Rs. 2 Lakh Insurance Cover Scheme launched for Jan Dhan Account Holders. All Pradhan Mantri Jan Dhan Yojana accounts opened after 28-08-2018 will attract accidental Insurance cover of Rs. 2 lakh per annum. Under Rupay Scheme, each PM Jan Dhan Yojana account is offering accidental insurance cover of Rs. 1 lakh if opened before 28 August 2018. In this article, we will tell you about the complete details of the new Rs. 2 Lakh Insurance Cover Scheme.
Rs. 2 Lakh Insurance Cover Scheme Details
The insurance cover under the new Rs. 2 Lakh Insurance Cover Scheme would be provided free of cost, i.e. there is no need to pay any premium to avail the scheme benefits. You just need to have a saving bank account opened under the Jan Dhan Yojana which can be opened in any Bank Branch or CSP Outlets. PMJDY is a National Mission on Financial Inclusion. The plan envisages universal access to banking facilities with at least one basic banking account for ‘every adult’, financial literacy, access to credit, insurance and pension facility.
Objectives of Rs. 2 Lakh Insurance Cover Scheme
The main objective of the new insurance scheme for Jan Dhan Account holders is to push the social security net for the poor. Till 6 August 2021, there are about 42.83 Crore Jan Dhan account holders in the country who will be benefited by the insurance scheme. Out of the 42.83 crore, around 31.12 crore accounts have been seeded with the Aadhar number of the account holder and rest will be seeded soon to ensure that the welfare payments reach the right beneficiaries in time.
Premium Amount for Rs. 2 Lakh Insurance Cover Scheme
The central government would bear the cost of premium to be paid to the insurance companies under Rs. 2 Lakh Insurance Cover Scheme. The new insurance scheme is now being implemented and cover is provided by the insurance companies to all Jan Dhan account holders
Three social security schemes are already been running named Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Atal Pension Yojana (APY) which were launched in 2014. The premium amount under the PMJJBY is just Rs. 330 per year while the 2 lakh accidental cover is available at a premium of just Rs. 12 per year under Pradhan Mantri Suraksha Bima Yojana (PMSBY).
Special Benefits under PMJDY Scheme
- Interest on deposit.
- Accidental Insurance cover of Rs. 1 Lac under Rupay Scheme and for accounts opened after 28-08-2018 accidental Insurance Cover is of Rs. 2 lakh.
- No minimum balance required.
- The scheme provide life cover of Rs. 30,000/- payable on death of the beneficiary, subject to fulfillment of the eligibility condition i.e. accounts opened between 15.08.2014 – 31.01.2015.
- Easy Transfer of money across India
- Beneficiaries of Government Schemes will get Direct Benefit Transfer in these accounts.
- After satisfactory operation of the account for 6 months, an overdraft facility will be permitted
- Access to Pension, insurance products.
- The Claim under Personal Accidental Insurance under PMJDY shall be payable if the Rupay Card holder have performed minimum one successful financial or non-financial customer induced transaction at any Bank Branch, Bank Mitra, ATM, POS, E-COM etc.
- Channel both Intra and Inter-bank i.e. on-bank (Bank Customer/Rupay card holder transacting at same Bank channels) and off-bank (Bank Customer/Rupay card holder transacting at other Bank Channels) within 90 days prior to date of accident including accident date will be included as eligible transactions under the Rupay Insurance Program 2016-2017.
- Overdraft facility upto Rs. 10000/- is available in only one account per household, preferably lady of the household subject to eligibility and Overdraft for Rs. 2000/- is hassel free
For more details, visit the official PM Jan Dhan Yojana (PMJDY) website at https://pmjdy.gov.in/