To fix deadline for PMJDY life insurance claims of Rs. 30,000 per PMJDY Account Holder
By Anupama Deshpande | October 4, 2017

Pradhan Mantri Jan Dhan Yojana (PMJDY) has been launched by the Prime Minister Narendra Modi on 15 August 2014 with the aim to ensure an easy financial access to everyone at national level. This scheme is specially designed to benefit those who have failed to receive the benefits of various financial schemes being offered by the government of India.

There was a provision in PMJDY that if a person opens an account with any bank under PMJDY scheme between August 15, 2014 and January 26, 2015, along with a RuPay card, is eligible to get a life insurance cover of Rs. 30,000 on death due to any reason. The main objective behind it was to provide security to poor families in both urban and rural areas who couldn't afford direct insurance and are not covered under any social security scheme.

Crores of new bank accounts were opened during 2014-15. Many persons who had opened their accounts during above period under PMJDY have died and their families have claimed for their insurance money. The PM himself reviewed the scheme last week and directed the Department of Financial Services to fix a time limit for the settlement of insurance claim in case of death of a PMJDY holder, so that the poor do not have to wait much for getting the insurance amount.

Data regarding claims & their settlement under the scheme so far:

Most of the claims so far have been given out expeditiously but as the scheme itself does not prescribe any time limit for claim settlement, there is a need to fix a time limit for the settlement of insurance claim. The PM also directed to make maximum efforts to maximise the use of the RuPay Card and analyse the public grievances pertaining to PMJDY.