Federal Bank Signs MOU with LIC for Implementation of Pradhan Mantri Jeevan Jyothi Bima Yojana

Federal Bank has tied up with LIC of India for implementation of Pradhan Mantri Jeevan Jyothi Bima Yojana, the life Insurance scheme announced by the Govt. of India for savings bank account holders in the age group of 18 to 50 years. The insurance scheme provides a life cover of Rs. 2 lakhs at an annual premium of Rs. 330/-. The MOU for the arrangement was signed by Shri Antu Joseph, General Manager (Products), Federal Bank and Shri Meenakshinathan, Divisional Manager, LIC of India at a function held at Kochi.

All Saving Bank account holders in the age group of 18 to 50 years are entitled to join the scheme. The scheme commences from June 1, 2015. Customers of Federal Bank can join the scheme by submitting the duly filled in consent cum declaration form at their branches before May 31, 2015.

About Federal Bank:

Federal Bank is a leading Private Sector Bank with a branch network of 1,247 branches and 1,489 ATMs spread across the country. The Bank’s total business mix (deposits + advances) stands at Rs 1.22  Lakh  Crore as at March 31, 2015 and it has earned a net profit of Rs 1005.75 Crore.  Bank’s Capital to Risk weighted Ratio (CRAR) stood at 15.46% at the end of March 31, 2015.  Federal Bank has its Representative Office at Abu Dhabi that serves as a nerve centre for NRI customers in the UAE. Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well defined vision for the future as a guidepost to its progress.