Rs 20 auto DEDUCTED from your BANK account? Know how to stop it

New Delhi: The Narendra Modi Government had launched two insurance schemes --Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) in 2015 -- to provide insurance coverage to the people.

The Pradhan Mantri Suraksha Bima Yojana is an Accident Insurance Scheme offering accidental death and disability cover for death or disability on account of an accident. It would be a one-year cover, renewable from year to year. The scheme would be offered / administered through Public Sector General Insurance Companies (PSGICs) and other General Insurance companies willing to offer the product on similar terms with necessary approvals and tie up with Banks / Post office for this purpose. Participating banks / Post office will be free to engage any such insurance company for implementing the scheme for their subscribers.

The cover shall be for the one-year period stretching from 1st June to 31st May for which option to join / pay by auto-debit from the designated bank/ Post office account on the prescribed forms will be required to be given by 31st May of every year. Joining subsequently on payment of full annual premium would be possible. However, applicants may give an indefinite / longer option for enrolment / auto-debit, subject to continuation of the scheme with terms as may be revised on the basis of past experience. Individuals who exit the scheme at any point may re-join the scheme in future years through the above modality. New entrants into the eligible category from year to year or currently eligible individuals who did not join earlier shall be able to join in future years while the scheme is continuing.

Every year between May 25 and May 31, a renewal premium of Rs 20 (including GST) would be automatically withdrawn from the savings account. Customers who want to stop the auto-renewal must do so before April 30 of the current year. According to the rules of the scheme, the renewal premium will be deducted up until the insured's eligibility age.

Hence, if for any reason, you cannot continue with Pradhan Mantri Suraksha Bima Yojana, you could opt to stop the annual auto-debiting process from your bank account. For this, you will have to visit your bank branch where your account is linked to the Pradhan Mantri Suraksha Bima Yojana scheme. You can complete the formalities and request to stop the PMSBY premium payment. Your Pradhan Mantri Suraksha Bima Yojana policy will automatically get cancelled if the payment is not made on time.

Furthermore, if your bank account does not have the required fund, auto-debiting of the premium will not be possible, resulting in the cancellation of Pradhan Mantri Suraksha Bima Yojana.