Further to the announcement of the social security schemes during the Budget Session for the year 2015-16, Vijaya Bank signs Memorandum of Understanding (MOU) with SBI Life Insurance to launch the social security scheme – Pradhan Mantri Jeevan Jyoti Bima Yojana.
The MOU with SBI Life Insurance for Pradhan Pradhan Mantri Jeevan Jyoti Bima Yojana was signed by Mr Kishore Sansi, Managing Director & Chief Executive Officer of Vijaya Bank and Mr. Arijit Basu, Managing Director & CEO of SBI Life Insurance in the presence of Executive Directors of Vijaya Bank Mr. K R Shenoy, & Mr B.S Rama Rao, and General Mangers.
Pradhan Mantri Jeevan Jyoti Bima Yojana is flagship scheme launched by Union Government in May 2015, to extend life insurance cover to all citizens of India. The social security scheme guarantees a cover of Rs. 2 lakhs in case of death due to any reason.
About Vijaya Bank
Vijaya Bank is a public sector bank with its corporate office in Bangalore, Karnataka, India. It is one of the nationalised banks in India. The bank offers a wide range of financial products and services to customers through its various delivery channels. The bank has a network of 2031 branches (as of March 2017) throughout the country and over 4000 customer touch points including 2001 ATMs.
About SBI Life Insurance
SBI Life Insurance is a joint venture life insurance company between State Bank of India (SBI), the largest state-owned banking and financial services company in India, and BNP Paribas Cardif. BNP Paribas is a French multinational bank and financial services company with global headquarters in Paris. While in its initial stage its business was mainly from bancassurance channel, now it is developing its own agency team for selling its life insurance products. SBI Life Insurance also features in the Fortune Global 500 list of the world’s biggest corporations. SBI owns 70.1% of the total capital and BNP Paribas Cardif 26% of the capital. Other investors are Value Line Pte. Ltd. and MacRitchie Investments Pte. Ltd., holding 1.95% of the total capital each.