The much hyped Pradhan Mantri Jan Dhan Yojna (PMJDY), a
financial inclusion scheme launched recently by Prime Minister Narendra Modi,
has some modalities to be worked out on the premium payment and claims payment.
The state-run insurance firm Life Insurance Corporation (LIC) of India, which
will be offering Rs 30,000 protection cover to all those who open zero balance
bank account under the financial inclusion scheme by January 26, 2015.
The insurer had a meeting with officials from the ministry of finance to get clarity on the collection of premiums and administration of the scheme.
As per the sources, there have been talks of having a minimal payment for this scheme by the individuals. The process of claim settlement could be done through the Aam Aadmi Bima Yojana (AABY), a social security scheme administered by LIC. AABY members are between 18 years and 59 years. Here, the member should be the head of the family or one earning member of the below poverty line family or marginally above the poverty line under identified vocational group/rural landless household.
The premium to be charged initially under the scheme is Rs 200 a year per member for a cover of Rs 30,000, out of which 50 per cent is subsidised from the Social Security Fund . In case of Rural Landless Household, the remaining 50 per cent premium is borne by the state government or Union territory; in case of other occupational group, the remaining 50 per cent premium is borne by the nodal agency and / or member and / or state government / Union territory.
Along with protection cover of Rs 30,000, PMJDY will also provide personal accident cover of rupees one lac to all individual, for which the National Payments Corporation of India (NPCI) has signed a three-year agreement with private general insurer HDFC Ergo.
Account holders under the scheme would get a RuPay debit card launched by NPCI. Cardholders would also get an overdraft facility of up to Rs 5,000.
The insurer had a meeting with officials from the ministry of finance to get clarity on the collection of premiums and administration of the scheme.
As per the sources, there have been talks of having a minimal payment for this scheme by the individuals. The process of claim settlement could be done through the Aam Aadmi Bima Yojana (AABY), a social security scheme administered by LIC. AABY members are between 18 years and 59 years. Here, the member should be the head of the family or one earning member of the below poverty line family or marginally above the poverty line under identified vocational group/rural landless household.
The premium to be charged initially under the scheme is Rs 200 a year per member for a cover of Rs 30,000, out of which 50 per cent is subsidised from the Social Security Fund . In case of Rural Landless Household, the remaining 50 per cent premium is borne by the state government or Union territory; in case of other occupational group, the remaining 50 per cent premium is borne by the nodal agency and / or member and / or state government / Union territory.
Along with protection cover of Rs 30,000, PMJDY will also provide personal accident cover of rupees one lac to all individual, for which the National Payments Corporation of India (NPCI) has signed a three-year agreement with private general insurer HDFC Ergo.
Account holders under the scheme would get a RuPay debit card launched by NPCI. Cardholders would also get an overdraft facility of up to Rs 5,000.
Source: http://www.insuringindia.com
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