IDBI Bank and Life Insurance Corporation of India (LIC) have entered into a Memorandum of Understanding (MoU) to implement the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJBY) for savings bank account holders of the Bank. PMJBY, a life insurance scheme, is one of the three schemes announced by the Finance Minister in the Union Budget for the year 2015-16. The scheme offers life insurance cover of Rs 2 lakh to the bank account holders in the age group of 18-50 years at an annual premium of Rs.330 plus service tax. The insurance cover will be available up to 55 years.
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