Pradhan Mantri Jan-Dhan Yojana Claim Settlement Procedure

Organization : Ministry of Finance
Facility : Claim Settlement Procedure

Claim Settlement Procedure : https://www.statusin.in/uploads/19207-claim_st_procedure.pdf
Home Page : http://www.pmjdy.gov.in/Default.aspx

PMJDY Claim Settlement Procedure

a) The Claim amount of Rs.30,000/- is payable to the nominee(s) / Legal Heirs of the account holder. The Risk cover will be provided to the person from his/her age of 18 (Completed) till the completion of his / her age 60 years i.e. eligibility will cease on completing 60 years and he/she will exit the scheme on the day the he / she completes 60 years of age..

Related : PMJDY Claim Settlement Procedure : www.statusin.in/2977.html

b) The Death claim benefit of Rs. 30000/- will be settled by the designated Pension & Group Scheme (P&GS) Office of LIC. The process followed will be as under:
i. Claim papers as per Annexure B will be submitted by the District Branch / Nodal Branch of the concerned Bank to the nearest Pension & Group Scheme Unit (P&GS unit) of LIC designated for this purpose for processing of Claims. A list of the P&GS Units is enclosed as Annexure D.

ii. The Claim will be paid to the nominee who is the nominee in the Bank Account. In the absence of nomination or if the nominee pre-deceases the insured member or if the nominee is not spouse, child or parent then the Legal Heirs of the Accountholder should submit Indemnity Bond to dispense with Legal Evidence of Title in the prescribed Format of LIC (Given in AnnexuresC1 and C2).

iii. The Claim amount will be credited to Bank account of the nominee(s) / Legal Heirs through APBS i.e. the amount will be credited to Account linked to Aadhar Card Number.

iv. In case where the claim form is directly submitted to any LIC office by the claimant, then LIC office would forward the same to the concerned bank of the deceased Account holder immediately to get necessary verification etc. done from the bank concerned. The concerned Bank Branch will forward the Claim Form to nearest P&GS unit of the LIC for processing the claim.

Pradhan Mantri Jan-Dhan Yojana :
** The PradhanMantri Jan DhanYojana (PMJDY) sets out to provide a basic Bank account to every family who till now had no account.
** The bank account comes with a RuPay debit card with a built-in accidental cover of Rs 1 lakh.
** During the launch of the PMJDY scheme on 28.08.14 in New Delhi, Hon’ble Prime Minister announced a life cover of Rs. 30,000/- with the RuPay Card for all those who subscribe to a bank account for the first time during the period 15th August, 2014 to 26th January, 2015.
** This Rs. 30,000/- life insurance cover is called as Life Cover under PradhanMantri Jan DhanYojana, which will serve to give a life insurance cover on death of the life assured, due to any reason, to the deceased’s family.
** The scheme aims to provide security to those families who cannot afford direct insurance, namely the urban poor and rural poor who are not covered under any social security scheme.

ELIGIBILITY CONDITIONS :

i. Person opening Bank account for the first time, with RuPay Card in addition, during the period from 15-08-14 to 26-01-15, or any additional period as may be extended further by Government of India.

ii. The person should normally be head of the family or an earning member of the family and should be in the age group of 18 to 59 ( i.e. person should be at least 18 years old, and should not have completed 60 years of age). In case the head of family is 60 years or more of age, the second earning person of the family in the above mentioned age group will be covered, subject to eligibility.

iii. Person must have a RuPay Card and Bio – Metric Card linked to bank account or in process of being linked to bank account if not already there.
iv. The account can be any bank account including a small account.
v. For the coverage to be effective the above RuPay Card should be valid and in force at the time of the death of the member

vi. Only one person in the family will be covered in the Bima Scheme and in case of the person having multiple cards / accounts the benefit will be allowed only under one card i.e. one person per family will get a single cover of Rs.30,000/-, subject to the eligibility conditions.

vii. The life cover of Rs 30,000/- under the scheme will be initially for a period of 5 years, i.e. till the close of financial year 2019-20. Thereafter, the scheme will be reviewed and terms and condition of its continuation, including the issue of future payment of premium by the insured thereafter, would be suitably determined.

viii. In case the PMJDY Account is held jointly, then the first account holder i.e. primary Account holder will be eligible for cover subject to the eligibility conditions.