SBI offering Rs 2 lakh free insurance benefits to customers. Here’s how to avail

SBI customers can get up to Rs 2 lakh free insurance benefits and know details from here. SBI offering Rs 2 lakh free insurance benefits to customers and How to avail?. State Bank of India (SBI) is offering free insurance benefits up to Rs 2 lakh to customers who have a Pradhan Mantri Jan Dhan Yojana (PMJDY) account with the public sector lender or have opened their accounts earlier. The bank has extended the accidental insurance benefits to even nominees who face a mishap outside India.

In order to avail the insurance benefits, customers will have to open a Pradhan Mantri Jan Dhan Yojana (PMJDY) account with SBI. Existing customers who opened their SBI accounts before August 28, 2018 are also eligible for the benefits. The scheme is also available for customers who apply for SBI RuPay Jan Dhan Card.

Customers who have a PMJDY account with SBI can avail accidental insurance coverage of up to Rs 2 lakh. For the earlier customers, the insurance amount is Rs 1 lakh. Pradhan Mantri Jan Dhan Yojana is a financial inclusion scheme floated by the Modi government in 2014. The scheme ensures access to various financial services like availability of basic savings bank account, access to need based credit, remittances facility, insurance and pension to weaker sections and low income groups.

SBI offering Rs 2 lakh free insurance benefits to customers

The plan envisages universal access to banking facilities with at least one basic banking account for every household, financial literacy, access to credit, insurance and pension facility. In addition, the beneficiaries would get RuPay Debit card having inbuilt accident insurance cover of Rs 1 lakh.

The plan also envisages channeling all government benefits, from central or state governments, or local bodies, to the beneficiaries’ accounts and pushing Centre’s Direct Benefits Transfer (DBT) scheme.

How to avail?

As per the lender, nominees will have to fill a claim form and attach the death certificate of the person for whom the insurance is to be claimed in order to get the accidental insurance benefits. They will also have to submit a copy of the FIR regarding the accident, post mortem report, FSL report, and copy of the deceased person’s Aadhar card. These documents have to be submitted within 90 days of the accident to claim the insurance.

Pradhan Mantri Jan-Dhan Yojana (PMJDY) is a national mission for financial inclusion to ensure access to financial services, namely, banking/ savings and deposit accounts, remittance, credit, insurance, pension in an affordable manner. PMJDY accounts are exempt from maintaining an average monthly balance. 

Who is eligible to open Jan Dhan account? Any Indian citizen, whose age is 10 years or more, can open a Jan Dhan account. You can also transfer your basic savings account to the Jan Dhan Yojana account.

Documents required for opening PMJDY:

  • If Aadhaar Card/Aadhaar Number or proof of possession of Aadhar is available then no other documents are required.
  • If address has changed, then a self-certification of current address is sufficient.
  • If Aadhaar Card is not available, then any one of the following Officially Valid Documents (OVD) is required: Voter ID Card, Driving License, Passport & NREGA Card. If these documents also contain your address, it can serve both as “Proof of Identity and Address”.
  • If a person does not have any of the “officially valid documents” mentioned above, but it is categorized as ‘low risk’ by the banks, then he/she can open a bank account in a Bank Branch by submitting any one of the following documents:
  • Identity Card with applicant’s photograph issued by Central/State Government Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks and Public Financial Institutions;
  • Letter issued by a gazette officer, with a duly attested photograph of the person.

Minimum balance amount: NIL
Maximum balance amount: No upper limit (For fully KYC compliant account)

Benefits of Jan Dhan account

  • Interest on deposit.
  • Accidental insurance cover of Rs.1.00 lac (Rs 2.00 lac for new PMJDY accounts opened after 28.08.2018)
  • No minimum balance required.
  • Easy Transfer of money across India
  • Beneficiaries of Government Schemes will get Direct Benefit Transfer in these accounts.
  • After satisfactory operation of the account for 6 months, an overdraft facility will be permitted, subject to eligibility criteria.
  • Access to Pension, insurance products.

The Jan Dhan plan envisages channeling all government benefits, from central or state governments, or local bodies, to the beneficiaries’ accounts and pushing Centre’s Direct Benefits Transfer (DBT) scheme.

*Disclaimer: We have published the above information for reference Purpose only, For any changes on the content we refer to visit the Official website to get the latest & Official details, and we are not responsible for anything

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