New Delhi: In 2015, the government launched the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Pradhan Mantri Suraksha Bima Yojana (PMSBY) in an effort to provide individuals with insurance coverage.
People between the ages of 18 and 50 who have a bank account and consent to joining or enabling auto-debit can take advantage of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). The primary KYC for the bank account would be Aadhar.
The life insurance of two lakhs will be available for a one-year period beginning June 1 and ending May 31, and they can be renewed. Risk coverage under this scheme is for Rs. 2 Lakh in case of death of the insured, due to any reason.
On or before May 31st of each annual coverage period under the scheme, the subscriber has the option to have the premium, which is Rs 436 per year, automatically deducted in one payment from his bank account.
Life Insurance Corporation and all other life insurers that are willing to offer the product on comparable terms and tie up with banks for this purpose are offering the scheme.
You have the option of stopping the annual automatic debit from your bank account if you are unable to continue participating in the Pradhan Mantri Jeevan Jyoti Bima Yojana for any reason. You will need to go to the branch of your bank where your PMJJBY account is linked to do this.
You can finish the formalities and ask to stop paying the PMJJBY premium. If the payment is not made on time, your Pradhan Mantri Jeevan Jyoti Bima Yojana policy will be canceled automatically.
Moreover, if your bank account doesn’t have the necessary asset, auto-charging of the superior won’t be imaginable, bringing about the undoing of Pradhan Mantri Jeevan Jyoti Bima Yojana.
