to work towards bringing in maximum number of account holders under the cost-effective schemes.”

As per PMSBY scheme guidelines, BOI customers in the age bracket of 18-70 years will be eligible for risk coverage of Rs. 2 lakh for accidental death and full disability and Rs. 1 lakh for partial disability. The premium is just Rs. 12 per annum plus service tax. A person has to opt for the scheme every year. S/he can also prefer to give a long-term option of continuing in which the account will be auto-debited every year by the Bank.

As per PMJJBY scheme guidelines, BOI customers in the age bracket of 18-50 years will be eligible for coverage of Rs. 2 lakh for life insurance. The premium is just Rs. 330 per annum (plus service taxes as applicable), which will be directly auto-debited by the bank from subscribers account. Initial enrollment under the scheme will be for one year period which would be renewed every year as per customer auto debit mandate in this regard.

In case of joint account holders, each person can take Rs. 2 lakh cover by paying the premium each. The New India Assurance Co. Ltd. and Star Union Dai-ichi Life Insurance Company will issue a Group Policy to the Bank and the Policy would start on 1^st June 2015 for one year. Enrollment is likely to start from 1^st May 2015. No proposal form required from account holder. Account holder has to give auto-debit request form to the Bank and will get acknowledgement cum certificate by the Bank immediately. The claim request will be forwarded through the respective bank branch for settlement of claim by the insurance companies. The bank account will get credited. If no nominee is given, the proceeds will go to nominee of bank account.

About Bank of India:

Bank of India was founded on 7th September, 1906 by a group of eminent businessmen from Mumbai. The Bank was under private ownership and control till July 1969 when it was nationalised along with 13 other banks. Beginning with one office in Mumbai, with a paid-up capital of Rs.50 lakh and 50 employees, the Bank has made a rapid growth over the years and blossomed into a mighty institution with a strong national presence and sizable international operations. In business volume, the Bank occupies a premier position among the nationalised banks. The Bank has 4,828 branches in India spread over all states/ union territories including specialized branches. These branches are controlled through 50 Zonal Offices. There are 56 branches/ offices and 5 subsidiaries and 1 joint venture abroad. The Bank came out with its maiden public issue in 1997 and follow on Qualified Institutions Placement in February 2008. Presently, Bank has overseas presence in 22 foreign countries spread over 5 continents – with 57 offices including 5 Subsidiaries, 5 Representative Offices and 1 Joint Venture, at key banking and financial centres; viz., Tokyo, Singapore, Hong Kong, London, Jersey, Paris and New York.