Pmjdy lic insurance of rs.30,000/- is available for first time accounts opened

” Pradhan Mantri Jan Dhan Yojana ” scheme was launched on 15th August, 2014 by our honorable Prime Minister. PMJDY is a popular Financial Inclusion scheme. As of January 2015, it is believed that around 10 crore bank accounts are opened under this scheme. The main aim of the scheme is to encourage and bring more number of households into the banking system. The main features of the Jan Dhan scheme are : • No minimum balance is required • Account holder will get Rupay debit card • Free Accident Insurance cover of Rs 1 Lakh When the scheme was officially launched on 28th August, one more feature was included into the scheme. This feature is “Rs 30,000 will be provided as life insurance cover for all the first time bank account holders” who open the accounts under Jan Dhan Yojana Scheme (PMJDY). The Life insurance Corporation of India (LIC) will provide the life cover. LIC has set up a separate fund to service the claims under this scheme. The premium to be charged initially under the scheme is subsidised from the Social Security Fund. In case of rural landless household, the remaining 50 per cent premium is borne by the state government or Union territory; in case of other occupational group, the remaining 50 per cent premium is borne by the nodal agency and / or member and / or state government / Union territory. Life Cover under Pradhan Mantri Jan Dhan Yojana Following are the features and eligibility conditions to get life insurance coverage under PMJDY Scheme : • The eli...

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Who can get the Life Insurance under the Scheme and is there any age criteria to avail the benefits of the scheme? -- Person opening Bank account for the first time, with RuPay card during the period from 15.08.14 to 26.01.15, or any additional period as may be extended further by Government of India -- The person should normally be head of the family or an earning member of the family and should be in the age group of 18 to 59 -- In case the head of the family is 60 years or more of age, the second earning person of the family in the above-mentioned age group will be covered, subject to eligibility -- The person must have a RuPay card and his Biometric Card should be linked to the bank account -- The account can be any bank account including a small account -- For the coverage to be effective the above RuPay Card should be valid and in force -- Only one person in the family will be covered in the Bima Scheme and in case of the person having multiple cards/accounts the benefit will be allowed only under one card i.e. or person per family will get a single cover of Rs 30000/- subject to the eligibility conditions -- The life cover of Rs 30000- under the scheme will be initially for a period of 5 years, i.e. till the close of the financial year 2019-20. Thereafter, the scheme will be reviewed and term and condition of its continuation, including the issue of future payment of premium by the insured thereafter, would be suitably determined See Zee Business Live TV Streaming B...