AU Small Finance Bank signs MoU with LIC to offer PMJJBY

Banking finance company AU Small Finance Bank has signed a MoU with LIC to offer Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), a company official said. Under the MoU, LIC will give a life cover of Rs 2 lakh in case of death to the customer at a nominal premium of Rs 330 per annum. The company will also offer loans under government’s affordable housing and subsidy schemes like Pradhan Mantri Awas Yojana, he added. He said the customers can avail loans up to Rs 1 crore. The product will be targeted for both salaried and self- employed (professional and non-professional) customers in urban, semi-urban, and rural areas which is the bank’s core market segment.