New Delhi: For beneficiaries of Pradhan Mantri Jeevan Jyoti Bima Yojana, those with bank accounts –SBI, Post office or any other banks — who consent to join or activate auto-debit get their money deducted annually. Such deductions usually happen on or before May 31 of each year.
The government launched the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) in 2015 to provide citizens with insurance coverage. The 2-lakh-rupee life insurance policy is available to anyone with an account with SBI, Post Office or any other bank.
This policy is offered by Life Insurance Company and all other life insurers who are ready to offer it on comparable terms and with the necessary approvals and collaborate with banks.
Who Can Avail Pradhan Mantri Jeevan Jyoti Bima Yojana?
The PMJJBY is available to citizens who are 18 to 50. People who have bank accounts with SBI, Post Office or any other bank and agree to join or activate auto-debit can have this policy. Aadhaar would be the primary form of KYC for bank accounts.
The 2-lakh-rupee life insurance policy has a 12-month term that runs from 1 June to 31 May and is renewable. This guarantees coverage for the following year (June 1st to May 31st).
Pradhan Mantri Jeevan Jyoti Bima Yojana: How To Stop Auto Debit Of Rs 436
This policy provides risk coverage up to Rs. 2 Lakh in the case the insured person dies for any reason. The annual premium varies based on the plan chosen and is Rs 436. It must be auto-debited from the subscriber’s bank account on or before May 31 of each year.
If you are unable to continue with the Pradhan Mantri Jeevan Jyoti Bima Yojana, you have the option to stop the yearly auto-debiting process from your bank account. To do this you need to visit the bank branch where your account is linked to the PMJJBY program. You can complete the necessary steps and ask for the PMJJBY premium payment to be stopped. Your policy will be automatically cancelled if the payment is not made on time.
Additionally, auto-debiting of the premium will not be possible if your bank account does not have the required amount. The Pradhan Mantri Jeevan Jyoti Bima Yojana will be cancelled.
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