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The government is considering an umbrella insurance scheme under which all Pradhan Mantri Jan Dhan Yojana (PMJDY) account holders will be offered free Rs 2-lakh insurance cover for three years amid a broader push to create a robust social security net for the poor.
There are about 27 crore account holders under the PMJDY fiscal inclusion scheme. Of these, 16 crore have been seeded with Aadhaar numbers, ensuring that welfare payments reach their intended beneficiaries.
If the scheme provides both accident and life insurance, the benefit could cost the government more than Rs 9,000 crore, it’s been estimated. “There are various proposals that are being considered,” said a government official aware of deliberations. “One of them is to provide the insurance cover and the government will bear the premium cost for three years.”