PMJDY – The INR 1 Lac Insurance Program

            As on date, the following is the information available on the Prime Minister Jan Dhan Yojana (PMJDY) –  INR 1 Lac Insurance Program: -

01) The insurance coverage of INR 1 lac is for accidental death or permanent disablement for eligible RuPay Debit card holders.  

02)The RuPay card issuing agency is National Payments Corporation of India (NPCI)

03)NPCI has entered into an agreement with HDFC ERGO general insurance company (HDFC Ergo) to provide an insurance program to all RuPay card holders.RuPay Card Insurance Program

04)The same agreement would continue to RuPay card holders under the PMJDY program too.

05)The insurance cover is for cardholders between 18-65 years of age

06)Eligible RuPay Debit cards holders means who have performed at least one financial or non-financial transaction  at any one channel i.e ATM/MicroATM/POS/eCom in the last 45 days prior to the incident. For eg for accident occurred on September 1, 2014, transaction by RuPay card must have been done or after July 15,2014

07)Negotiations are on with HDFC ERGO General Insurance to increase the 45 day limit to 90 days.

08)The approved claim payment will be done through NEFT to the card holder beneficiary along with a covering letter. 

Participate in India’s Bank Account (PMJDY) Challenge - Target 5,00,000

             Today, on the auspicious launch of Prime Minister Jan Dhan Yojana PMJDY, 1.5 crores +  Bank accounts were opened

Major functions were held at 76 locations all over India, with a host of minor functions contributing their bit to the account pool.

            No doubt, the major responsibility to open the bank accounts under PMJDY would be bank officers.

            However, we other countrymen too have a social responsibility in this grand Financial Inclusion plan.

            You might be wondering as to how you can participate in this noble program.

            It is very simple:-

Just encourage one of your fellow countrymen(women), who is not holding a Bank account, to open a Bank account under PMJDY.

            The process flow is as under: -

01) Identify an acquaintance who is not having a bank account

02)Inform him/her of this scheme

03)Accompany him/her to the nearest bank branch and assist him/her in the account opening process

04)Once the account is opened, take a selfie along with the new account holder and post it on this Facebook page.

05)Challenge 3 of your friends to do the same. The challenge can be announced in your social media network

06)In case, your friends are unwilling to accept the challenge, ask them to contribute INR 101 to Prime Minister's National Relief Fund (PMNRF) online.

 Users can donate to the fund by using the net banking facility. Details such as name, address, city, country, email id, mobile number, amount details, etc. are required to initiate the donation process. PMNRF accepts voluntary contributions from individuals, organisations, trusts, companies, institutions, etc.

I will contribute INR501 to PMNRF for the first selfie. Contributions of INR 101 will be made for the next 99 selfies.

Can we target 5,00,000 accounts by 02/10/2014?

DISCLAIMER: The above is my personal view and my employers may not agree with my views.