New Delhi: State Bank of India (SBI) customers can enjoy a free Rs 2 lakh insurance for free of cost. Customers who had opened bank accounts with the state-owned lender before August 28, 2018, can avail of the insurance without any additional cost.
Moreover, customers who had opened their Jan Dhan accounts after August 28, 2018, can avail themselves of the insurance benefits. However, one of the most important conditions for receiving the benefits is that the insurer should have applied for an ‘SBI RuPay Jan Dhan Card‘.
New customers cannot claim the insurance for free by simply opening the Pradhan Mantri Jan Dhan Yojana (PMJDY) account. The insurance is given to the nominee on the death of the account holder outside of India.
Started by the Central Government, Pradhan Mantri Jan-Dhan Yojana (PMJDY) is aimed at improving financial inclusion in the country. The scheme aims to provide several banking facilities such as availability of basic savings bank account, access to need-based credit, remittances facility, insurance and pension to the excluded sections or people with lower incomes.
Customers who had opened their bank accounts under Jan Dhan Yojana don’t need to deposit any funds to avail of the insurance. All they need to do is to have a Rupay Debit cards, which offers several other benefits.
For availing of the sum assured under the free policy, the nominee will have to fill the claim form along with attaching a copy of the death certificate of the SBI customer who had the Rupay Jan Dhan card. Also Read: Modified iPhone X With USB-C port selling on eBay, bids cross Rs 70 lakh
Other documents that are required while availing of the sum insured include a copy of the FIR regarding the accident, postmortem report, FSL report, and a copy of the deceased person’s Aadhar card. The nominee will have to submit the documents within 90 days of the accident to claim the insurance money. Also Read: Google Maps reaches 10 billion Play Store downloads