Accidental insurance cover in Pradhan Mantri Jan Dhan Yojna has been increased from 1 lakh to _____________ (PMJDY).
Rs.2 Lakh
Pradhan Mantri Jan Dhan Yojana (PMJDY) Accidental Insurance Cover
The Pradhan Mantri Jan Dhan Yojana (PMJDY) is a flagship financial inclusion program launched by the Government of India. It aims to provide access to financial services, namely Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner.
One of the key benefits offered under the PMJDY scheme is an accidental insurance cover linked to the RuPay Debit Card provided to account holders.
Increase in PMJDY Accidental Insurance
Initially, the accidental insurance cover provided with the RuPay card under the PMJDY scheme was Rs. 1 Lakh. However, the government later increased this cover to provide greater security and benefits to the account holders.
The accidental insurance cover was increased from Rs. 1 Lakh to Rs. 2 Lakh for PMJDY account holders who opened their accounts after August 28, 2018. For accounts opened before this date, the accidental insurance cover remains Rs. 1 Lakh.
This increase significantly enhances the social security aspect of the PMJDY scheme, offering a higher safety net in case of unfortunate accidents.
Summary of Accidental Cover
| PMJDY Account Opening Date | Accidental Insurance Cover |
|---|---|
| Before August 28, 2018 | Rs. 1 Lakh |
| On or After August 28, 2018 | Rs. 2 Lakh |
Therefore, the accidental insurance cover in Pradhan Mantri Jan Dhan Yojana has been increased from Rs. 1 Lakh to Rs. 2 Lakh for newer accounts.
Important Questions from Financial Inclusion
RBI financial inclusion index (FI-Index) quality parameter captures information on which of the following:
A. Financial literacy
B. Consumer protection
C. Ease of access
D. Availability and usage
E. Inequality and deficiency in service
Choose the correct answer from the options given below:
Which of the following is NOT true about the single entry system?
Which of the following options is the correct rectification entry for the given transaction?
Credit sales of ₹5100 to Jai recorded as credit sales to Jai as ₹1500
Given the information below, what will be the amount of subscriptions in the Receipt & Payment Account and the Income & Expenditure Account, respectively?
A sports club received ₹50,000 as subscriptions during the year 2018-19, of which ₹5,000 relate to the year 2017-18 and ₹10,000 to 2019-20. At the end of the year 2018-19, ₹25,000 are still receivable.
A client pays the firm ARC an amount of ₹12,000 on 28th February to avail services for the next 60 days. ABC uses accrual basis of accounting and closes the books on 31 March. Which account (and what type of account) will be involved as recorded in the balance sheet?
