LIFE COVER UNDER PRADHAN MANTRI JAN DHAN YOJANA (PM JDY)

LIFE COVER UNDER PRADHAN MANTRI JAN DHAN YOJANA (PMJDY)

 PRADHAN MANTRI JAN DHAN YOJANA
RELATING TO SCHEME & ELIGIBILITY.
1. What is Pradhan Mantri Jan Dhan Yojana?
It is a Central Government scheme providing life cover of Rs.30, 000/ to the
persons who are opening
a Savings bank account (Basic
Savings Bank Deposit
Account BSBDA) for the first time with RuPay
card with the account being
opened between 15.8.2014 to
31.1.2015. A claim of Rs.30, 000 will be paid to
the nominee of the account holder from Life Insurance Corporation of India on
death due to any cause

2.Who can get the Life Insurance under the Scheme? Is there any age
criteria?
Person opening Bank account under PMJDY, with RuPay Card in addition, during the period
from 15-08-14 to 31-01-15, or any additional period as may be
extended further by
Government of India.

The person should normally be a member of the family and should be in the age group of 18
to 59 (i.e. person should be at least 18 years old, and should not have completed 60).

Person must have a RuPay Card and Bio

Metric Card linked to bank account or in process
of being linked to bank account if not already there.
However, no claim can be denied due
to these conditions.

The account can be any bank account including a small account.

In case of the person having
multiple cards / accounts the benefit will be allowed only under
one card i.e. one person will get a single cover of Rs.30,000/

, subject to the eligibility
conditions.

The life cover of Rs.30,000/

under the scheme will be initially for a period of 5 year
s, i.e. till
the close of financial year 2019

20. Thereafter, the scheme will be reviewed and the terms
and conditions of its continuation, including the issue of future payment of premium by the
insured thereafter, would be suitably determined.
3.Whether normal saving bank accounts or other accounts opened during the campaign period
i.e. between 15.8.2014 to 31.1.2015 will also be eligible for the life cover of Rs.30,000?
No. Only the accounts opened under BSBDA are eligible for life cover. Person must have RuPay Card
and Bio Metric Card linked to bank account or being linked to bank account.
However, no claim can be denied due to these conditions.
4.How can one join the Scheme?
Presently new enrolment is closed. However, it was open for a
person between age group of 18 to 59 (i.e. person should be
at least 18 years old, and should not have completed 60)opening a bank account under PMJDY with any Nationalized Bank/private or
Cooperative Bank
under PMJDY between  15.8.2014 to 31.1.2015.

for more information on LIFE COVER UNDER PRADHAN MANTRI JAN DHAN YOJANA FAQS
click here http://licindia.in/pages/FAQs_PMJDY.pdf

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