Jharkhand: Free Accidental Insurance Proposed for 51 Lakh Maiyaan Beneficiaries via Jharkhand Gramin Bank

The news

Jharkhand Gramin Bank has proposed to provide free accidental insurance to over 51 lakh women beneficiaries of the Mukhyamantri Maiyaan Samman Yojana. Bank chairman Madan Mohan Bariyar has sent the proposal to Chief Minister Hemant Soren, seeking approval to link all beneficiaries with the bank. Under the plan, the bank will bear the cost of covering them under the Pradhan Mantri Suraksha Bima Yojana, which offers accidental death and disability coverage.

The proposal also states that after one year of linkage, the bank will consider providing the Pradhan Mantri Jeevan Jyoti Bima Yojana, a life insurance scheme, to the same beneficiaries at its own expense. Bariyar said that women's empowerment should not be limited to financial assistance alone and that social security, institutional credit and self-employment opportunities are equally important. The bank has already disbursed loans worth about ₹251 crore to around 30,000 Maiyaan beneficiaries for livelihood activities. A formal Memorandum of Understanding between the Jharkhand government and Jharkhand Gramin Bank is expected to be executed once the proposal is approved.

What is the Pradhan Mantri Suraksha Bima Yojana?

The Pradhan Mantri Suraksha Bima Yojana is a central government accident insurance scheme launched in 2015. It offers accidental death and disability cover to bank account holders at a nominal annual premium. The Pradhan Mantri Jeevan Jyoti Bima Yojana, also launched in 2015, provides life insurance cover to bank account holders. Both schemes are administered through banks and are part of the government's financial inclusion and social security initiatives.

What is the Mukhyamantri Maiyaan Samman Yojana?

The Mukhyamantri Maiyaan Samman Yojana is a flagship direct benefit transfer scheme of the Jharkhand government that provides monthly financial assistance to eligible women in the state. The proposed linkage with Jharkhand Gramin Bank aims to transition beneficiaries from a cash-transfer model to a broader framework of financial inclusion and social security.

How will the insurance and credit linkage work?

The bank has proposed to provide Pradhan Mantri Suraksha Bima Yojana coverage free of cost to all Maiyaan beneficiaries who are linked to the bank. After one year, the bank will consider extending Pradhan Mantri Jeevan Jyoti Bima Yojana as well. The bank has already disbursed ₹251 crore in loans to about 30,000 beneficiaries for self-employment, and aims to connect more women to banking, credit and insurance services. The proposal argues that linking women to the banking system will make them self-reliant and economically empowered.

What is the next step?

The proposal requires the Chief Minister's approval and the formal execution of an MoU between the Jharkhand government and Jharkhand Gramin Bank. The bank has requested the government to direct the concerned department to take necessary action for the agreement.