The Pradhan Mantri Jan Dhan Yojana (PMJDY) accomplished 9 years of implementation on Monday, August 28, 2023. Launched by Prime Minister Narendra Modi in 2014, the scheme’s fundamental goal was to increase entry to numerous monetary providers together with credit score, pension, banking, financial savings, deposits, and even insurance coverage to the marginalised segments of society, particularly to these coming from the weaker sections and low-income teams.

In response to Finance Minister Nirmala Sitharaman below the PMJDY scheme greater than 50 crore individuals have been introduced into the formal banking system via the opening of Jan Dhan Accounts. Amongst these accounts, roughly 55.5 per cent belong to ladies and 67 per cent have been opened in rural and semi-urban areas. The cumulative deposits in these accounts surpass Rs 2 lakh crore. 

Moreover, about 34 crore RuPay playing cards have been issued to those accounts with out cost, which additionally gives for a Rs 2 lakh accident insurance coverage cowl.

Insurance coverage advantages for Jan Dhan account holders

The PMJDY scheme additionally provides insurance coverage protection to account holders together with accident safety of as much as Rs 2,00,000 and life insurance coverage protection of Rs 30,000. All of the Jan Dhan accounts, which have been opened between August 15, 2014, and January 31, 2015, are eligible for insurance coverage protection.

These advantages have expanded over time and now the free unintentional insurance coverage cowl on RuPay playing cards has elevated from Rs 1 lakh to Rs 2 lakh for PMJDY accounts opened after August 28, 2018.

Eligibility for PMJDY insurance coverage cowl

1. These keen to obtain insurance coverage protection below the Pradhan Mantri Jan Dhan Yojana ought to be the top of the household or the incomes member of the household.

2. He/She ought to be within the age group of 18-59.

3. In case the incomes member is aged 60 or above, the second incomes particular person turns into eligible for the PMJDY scheme.

4. The person will need to have a RuPay Card and Biometric enabled KYC for the checking account ought to have been accomplished.

In response to the federal government, all eligible PMJDY account holders can avail an insurance coverage protection below the Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).