SyndicateBank has partnered with Life Insurance Corporation of India (LIC) to provide low-cost life insurance in India, as part of the new Pradhan Mantri Jeevan Jyoti Bima Yojana scheme.
The new scheme will be made available for customers at all branches of the bank from 1 June this year, reported The Hindu.
Individuals in the age group of 18 to 50 years and having a bank account are eligible to join the scheme. With a premium of Rs330 per annum, the scheme provides risk coverage of Rs2,00,000 in case of death for any reason.
Established in 1956, LIC is the largest insurance firm in the country with an estimated value of $240bn.
The company offers a wide range of insurance products, including insurance plans, pension plans, unit-linked plans, special plans and group schemes.