PMJDY & LIC: Pradhan Mantri Jan Dhan Yojana Insurance
PMJDY is a financial inclusion scheme launched by the Indian Government.
The scheme provides basic banking services to the unbanked population of the country.
LIC has partnered with PMJDY to provide insurance coverage to the account holders.
The insurance coverage includes accidental death and disability cover, life cover, and pension schemes.
The premium for the insurance coverage is very low, making it affordable for the account holders.
The insurance coverage is available to all PMJDY account holders between the ages of 18 and 59.
The insurance coverage is provided automatically to the account holders, without any additional paperwork.
The insurance coverage is provided for free for the first year, after which the account holders can choose to continue with the coverage by paying the premium.
The partnership between PMJDY and LIC has helped in increasing the insurance penetration in the country.
The scheme has also helped in promoting financial literacy and awareness among the unbanked population.