India: Govt mulls free life & accident cover for over 340m Jan Dhan accountholders - Bloomberg Quint

| 01 Sep 2020

India is looking at providing free life and accident insurance cover to Jan Dhan account holders, as part of a push to bring such individuals under a social security net, reported Bloomberg Quint.

The measure is being proposed to coincide with the sixth anniversary of the Pradhan Mantri Jan Dhan Yojana, a financial inclusion programme of the government open to Indian citizens, that aims to expand affordable access to financial services such as bank accounts, remittances, credit, insurance and pensions.

The government’s flagship Pradhan Mantri Jeevan Jyoti Bima Yojana (a government-backed life insurance plan) and Pradhan Mantri Suraksha Bima Yojana (a government-backed accident insurance scheme) would be extended to eligible Jan Dhan account holders, and soon expanded to cover all operational 348.1m accounts, a government official told BloombergQuint on the condition of anonymity.

The PM Jeevan Jyoti Bima Yojana provides life insurance cover worth INR200,000 ($2,700) lakh at INR330 per annum to all account holders aged between 18 to 50 years. The PM Suraksha Bima Yojana provides accident cover of INR200,000 at INR12 per annum to account holders aged 18 to 70 years.

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