Debit card users are eligible to various benefits incluing accidental death insurance, purchase protection cover and others. All you need to know.
The State Bank of India (SBI) offers a free accidental cover of up to Rs 2 lakh to all the Jan Dhan account holders who use RuPay debit cards. All debit cards come with certain complimentary services. Debit card users are eligible to various benefits incluing accidental death insurance, purchase protection cover and others. Jan Dhan account holders who use Rupay Cards all also eligible for some benefits.
Started in 2014, Pradhan Mantri Jan-Dhan Yojana ensures access to financial services, banking savings and deposit accounts, remittance, credit, insurance, pension to acthat economically neglected people in an affordable manner. One can open a Jan Dhan account online by providing Know Your Customer (KYC) documents. There is an option to transfer the basic savings account to the Jan Dhan Yojana account.
Those who have a Jan Dhan account, get a RuPay PMJDY card from the bank. RuPay PMJDY cards issued on Jan Dhan accounts opened till August 28, 2018 will have an sum insured of Rs 1 lakh. Rupay Cards issued after August 28, 2018, will get the accidental cover benefit of up to Rs 2 lakh.
Eligibility: Jan Dhan account holders must have done one successful financial or non-financial transaction at any channel both intra and inter Bank within 90 days prior to date of accident, using the Rupay debit card.
The personal accident policy will cover even if the incident happens outside India. The claim will be paid in Indian rupees as per the sum insured on submission of required documentation.
Nominee: The beneficiary could be nominee on the account of the cardholder or legal heir as per competent court order. In case of multiple beneficiaries the claim is settled in the name of heir as per legal heir certificate submitted.
Documents need to be submitted to claim the benefits: For accidental death claims, one needs to submit these below mentioned documents
1) Claim form duly completed and signed
2) Original or certified copy of death certificate.
3) Original or certified copy of FIR or police report giving description of the accident.
4) Original or Certified copy of post mortem Report along with chemical analysis/FSL reports wherever applicable.
5) Aadhar copies of cardholder and nominee.
6) Declaration from card issuing banks duly signed by authorised signatory and bank stamp specifying that a) cardholder is holding a RuPay card on RuPay issued IIN and mention the 16 digit card number b) Compliance of 90 days transaction criteria (to be supported with transaction log /account statement from the bank’s system), c) Nominee name and his banking details (including Passbook copy), d) Brief description of accident as per FIR translated in English or Hindi, e) Bank official’s name and contact details with email ID.
The claims will be settled in ten working days from the date of receiving the documents. The benefits will be provided till March 31, 2022.The New India Assurance Company Ltd will continue to be the insurance partner with NPCI for RuPay PMJDY cards.
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