Private lender Federal Bank has tied up with the country's largest life insurer, LIC, for implementation of Pradhan Mantri Jeevan Jyothi Bima Yojana (PMJJBY), the life insurance scheme announced by the Centre for savings bank account holders in the age group of 18-50 years.
The scheme will be launched, along with one pension scheme (Atal Pension Yojana) and non-life scheme Pradhan Mantri Suraksha Bima Yojana, by the Prime Minister Narendra Modi in Kolkata on May 9, a bank release said.
The insurance scheme provides for a life cover of Rs 2 lakh at an annual premium of Rs 330. The MoU for the arrangement was signed by Federal Bank General Manager (Products) Antu Joseph and LIC Divisional Manager Meenakshinathan, at a function held at Kochi on May 6, it added.
Customers of Federal Bank can join the scheme, which commences on June 1, by submitting the duly filled-in consent-cum-declaration form at their branches before May 31, 2015, it said.
