LIC may provide insurance cover to PM’s Jan Dhan Yojana scheme
28 Aug 2014
The union finance ministry has asked the Life Insurance Corporation to examine whether it could provide life cover of Rs30,000 to each of the 15 crore new bank account-holders expected to be enabled by the Jan Dhan Yojana scheme launched by Prime Minister Narendra Modi today.
If the state-owned insurance giant agrees, this life cover will be in addition to the accident cover of Rs1 lakh already mandated under the Jan Dhan Yojana.
Under the new scheme, 70,000 camps are being organised in 600 districts across the country today, in a move if properly implemented might create a world record for bank accounts opened on a single day.
Under the JDY scheme, the finance ministry is gearing to open 15 crore bank accounts much ahead of the earlier envisaged one-year timeframe, as the Prime Minister has ordered that the scheme be speeded up.
According to one report, the department of financial services is comfortable with the target date of 26 January 2015 next year for the complete rollout of the Jan Dhan Yojana.