Bank of Maharashtra, a premier Nationalized Bank has reportedly entered into partnership with Life Insurance Corporation (LIC) of India to provide life insurance cover to all its savings account holders under Prime Minister Jeevan Jyoti Bima Yojana (PMJJBY). 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.
Bank of Maharashtra offers several products and services in personal banking such as deposits, savings, personal loans, educational loans, demat services, credit cards, etc. The bank also offers services to agricultural and SME sectors.
