Canara bank inks memorandum with LIC

Canara Bank has entered into a MoU with Life Insurance Corporation of India for offering the Pradhan Mantri Jeevan Jyoti Bima Yojana Insurance cover to all its eligible customers. Canara Bank has also partnered with the United India Insurance Company for offering the Pradhan Mantri Suraksha Bima Yojana Insurance cover. According to the MoU, LIC will offer a life cover of Rs.2 lakh in cash for death of the insured person at a nominal premium of Rs.330 per annum. 

All savings bank account holders in age group of 18 to 50 years can avail the of product, the bank said. Similarly, United India Insurance will give accident insurance scheme offering cover for death or disability on account of an accident.