Good news for SBI customers! State Bank of India is giving benefit of Rs 2 lakh to account holders – Know details

The State Bank of India (SBI) is offering a complimentary accidental cover of up to Rs 2 lakh to all the Jan Dhan account holders who use RuPay debit cards. All debit card users are eligible for various benefits including accidental death insurance, purchase protection cover and others. Jan Dhan account holders who use Rupay Cards are also eligible for certain benefits.

Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched on August 28, 2014, with the objective of financial inclusion. It is a national mission with an aim to provide access to various financial services including Remittance, Credit, Insurance, Pension, Banking Savings & Deposit Accounts in an affordable manner. Jan Dhan account can be opened online by any Indian citizen, by providing Know Your Customer (KYC) documents. There is an option to transfer the basic savings account to the Jan Dhan Yojana account.

To those who have a Jan Dhan account, get a RuPay PMJDY card from the State Bank of India. RuPay PMJDY cards approved on Jan Dhan accounts established before August 28, 2018 will have a Rs 1 lakh amount covered. While, Accident insurance coverage of up to Rs 2 lakh is available to new PMJDY accounts registered after August 28, 2018, with a RuPay card.


One successful financial or non-financial transaction at any channel both intra and inter Bank within 90 days prior to the date of the accident, using the Rupay debit card is must by Jan Dhan account holders. Even if the incident happens outside India, the personal accident policy will cover it. The claim will be paid in Indian rupees as per the sum insured on submission of required documentation.

The beneficiary could be a nominee on the account of the cardholder or legal heir as per competent court order. In case of multiple beneficiaries, the claim is settled in the name of the heir as per the legal heir certificate submitted.

These documents need to be submitted to claim the benefits:

For accidental death claims, one needs to submit these below-mentioned documents1) Claim form duly completed and signed2) Original or certified copy of death certificate.3) Original or certified copy of FIR or police report giving a description of the accident.4) Original or Certified copy of post mortem Report along with chemical analysis/FSL reports wherever applicable.5) Aadhaar copies of cardholder and nominee.6) Declaration from card-issuing banks duly signed by authorised signatory and bank stamp specifying that a) cardholder is holding a RuPay card on RuPay issued IIN and mention the 16 digit card number b) Compliance of 90 days transaction criteria (to be supported with transaction log /account statement from the bank’s system), c) Nominee name and his banking details (including Passbook copy), d) Brief description of the accident as per FIR translated in English or Hindi, e) Bank official’s name and contact details with email ID.

Note: The claims will be settled in ten working days from the date of receiving the documents. The benefits will be provided till March 31, 2022. The New India Assurance Company Ltd will continue to be the insurance partner with NPCI for RuPay PMJDY cards.


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