The bank said three regional rural banks sponsored by it - Sapthagiri Grameena Bank, Pallavan…
NEW DELHI(PTI): LIC, which has been asked by the government to provide life cover worth Rs 30,000 to beneficiaries of Pradhan Mantri Jan-Dhan Yojana (PMJDY), has asked Indian Banks’ Association to provide a list of those insured and details of claims to be given by it under the scheme.
“We have written to the IBA, asking them to provide us a list of those insured and details of claims that may come out of the Rs 30,000 life insurance cover being provided to beneficiaries of the PMJDY,” a senior Life Insurance Corporation (LIC) official told PTI on Friday.
“Let me clarify that the issue of payment of premium under the scheme has been resolved as the government has agreed to pay the premium for the same,” the LIC official said. When contacted, IBA’s Deputy Chief Executive K Unnikrishnan said, “LIC has finalised the claim form to be distributed to all bank branches in the country which would provide a Rs 30,000 life cover to head of a family who opens his or her account under the scheme and falls under the age group of 18 to 59 years. We will shortly circulate copies of the claim form to all bank branches”.
“Since life cover would be provided to selected beneficiaries only, we have asked banks to prepare a list based on their core banking solutions and hand it over to nearby LIC branches,” he said. The premium amount to be paid by the government would be at Rs 90 per policy and a corpus would be created by the government to pay the premium amount under the scheme, he said.