Customers who have their Jan Dhan accounts in the State Bank of India (SBI) are eligible to enjoy free insurance benefits of up to Rs 2 lakh. SBI provides life insurance cover of Rs 2 lakh to the Jan Dhan account holders with RuPay debit cards. The nominee can claim the insurance amount even if the mishap occurs outside India. The insurance amount is Rs 1 lakh for customers who opened their accounts before August 28, 2018, whereas, people who opened their Jan Dhan accounts after this date can avail accident death coverage of up to Rs 2 lakh.
The Pradhan Mantri Jan Dhan Yojana was launched by Prime Minister Narendra Modi on August 28, 2014 to widen the net of financial inclusion for the less advantaged section of the country. PMJDY provides inexpensive exposure to financial services such as savings accounts, insurance, remittance, credit and other host of facilities.
The customers are not required to deposit any money while opening their accounts under Jan Dhan Yojana. The account holders also get Rupay Debit cards which have several benefits as well.
RuPay debit card holders are eligible for life insurance, purchase protection benefits and other advantages.
How to claim insurance benefit
The account holders must have made at least one effective transaction using the RuPay debit card 90 days before the mishap. The transaction can either be intrabank or interbank. After the submission of relevant documents, the nominee will get the claim amount in Indian rupees. The nominee can even claim the insurance amount even if the accident occurred outside India.