Personal Finance News

SBI offers accidental insurance cover of up to Rs 2 lakh

State Bank of India has announced that it’s offering an accidental insurance cover up to Rs 2 lakh to Jan Dhan account holders if they apply for ‘SBI RuPay Jan Dhan Card.

India’s largest commercial lender however has clarified that the customer has to swipe their card once in 90 days to avail the accidental insurance cover of up to Rs 2 lakh.

Any Indian citizen, whose age is 10 years or more, will be eligible to open a Jan Dhan account.

Pradhan Mantri Jan-Dhan Yojana (PMJDY) is a national mission for financial inclusion that focuses on coverage of rural as well as urban households.

It ensures access to financial services, namely, banking/ savings and deposit accounts, remittance, credit, insurance, pension in an affordable manner.

However, PMJDY accounts are exempt from maintaining an average monthly balance.

The following documents are required to open PMJDY account:

  • Aadhaar Card/Aadhaar Number or proof of possession of Aadhar if available, then no other documents are required.
  • In case Aadhaar Card is not available, then any one of the following Officially Valid Documents (OVD) is required: Voter ID Card, Driving License, Passport & NREGA Card.
  • If a person does not have any of the “officially valid documents” but is categorized as ‘low risk’ by the banks, then any one of the following documents to be submitted :
  1. Identity Card with applicant’s photograph issued by Central/State Government Departments, Statutory/Regulatory Authorities
  2. Letter issued by a gazette officer, with a duly attested photograph of the person.

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