To provide insurance covers to its many accounts holders, Bharatiya Mahila Bank (BMB) had entered MoU or memorandum of understanding with New India Assurance Company and Life Insurance Corporation Of India[LIC] .The insurance covers are given under the Pradhan Mantri Jan Suraksha Bima Yojana and Pradhan Mantri Jeevanjyoti Bima Yojana schemes respectively.The insurance is mainly voluntary one with the premium amount of Rs 12 for PM Jan Suraksha Bima Yojana and Rs330 for Jeevanjyoti Bima Yojana.
The eligible age for the Suraksha Bima Yojana scheme is 18 to 70years and that of Jeevajyoti Bima Yojana is 18 to 50years and the enrolment time starts from 1st june 2015 and ends on 31august 2015.
- Bharatiya Mahila Bank is an Indian financial services banking company and Headquaters in New Delhi,India.
- It’s was founded in 2013 & Slogan is Empowering Women, Empowering India.
- India is the third country in the world to have a bank especially for women, after Pakistan and Tanzania.
- Chairman & MD is Usha Ananthasubramanian
About LIC & New India Assurance:
- Life Insurance Corporation Of India or LIC is Indian State owned insurance group.
- Its headquarters is in Mumbai.
- its founded in 1st September in the year 1956 and current chairman of LIC is Mr SK.Roy.
- The New India Assurance company is largest general insurance company of India.
- New India Assurance company’s headquarters is in mumbai.
- This company was established in 1919
- Memorandum of understanding is a formal agreement between two or more parties.Companies use these MoU to establish official partnerships.
- MoU’s are not legally binding but they have some seriousness and respect between the parties.
- They are initial steps taken towards the legal contracts.
- The negotiation of an MoU doesnot need complex property transactions and legal advices etc.