Life Insurance Corporation (LIC) of India and Dena Bank signed an MoU on Monday to implement the Pradhan Mantri Jeevanjyoti Bima Yojana (PMJBY) for the savings account holders of Dena bank.
PMJBY is a life insurance scheme and was announced by finance minister Arun Jaitley in the Union budget.
The scheme offers insurance cover of Rs 2 lakh to the bank account holders in the age group 18-50 years. The insurance cover will be available up to 55 years. The scheme will be offered under group insurance platform.