NEW DELHI : Jan Dhan account holders will be offered government-backed accident and life insurance, the Finance Ministry said on Friday, signaling an expansion of social security for the poor.
The schemes on offer are Prime Minister Jeevan Jyoti Bima Yojana (PMJJBY) and Prime Minister Suraksha Bima Yojana (PMSBY). Both are available to those who have bank accounts under Jan Dhan Yojana.
PMJJBY life insurance is available to people in the 18-50 age group. Risk coverage under this scheme is for ₹2 lakh, with a premium of ₹330 per year.
PMBSY, which is accident insurance, is available to people between the ages of 18 and 70. The risk coverage under the scheme is ₹2 lakh with a premium of ₹12 per year for accidental death or total disability and ₹1 lakh for partial disability.
The announcement came with the completion of six years of the Jan Dhan Yojana Democratic National Alliance government scheme that aims to provide universal banking. It has played an important role in the direct transfer of benefits to the poor during the pandemic. The government also plans to improve Jan Dhan Yojana’s account holders’ access to microcredits and micro-investments such as recurring flexible deposit, according to an official statement. There are also plans to promote digital payments with RuPay debit cards.
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