New Delhi: So as to present insurance coverage protection to the folks, 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 folks 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 Could and might be renewable. Threat protection beneath this scheme is for Rs. 2 Lakh in case of demise of the insured, as a result of any cause.
The premium is Rs 436 each 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 Could of every annual protection interval beneath the scheme. The scheme is being provided by Life Insurance coverage Company and all different life insurers who’re prepared to supply the product on comparable phrases with crucial approvals and tie up with banks for this function.
If for any cause, you can not proceed with Pradhan Mantri Jeevan Jyoti Bima Yojana, you can choose 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 possibly can 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 is not going to be potential, ensuing within the cancellation of Pradhan Mantri Jeevan Jyoti Bima Yojana.