Personal accident cover under Jan Dhan Yojana doubled to Rs 2 lakh

 PTI   Mumbai     Last Updated: August 27, 2014  | 12:17 IST
Prime Minister Narendra Modi
Prime Minister Narendra Modi (Photo: Reuters)

To make the Pradhan Mantri Jan Dhan Yojana (PMJDY) a mega success, the government has doubled the personal accident cover to Rs 2 lakh per person if the bank account is opened within the first 100 days of the massive financial inclusion programme being launched on Thursday.

"Those who open bank accounts with any of the public sector banks under the financial inclusion drive within the first 100 days from August 28, will get personal accident cover worth Rs 2 lakh," National Payment Corporation (NPCI) chief executive AP Hota told PTI.

A formal government announcement on this is likely to come on Wednesday, he added.

The Reserve Bank of India-promoted NPCI is the nodal agency working on the payment side of the plan, as all the accounts will be tied to a RuPay cards.

Towards this, NPCI has already tied up with private sector general insurer HDFC Ergo for the first Rs 1 lakh accident cover which will be issued with the RuPay card of the account holder, Hota said, adding the other Rs 1 lakh cover will be provided by any of the four state-owned general insurers.

"We have tied up with HDFC Ergo to provide this additional Rs 1 lakh personal accident cover to all those who open their bank account during this period. However, the remaining Rs 1 lakh insurance cover will come from any of the four state-owned general insurers as per the agreement reached between NPCI and the insurers," Hota said.

Hota further explained that the additional Rs 1 lakh cover comes with a rider that the account-holder will have to do at least one transaction in 45 days.

Prime Minister Narendra Modi will launch the Jan Dhan Yojana in New Delhi on August 28. The scheme, pushed by the government in a mission mode, seeks to provide two accounts to 7.5 crore identified households by August 2018.

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