” 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 eligible Age group is 18 completed to 59 (Nearer Birth Day)
- Person opening a Bank account for the first time ( with RuPay Card ) during the period from 15-08-14 to 26-01-15 is eligible to get life cover. This period can be extended by the Govt.,
- The Life cover of Rs 30,000 will be available from 26th January, 2015
- Only Head of the family is covered under this Risk Cover Scheme
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In case the head of family is 60 years or more of age, the second earning person of the family in the above mentioned age group will be covered
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In case of joint Account-holders under PMJDY, the first account holder (primary account holder) will be provided Life Insurance cover
- The Bank account holder’s account must have Ru-pay debit card linked to his/her Aadhaar number.
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For the coverage to be effective the RuPay Card should be valid and in force
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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. one person per family will get a single cover of Rs.30,000.
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The life cover of Rs 30,000/- under the scheme will be initially for a period of 5 years, i.e. till the close of financial year 2019-20. Thereafter, the scheme will be reviewed and terms and condition of its continuation, including the issue of future payment of premium by the insured thereafter, would be suitably determined.
- Employees (in service or retired) of central and state governments, Public Sector undertakings, Public sector Banks, are not eligible for this scheme
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Persons whose income is taxable under I.T. Act 1961 or are filing the yearly Income Tax return or in whose case TDS is being deducted from the income, and their families are also not eligible
- Government has started a scheme called “Aam Admi Bima Yojana.” The individuals covered under this scheme will get Rs 30000 as life cover and Rs70,000 as accident cover. So, Persons/families who are included in AABY are not eligible for PMJDY life cover.
Death Benefit under PMJDY Scheme:The nominee of the account holder will be entitled to receive death benefit of Rs.30,000/- in case of the unfortunate death of the account holder on account of any cause.
- The nominee of the bank account holder has to intimate the bank (where the PMJDY saving account is active) about the death of the account-holder (the insured)
- The nominee of the insured has to submit the following documents
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Attested copy of the Death Certificate of the deceased member.
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Photocopy of Aadhaar card of the deceased person
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Verification of the validity and in force status of the RuPay Card
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Photocopy of BPL or Ration card
- Completed claim form-cum-discharge receipt form should be submitted. Part A of claim form should be filled by the claimant and Part B of the claim form should be filled by authorized bank/LIC official
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In the absence of nomination or if the nominee pre-deceases the insured member or if the nominee is not spouse or child or parent then the Legal Heirs of the Account holder should submit Indemnity Bond.
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The concerned Branch of the Bank where the PMJDY saving account was initially opened will then lodge the claim with LIC.
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The Death claim benefit of Rs. 30,000/- will be settled (after verification) by the designated Pension & Group Scheme (P&GS) Office of LIC.
- The insured member attaining the age 60, or
- The insured member ceasing to satisfy one or more of the eligibility conditions. or
- Discontinuance of the Scheme
(Download “Life Cover Claim Form of Pradhan Mantri Jan Dhan Yojana” , “LIC Indemnity Bond Format.“)
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Sir mera name alok kumar h merE papa ka ka name ram kishor tiwari h mera papa ka account uco bank m h humare papa ka death ho gaya unka 15 jan 2015 ka pmjdy k tathat account khola gaya tha main 30000 rs k liye claim v kiya tha wo v feb m hi av tk eo paisa nhi aaya h manager se poochhte h to bolta h insurance wala dega aaj3 month ho gya av tk koi information hi nhi h ….sir u can help me my mobile no 7870131720….
Dear Alok ..You may kindly contact the insurance company directly.
Dear Sir, my father expired on 31 Aug 2016, & i had apply for life insurance claim, but LIC office staff said that i dont know this type of scheme, i was go to bank than he said same word, pls suggest me what can i do.
Dear Rakesh ..Yes, you need to contact your banker and submit the claim form to them.
What did bank staff advice you?
my father died on 23-1-2017 at the age of 62 by heart attack and has a jan dhan account in BOB
and has no LIC policy or any other policy
Should i b eligible for claim of rs 30,000?
Dear Parth..Sorry to know abt that.
Kindly go through the points given in the article about the eligibility conditions.
My father died on 9-10-2016 and has a LIC policy already and has a jandhan account in SBI can I claim 30000
Dear Amit..Yes, kindly go through the terms & conditions as mentioned in the above article.
SIR,
MY FATHER EXPIRED ON 10.09.2016. HE HAS PMJDY ACCOUNT IN SBI AND ACCOUNT WAS OPENED ON 27.11.2014. HIS AGE AT THE TIME OF DEATH WAS 61 YEARS. I WANT TO KNOW THAT IS HE ELIGIBLE FOR THE LIFE INSURANCE CLAIM OF RS. 30000. PLEASE RPLY AS SOON AS POSSIBLE. I AM IN VERY TROUBLE
Dear Ruby,
Kindly note that the eligible Age group is 18 completed to 59 (Nearer Birth Day) for claiming insurance.