Big Bima Benefit! Pay just Rs 12 per year to get Rs 2 lakh insurance coverage by Modi government - All details here

Under Pradhan Mantri Jan-Dhan Yojana (PMJDY), a free RuPay debit card is provided to the PMJDY account holders with inbuilt accident insurance cover of Rs. 1 lakh. This coverage amount has been raised from Rs. 1 lakh to Rs. 2 lakh to PMJDY accounts opened after 28.08.2018. This was stated by Anurag Singh Thakur, Union Minister of State for Finance and Corporate Affairs in a written reply to a question in Rajya Sabha on Sunday.

Giving more details, the Minister said that all eligible and willing PMJDY account-holders can enrol under Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).

Pradhan Mantri Suraksha Bima Yojana (PMSBY): Annual premium of Rs. 12 only

Under PMSBY, accident insurance coverage of Rs. 2 lakh is provided to enrolled beneficiaries in the age group of 18 years to 70 years with an annual premium of Rs. 12 only through auto-debit from bank account with express consent of the account holder.

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY):​ Annual premium of Rs. 330

Under PMJJBY, life insurance coverage of Rs. 2 lakh is provided to enrolled beneficiaries in the age group of 18 years to 50 years for an annual premium of Rs. 330 through auto debit from bank account with express consent of the account holder.

Pradhan Mantri Jan-Dhan Yojana (PMJDY)

Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, namely, a basic savings & deposit accounts, remittance, credit, insurance, pension in an affordable manner. Under the scheme, a basic savings bank deposit (BSBD) account can be opened in any bank branch or Business Correspondent (Bank Mitra) outlet, by persons not having any other account.

Benefits under PMJDY

-One basic savings bank account is opened for unbanked person.

-There is no requirement to maintain any minimum balance in PMJDY accounts.

-Interest is earned on the deposit in PMJDY accounts.

-Rupay Debit card is provided to PMJDY account holder.

-Accident Insurance Cover of Rs.1 lakh (enhanced to Rs. 2 lakh to new PMJDY accounts opened after 28.8.2018) is available with RuPay card issued to the PMJDY account holders.

-Life Insurance Cover of Rs. 30,000 to eligible PMJDY account holders who opened their account for the first time between 15.8.2014 to 31.1.2015 is available.

-An overdraft (OD) facility up to Rs. 10,000 to eligible account holders is available.
- PMJDY accounts are eligible for Direct Benefit Transfer (DBT), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), Micro Units Development and Refinance Agency Bank (MUDRA) scheme.