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CS Professional · Banking and Insurance - Laws and Practice · Various Government Schemes

Sunita holds a PMJDY account with a RuPay debit card issued by her bank. She is concerned about the accident insurance cover attached to the card. According to the scheme, which condition applies to the RuPay card accident insurance cover for accounts opened after 28 August 2018?

For PMJDY accounts opened after 28 August 2018, the RuPay card carries accident insurance of Rs 2 lakh, provided the holder completed at least one successful transaction within 90 days before the accident. The cover is not Rs 1 lakh or conditional on a minimum balance.

  1. ACover of Rs 2 lakh, provided the card holder has performed at least one successful transaction within 90 days before the accidentCorrect
  2. BCover of Rs 1 lakh, provided the account has a balance of Rs 1,000
  3. CCover of Rs 2 lakh, with no transaction condition
  4. DCover of Rs 5 lakh, provided the card was issued in a rural branch

Explanation

For PMJDY accounts opened after 28 August 2018, accident insurance cover on the RuPay card was raised from Rs 1 lakh to Rs 2 lakh. The cardholder must have carried out at least one successful financial or non-financial transaction at a bank branch, ATM, POS or e-commerce within 90 days before the accident. Hence A is correct.

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