Rs 436 DEDUCTED from your BANK account? Know how to stop it

New Delhi: In order to provide insurance coverage to the people, the government launched Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) in 2015. 

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is available to people in the age group of 18 to 50 years having a bank account who give their consent to join / enable auto-debit. Aadhar would be the primary KYC for the bank account. The life cover of Rs. 2 lakhs shall be for the one year period stretching from 1st June to 31st May and will be renewable. Risk coverage under this scheme is for Rs. 2 Lakh in case of death of the insured, due to any reason. 

The premium is Rs 436 per annum which is to be auto-debited in one installment from the subscriber’s bank account as per the option given by him on or before 31st May of each annual coverage period under the scheme. The scheme is being offered by Life Insurance Corporation and all other life insurers who are willing to offer the product on similar terms with necessary approvals and tie up with banks for this purpose.

If for any reason, you cannot continue with Pradhan Mantri Jeevan Jyoti 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 PMJJBY scheme. You can complete the formalities and request to stop the PMJJBY premium payment. Your Pradhan Mantri Jeevan Jyoti 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 Jeevan Jyoti Bima Yojana.