Rs 436 Deducted From Your Bank Account? Know How You Can Stop It

New Delhi: The Narendra Modi government had in 2015 introduced the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) to offer insurance coverage to the people.

Those with bank accounts --SBI, Post office or any other banks --  who consent to join or activate auto-debit and are in the age range of 18 to 50 are eligible for the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).  

Aadhar would serve as the primary form of KYC for bank accounts. The 12-month term of the 2-lakh-rupee life insurance policy, which runs from 1 June to 31 May, is renewable. This insurance offers risk coverage up to Rs. 2 Lakh in the case of the insured person's death for any reason. 

Depending on the plan he selects, the annual premium is Rs 436 and must be auto-debited from the subscriber's bank account on or before May 31 of each annual coverage term. The scheme is offered by Life Insurance Company and all other life insurers who are prepared to offer the product on comparable terms with the necessary approvals and collaborate with banks for this purpose.

You can choose to cancel the annual auto-debiting process from your bank account if you are unable to continue with the Pradhan Mantri Jeevan Jyoti Bima Yojana for any reason. You must go to the bank branch where your account is connected to the PMJJBY programme in order to do this. You can complete the necessary steps and ask for the PMJJBY premium payment to be stopped. If the payment is not completed on time, your Pradhan Mantri Jeevan Jyoti Bima Yojana policy will be automatically cancelled.

Also, auto-debiting of the premium will not be feasible if your bank account lacks the necessary funds, which will result in the cancellation of the Pradhan Mantri Jeevan Jyoti Bima Yojana.