Tamilnad Mercantile Bank Limited signed a memorandum of understanding (MoU) with Life Insurance Corporation (LIC) as a co-partner to arrange for life insurance coverage for all people, including the economically weaker section, under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) on May 2.
The agreement was signed by S. Selvan Rajadurai, Chief General Manager, TMB, and L. Chendurnathan, Senior Divisional Manager, LIC, in the presence of H.S. Upendra Kamath, Managing Director and Chief Executive Officer of the bank.
According to a statement issued by Mr. Rajadurai, this scheme will offer a life insurance cover of Rs. 2 lakh at a premium of Rs. 330 per annum for all savings bank account holders of the bank in the age group 18-50 years.
The statement said the coverage would be available up to 55 years of age for the existing members.
This scheme was available in all 431 branches of the bank, which had a network presence all over India for the benefit of customers.
R. Anbalagan, Deputy General Manager, Business Development, S.M. Ramanath, Branch Manager, LIC, and others were present, the statement added.
