Public sector lender Bank of Maharashtra (BoM) has partnered 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).

PMJJBY was announced during Union Budget 2015-16 under which Rs 2 lakh will be paid in case of death due to any reason, and a premium of Rs 330 per annum will be auto debited from the account holder’s account. The premium is payable every year on May 31st and insurance cover will start from June 1st.

As per the scheme, an individual of the age group from 18 to 50 Years will be given life insurance cover of Rs 2 lakh. 

Shares of the bank gained Rs 0.2, or 0.52%, to trade at Rs 38.30. The total volume of shares traded was 13,460 at the BSE (12.29 p.m., Tuesday).