Who will get insurance cover under the PM’s Financial Scheme Jandhan?
Posted on: 26/Nov/2014 3:43:35 PM
The Ministry of Finance has sent a circular to all banks regarding the conditions to implement the Prime Minister’s Financial Scheme Jandhan.
Individuals between the ages of 18 & 60 will only be entitled to insurance coverage. Bank circles inform the this benefit may be given only to one member in each family.
Individuals paying income tax or benefiting under the Aam Aadmi Bhima Yojana scheme will not be entitled to insurance coverage.
Considering the above limitations, it is estimated only 50% of the individuals who have opened Jandhan savings accounts will be entitled for insurance coverage.
Jandhan scheme regulations are formed keeping the main interest of welfare of the poor. It is right decision to give no insurance coverage to tax payers as this would prevent people benefiting from the government from 2 different sources.
Experts feel that Jandhan scheme benefiting the poor section is welcome. However, the benefit of insurance may be extended to 2 members per family instead of 1 especially because 2 members earn in the family forced by the current cost of living.
