New Delhi: The government introduced the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) in 2015 to offer insurance coverage to the populace.
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). The primary KYC for the bank account would be Aadhar. The 2-lakh-rupee life insurance policy is renewable and is valid for a 12-month period starting on 1 June and ending on 31 May.
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In the event of the insured person’s death for any reason, this policy provides risk coverage up to Rs. 2 Lakh. The annual premium is Rs 436, and it must be auto-debited from the subscriber’s bank account on or before May 31st of each annual coverage term, depending on the plan he chooses. Life Insurance Company and all other life insurers that are prepared to offer the product on comparable conditions with the required approvals and partner with banks for this purpose are providing the scheme.
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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.
