Canara Bank ties up with LIC to launch insurance schemes

Pradhan Mantri Jeevan Jyoti Yojana will be launched nationwide on May 9

Canara Bank has entered into memorandum of understanding with the LIC of India for offering Pradhan Mantri Jeevan Jyoti Yojana (PMJJBY) insurance cover and United India Insurance Co Ltd for Pradhan Mantri Suraksha Bima Yojana (PMSBY) insurance cover to its eligible customers.

The schemes are available to account holders of the Bank and the coverage under these schemes will commence from June 1, 2015 and the coverage period for all subscribers would be from June 1, 2015 to May 31, 2016.

Insurance cover under PMJJBY is Rs 2 lakh at a premium of Rs 330 per annum and Rs 2 lakh under PMSBY at a premium of Rs 12 per annum. Under the Atal Pension Yojana (APY), the premium ranges between Rs 47 to Rs 210 and a fixed pension ranging from Rs 1,000 to Rs 5,000 in multiples of Rs 1,000 is paid to the subscribers, who opt for the scheme between June 1 and December 31, 2015.

The Canara Bank has organised enrollment camps across the country in coordination with lead district managers and state level bankers' committees to reach out to eligible customers in the region, said P S Rawat, executive director, Canara Bank.

"We have also sent an SMS to the mobile numbers of customers informing about the launch of social security schemes and requested them to contact their branches," he said.

Canara Bank has a clientele of 60 million and till now, it has received applications from about 600,000 account holders to enroll into these schemes. A dedicated toll free number 1800 425 11222 is also set up for the convenience of customers.

These schemes are being officially launched at 129 locations on May 9, 2015 across the country and Canara Bank has been given the responsibility to organise the launch function at Agra, Amritsar, Coimbatore, Goa and Tiruvananthapuram. In Karnataka, functions will be held at Bengaluru, Chitradurga, Chikkaballapur, Davanagere, Hassan, Kolar and Shimoga, he said.