The government will offer its life and injury insurance schemes to eligible Jan Dhan account holders to create a social security for the poor Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY).
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| PM Modi launches the Pradhan Mantri Jan Dhan Yojana |
These insurance schemes were launched in 2015.The announcement, made by the finance ministry on Friday, comes with the completion of six years of Jan Dhan Yojana, the flagship scheme of the National Democratic Alliance government.The scheme was introduced primarily to provide all households with banking services, but it al played a crucial role in the success of other welfare schemes, including direct benefit transfer, disbursement of financial assistance during covid-19.
The Government also aims to boost Jan Dhan Yojana account holders' access to micro-credit micro-investments, such as flexi-recurring depositsIt also seeks to improve digital payments, including using RuPay debit card among account holders through India-wide acceptance infrastructure, the ministry said.
By August over 40,35 crore beneficiaries were banked under this program, or rs 1.31 lakh crore. Nearly two-thirds of the accounts are from rural areas and, according to official statistics, 55 per cent are held by women.