New Delhi: So as to present insurance coverage protection to the individuals, the federal 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 offered to individuals within the age group of 18 to 50 years having a checking account who give their consent to hitch / allow auto-debit. Aadhar can be the first KYC for the checking account. The life cowl of Rs. 2 lakhs shall be for the one yr interval stretching from 1st June to thirty first Might and will likely be renewable. Danger protection underneath this scheme is for Rs. 2 Lakh in case of loss of life of the insured, as a result of any motive.
The premium is Rs 436 every year which is to be auto-debited in a single installment from the subscriber’s checking account as per the choice given by him on or earlier than thirty first Might of every annual protection interval underneath the scheme. The scheme is being supplied by Life Insurance coverage Company and all different life insurers who’re keen to supply the product on related phrases with obligatory approvals and tie up with banks for this goal.
If for any motive, you can not proceed with Pradhan Mantri Jeevan Jyoti Bima Yojana, you might decide to cease the annual auto-debiting course of out of your checking account. For this, you’ll have to go to your financial institution department the place your account is linked to the PMJJBY scheme. You may full the formalities and request to cease the PMJJBY premium fee. Your Pradhan Mantri Jeevan Jyoti Bima Yojana coverage will routinely get cancelled if the fee will not be made on time.
Moreover, in case your checking account doesn’t have the required fund, auto-debiting of the premium won’t be potential, ensuing within the cancellation of Pradhan Mantri Jeevan Jyoti Bima Yojana.