Pradhan Mantri Jan Dhan Yojana-Free Insurance Scheme for 2 lakh
Modi Government has come up with a new surprise for the Jan Dhan account holders. Recently, the government has announced to credit Rs 10,000 to the Jan Dhan accounts. After this, the government is going to provide a free insurance cover to the Jan Dhan account holders.
It is believed that a free insurance cover of Rs 2 lakh will be given to the account holders of Pradhan Mantri Jan Dhan Yojana (PMJDY) for three years. Through this scheme, the government wants to strengthen the social protection of the poor. About 27 crore account has been opened under Pradhan Mantri Jan Dhan Yojana. Out of these accounts, 16 crore accounts are aadhar linked.
The scheme will have a burden of Rs 9 crore on government. A government official informed that many proposals are being considered about this. One of them is an insurance scheme, in which the government will bear the full cost of three year’s premium.
The government is already running 3 big schemes. In 2014, the government had launched three social protection programs. It includes Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Atal Pension Yojana (APY).
According to the finance ministry, about 3.06 crore people are connected with PMJJY and about 9.72 crore people are connected with PMSBY.
Insurance premiums and GDP ratio are very low in India. In 2015 it was 3.44 percent.
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What are PMJJBY and PMSBY
The initial premium of Rs 330 is charged for the insurance given under PMJJBY. Rs 12 is annually charged for accidental insurance under PMSBY. The Accidental Death and disability are covered. In both cases, the benefit of Rs 2 lakh is paid to the policyholder or nominee of the policy in case of accidental death.
44,720 claims have been registered under PMJJBY register, of which 40,375 have already been paid. However, 8,821 claims have been registered under PMSBY of which 5,878 are paid.
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