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Tuesday, April 7, 2015

Dena Bank, LIC tie up for insurance on Aadhar-linked savings A/Cs

Public sector lender Dena Bank has partnered with government-owned LIC (Life Insurance Corporation) of India to provide insurance cover to all Aadhaar-linked savings account holders.

"Under the Prime Minister's Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJBY) scheme, a risk of Rs 2 lakh will be covered in case of death of any reason and a premium sum of Rs 330 per annum will be auto debited to the account holder's account," Dena Bank said in a statement.

The premiums will be reviewed every year.

As per the terms of rush coverage, a person has to opt for the scheme every year. Account holder can also prefer to give a long term option of continuing, in which case his or her account will be auto debited every year by the bank, the statement added.

The scheme provides insurance cover to all Aadhar linked savings account holders in the age group of 18-50 years . After enrollment, coverage will be available up to 55 years of age for existing members.

The scheme will come into effect from June 1, 2015.

Source : Thehindubusinessline


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