SBI customers can get up to Rs 2 lakhs free insurance, here's how

If you're are a State Bank of India (SBI) customer then here's some good news for you. The bank is allowing its customers to avail free insurance of Rs 2 lakhs and their nominee can claim the insurance amount even if the insurance policyholder dies out of India. 

This is for people who had opened their 'Jan Dhan' accounts after August 2018 when the coverage was increased to Rs 2 lakhs. Notably, this scheme can be availed by only those who apply for the 'SBI RuPay Jan Dhan Card'. Earlier, the insurance amount was Rs 1 lakh for customers who have opened their accounts before August 28, 2018.

If you want to avail this service then you will have to open a 'Pradhan Mantri Jan Dhan Yojana' (PMJDY) account in the bank. The PMJDY scheme is aimed at providing various financial support for people who need access to basic needs, facilities, insurance and pension especially those with lower incomes. 

SBI customers don't have to deposit any amount while opening the account under the Jan Dhan Yojana. All they have to do is get Rupay Debit cards that also have other benefits apart from life insurance. 

All you need to do to claim the SBI Jan Dhan account is to fill out a claim form, along with the copy of the death certificate of the person for whom the insurance has to be claimed.