Regarding accidental insurance under PM JANDHAN YOJNA

POSTED BY shaheenazk ON January 5, 2015 10:37 am COMMENTS (9)

I would like to bring to notice to the members of Jagoinvestor that why the father of a youth who died in an accident was denied the compensation amount of Rs. 100000/- accidental insurance assured with opening of a bank account under PM JANDHAN YOJNA. An official of the concerned bank has said that the bank a/c holder had not operated his atm card 45 days prior to the date of the accident thus his next to kin are not eligible to receive compensation !

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9 replies on this article “Regarding accidental insurance under PM JANDHAN YOJNA”

  1. gauravdp says:

    Hello Manish
    Can we expect a detailed article on the two recent Pradhan Mantri insurance schemes?

    In particular, I’d like to know the following: If a person has several accounts in several different banks, is it possible for him to subscribe multiple times to the PM insurance schemes ( investing Rs 12/ Rs 300 for each bank acccount operated) in order to increase the sum assured? Is this allowed or is this limited to only one account per person ? Can you please throw some light on this ?

    1. Yes, I will write about it in detail soon

    2. Muthu says:

      Regardless of how many accounts you hold, a person is eligible to open only one PM insurance scheme. Its clearly stated that if the govt finds out that a single person had opened multiple PM insurance scheme accounts, then they have the right to close all the other ones, except one, and the premium you paid for the other ones will not be paid back.

      So ensure to open only one.


  2. shaheenazk says:

    Manish, I never said that there is such a rule. I only said that this scheme has been launched keeping in mind particularly the economically weaker sections of our society. I am quoting the following words of our PM Narendra Modi,

    “In my Independence Day speech I had announced the PRADHAN MANTRI JAN -DHAN YOJANA as a National Mission on Financial Inclusion with an ambitious objective of covering all households in the country with banking facilities and having a bank account for each household.This is important for including people left out into the mainstream of the financial system.As we move rapidly forward in this knowledge era with modern banking and financial systems, it is untenable that a large majority of our population is deprived of basic banking facilities. I sometimes wonder whether we have made matters so complicated that the poor and the marginalized are those who are trapped in a perpetual cycle of exclusion and deprivation. We need to break that cycle and the Jan Dhan Yojana is the first step in that direction. With a bank account, every household gains access to banking and credit facilities. This will enable them to come out of the grip of moneylenders, manage to keep away from financial crises caused by emergent needs, and most importantly, benefit from a range of financial products.”

    Therefore, this ATM card condition should have been widely advertised. I hope you have understood the point I am trying to make here 🙂

  3. shaheenazk says:

    Then this condition should have been advertised in the bank opening forms to make aware the gullible general public keeping in mind that this scheme was launched particularly for the economically weaker sections of Indian society.

    1. There is no rule that its for weaker section as such .

  4. shaheenazk says:

    True, but what is the logic behind such a rule ?

    1. Its because the bank wants to make sure that they pay claim to someone who is regularly making some kind of transaction , so that they are active and help bank make money. A person who makes transactions on regular basis deposits money in account and only they make money to bank, someone who has just opened the account and does not transact is not ‘profitable’ in terms of business !

  5. Yes, he is not eligible for it as the rules clearly state that one must have used the ATM card once within 45 days of death.


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