The government will review after five
years the structure of Rs 30,000 life cover given as incentive to the poor for
opening bank accounts under the flagship Pradhan Mantri Jan Dhan Yojana
(PMJDY).
"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," the Finance Ministry said.
Under the PMJDY, a person who opened
bank account for the first time during August 15, 2014 to January 26, 2015 is
eligible for the life insurance scheme.
Currently, state-owned insurance
behemoth LIC has been asked to pay premium for life cover under
PMJDY, said sources. LIC provides the life cover.
Generally, the person (age group of 18
to 59) who is head of the family or an earning member of the family is eligible
for the benefit.
However, government employees (serving/retired)
and their families, persons filing income tax return/TDS deducted and person
covered under Aam Adami Bima Yojana, are ineligible for life cover under PMJDY.
About 12.39 crore accounts have been
opened so far under the PMJDY financial inclusion programme.
Source: http://economictimes.indiatimes.com/
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