Union Bank of India has reportedly joined hands with Star Union Dai-ichi Life Insurance and New India Assurance for providing life and accidental death Insurance policies respectively to its account-holders under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMJJBY) schemes.
The schemes, which were announced in the Union Budget 2015-16, offer sum assured of Rs 2 lakh each to accountholders in the age-group of 18-50 years.
The annual premium for the life cover is Rs330, while the accidental death cover will cost Rs 12 per year.
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