Rs 436 Deducted From Your Financial institution Account? SBI And Different Financial institution A/C Holders Know How To Cease It Earlier than Might 31 | Financial system Information
New Delhi: The federal government launched the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) in 2015 to offer residents with insurance coverage protection. The two-lakh-rupee life insurance coverage coverage is obtainable to anybody with an account with SBI, Put up Workplace or another financial institution.
This coverage is obtainable by Life Insurance coverage Firm and all different life insurers who’re prepared to supply it on comparable phrases and with the required approvals and collaborate with banks.
Who Can Avail Pradhan Mantri Jeevan Jyoti Bima Yojana?
The PMJJBY is obtainable to residents who’re 18 to 50. Individuals who have financial institution accounts with SBI, Put up Workplace or another financial institution and agree to hitch or activate auto-debit can have this coverage. Aadhaar could be the first type of KYC for financial institution accounts.
The two-lakh-rupee life insurance coverage coverage has a 12-month time period that runs from 1 June to 31 Might and is renewable. This ensures protection for the next 12 months (June 1st to Might thirty first).
Pradhan Mantri Jeevan Jyoti Bima Yojana: How To Cease Auto Debit Of Rs 436 Earlier than Might 31
This coverage supplies danger protection as much as Rs. 2 Lakh within the case the insured individual dies for any cause. The annual premium varies primarily based on the plan chosen and is Rs 436. It should be auto-debited from the subscriber’s checking account on or earlier than Might 31 of every 12 months.
If you’re unable to proceed with the Pradhan Mantri Jeevan Jyoti Bima Yojana, you’ve gotten the choice to cease the yearly auto-debiting course of out of your checking account. To do that it’s worthwhile to go to the financial institution department the place your account is linked to the PMJJBY program. You’ll be able to full the required steps and ask for the PMJJBY premium cost to be stopped. Your coverage can be routinely cancelled if the cost will not be made on time.
Moreover, auto-debiting of the premium won’t be doable in case your checking account doesn’t have the required quantity. The Pradhan Mantri Jeevan Jyoti Bima Yojana can be cancelled.
