India Post Payments Bank (IPPB) has collaborated with PNB MetLife India Insurance Company Limited to launch Pradhan Mantri Jeevan Jyoti Bima Yojana.
The unique scheme launched by IPPB provides life cover on death of the insured member due to any reason.
“Products like PMJJBY help to inculcate a culture of buying affordable insurance amongst this segment of population,” said J. Venkatramu, managing director and chief executive officer, India Post Payments Bank.
“PMJJBY takes forward the Government’s mission of creating a universal social security net for needy and disadvantaged sections,” he further stated.
The newly launched scheme is optional for all the savings account holders with India Post Payments Bank.
For getting enrollment, a customer will be at least 18 years old and the maximum age limit is 50 years for Pradhan Mantri Jeevan Jyoti Bima Yojana.
Tax benefits can be availed on the premium paid under the policy under Section 80C of the Income Tax Act.
“Backed by our unparalleled reach on a Pan-India basis through the extensive network of Department of Posts along with PNB MetLife’s expertise, we aim to fulfil the needs and aspirations of different segments of population, IPPB CEO added.
“We are proud to be a part of the Government of India’s initiative to provide life insurance solutions across a broad socio-economic spectrum and help new customer segments build their financial health and gain access to protection solutions through our partnership with India Post Payments Bank,” said Ashish Kumar Srivastava, managing director and chief executive officer, PNB MetLife.