Customers who have a Jan Dhan account with State Bank of India (SBI) are eligible to enjoy free insurance benefits of up to Rs 2 lakh. SBI offers a life insurance cover of Rs 2 lakh to Jan Dhan account holders with RuPay debit card. The nominee can claim the sum insured even if the accident occurs outside India. The sum insured is Rs 1 lakh for customers who opened their accounts before August 28, 2018, while those who opened their Jan Dhan account after this date can avail accidental death coverage of up to Rs 2 lakh.
Pradhan Mantri Jan Dhan Yojana was launched on August 28, 2014 by Prime Minister Narendra Modi to widen the web of financial inclusion for the underprivileged section of the country. PMJDY provides affordable exposure to financial services such as savings accounts, insurance, remittances, credit and other facilities.
Customers are not required to deposit any money while opening an account under Jan Dhan Yojana. Account holders also get RuPay debit cards which have many benefits as well.
RuPay Debit Card holders are eligible for life insurance, purchase protection benefit and other benefits.
How to claim insurance benefits
The account holders must have made at least one effective transaction using the RuPay Debit Card 90 days prior to the accident. Transactions can be either intrabank or interbank. After submitting the relevant documents, the nominee will get the claim amount in Indian Rupees. The nominee can also claim the sum insured even if the accident took place outside India.
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