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.

Pradhan Mantri Jeevan Jyoti Bima Yojana announced by the Prime Minister aims at addressing a critical issue of our society through social security system. 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. 

M. O. Rego, DMD, IDBI Bank said, ''At IDBI Bank, we have been relentlessly working towards connecting with the masses and catering to their financial needs. Pradhan Mantri Jeevan Jyoti Bima Yojana is yet another initiative of the Government towards inclusive growth. We take pride in partnering such an initiative and will work tirelessly to make this a success.''

Shares of the bank declined Rs 0.1, or 0.13%, to settle at Rs 75.90. The total volume of shares traded was 347,880 at the BSE (Monday).