IDBI Bank Signs MoU with LIC of India to Implement the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJBY)

IDBI Bank Ltd and Life Insurance Corporation of India (LIC) have entered into a Memorandum of Understanding (MoU) to implement the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJBY) for savings bank account holders of the Bank. The MoU was signed by Shri S. K. V. Srinivasan, ED, IDBI Bank and Shri K. Sudhakar Reddy, Regional Manager (Pension & Group Scheme), LIC, in presence of Shri M. O. Rego, DMD, IDBI Bank and Shri C. Vikas Rao, Executive Director, LIC.

Pradhan Mantri Jeevan Jyoti Bima Yojana announced by the Hon’ble Prime Minister aims at addressing a critical issue of our society through social security system. PMJBY, a life insurance scheme, is one of the three schemes announced by the Hon’ble Finance Minister in the Union Budget for the year 2015-16. The scheme offers life insurance cover of Rs.2 lakh to the bank account holders in the age group of 18-50 years at an annual premium of Rs.330 plus service tax. The insurance cover will be available up to 55 years.

Speaking on the occasion, Shri M. O. Rego, DMD, IDBI Bank said, ‘At IDBI Bank, we have been relentlessly working towards connecting with the masses and catering to their financial needs. Pradhan Mantri Jeevan Jyoti Bima Yojana is yet another initiative of the Government towards inclusive growth. We take pride in partnering such an initiative and will work tirelessly to make this a success.’

About the Bank:

IDBI Bank is the youngest, new generation public sector universal bank that rides on a cutting edge Core Banking platform with strong service orientation. This enables the Bank to offer personalized banking and financial solutions to its clients. IDBI Bank has one of the largest housing loan portfolios amongst PSBs and offers housing loans at base rate to its existing and new customers. The Bank offers very competitive rates to the MSME segment wherein it has different schemes for the specific customer segments. IDBI Bank also has a strong focus on agriculture sector and allied activities through its customized products, competitive pricing and personalized services.