SBI Extends Free Insurance benefits to Jan Dhan Account Holders

SBI Started Free Insurance benefits to Customer of Jan Dhan Account

NEW DELHI: The State Bank of India (SBI) has implemented a free insurance scheme for its customers who have Jan Dhan accounts. Under the scheme, the Jan Dhan accounts holders in the SBI could enjoy the benefits of free insurance up to Rs.2 lakh.

The Jan Dhan accounts benefits have been accorded to the Rupay debit cardholders who have Jan Dhan accounts. Prime Minister Narendra Modi launched the Jan Dhan Yojana in 2014 to provide banking services to the economically unsound people of the country.

A large number of SBI accounts have been opened in the SBI since then. Any Aadhar cardholder can open a Jan Dhan account online, too. Similarly, other basic Savings accounts holders could transform their accounts into Jan Dhan accounts. As per the bank guidelines, the Jan Dhan Accounts holders whose RuPay card was issued after August 28, 2018, will be entitled to get insurance coverage of Rs. 2 lakh for accidents.

Earlier, the time limit for usage of RuPay card to be eligible for the accident insurance cover provided to Jan Dhan account holders has been extended to 90 days, an official statement said on Thursday. "National Payment Corporation of India (NPCI) has extended 45 days usage condition to 90 days for RuPay Classic cardholders with effect from November 25, 2015," said the union finance ministry statement. Accordingly, accidents arising on or after 12.00:01 a.m. on November 2015 will be considered for an extended period.

Claim intimations on RuPay Classic cards where an accident has occurred before 11.59.59 p.m. on November 24, 2015, will not be eligible for claim benefit under 90 days usage conditions. Under the Jan Dhan account scheme, the account holders were issued a RuPay debit card and an accident insurance cover of Rs.100,000.

As per the original condition, an accident insurance claim is permissible only if the account holder had used the debit card at least one successful transaction up to 45 days prior to the accident resulting in death or permanent disability.

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