Dena Bank inks MoU with Life Insurance Corporation to provide insurance cover

State owned Dena Bank has signed Memorandum of Understanding (MoU) with Life Insurance Corporation (LIC) of India to provide insurance cover to its all Aadhaar-linked savings account holders in the age group of 18 to 50 years.

LIC will provide insurance cover under the Union Government’s flagship Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJBY) scheme.

Under the MoU

  • LIC will give a life cover of Rs 2 lakh in case of death of the insured person.
  • In this regard, a nominal premium of 330 rupees per annum will be charged from account holder.
  • Those who join the scheme before completing 50 years can continue to have the risk of life cover up to the age of 55 years.

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Categories: Banking Current Affairs 2017Business & Economy Current Affairs 2017

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