Dena Bank on 6 April 2015 signed a Memorandum of Understanding (MoU) with Life Insurance Corporation (LIC) of India to provide insurance cover to all Aadhaar-linked savings account holders of the bank in the age group of 18 to 50 years.
The insurance cover will be provided under the Prime Minister’s Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJBY) scheme. The scheme will come into effect from 1 June 2015.
Features of the PMJBY Scheme
• Risk of 2 lakh rupees will be covered in case of death
• A premium sum of 330 rupees per annum will be auto-debited to the account holder’s account
• As per the terms of risk coverage, a person has to opt for the scheme every year
The bank said that people who join the scheme before completing 50 years can continue to have the risk of life cover up to the age of 55 years.