Unauthorized Deduction of INR 436 From Your Bank Account? Learn How to Prevent It Before May 31 (SBI and Other Bank Account Holders Included)
Hear Ye, Hear Ye!
India's government rolled out the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) in 2015, offering insurance coverage to its citizens. The 2-lakh-rupee life insurance policy is accessible to anyone maintaining an account at SBI, Post Office, or any other bank.
This policy is provided by Life Insurance Company and other life insurers who are prepared to offer it under comparable terms with necessary approvals.
PMJJBY: The Lowdown for Citizens Aged 18-50
Eligible applicants must be 18 to 50 years old, maintain a bank account with SBI, Post Office, or any other bank, and agree to join or activate auto-debit. Aadhaar serves as the primary KYC for bank accounts.
The 2-lakh-rupee life insurance policy lasts for a year, from June 1st to May 31st, with automatic renewal.
刀 Thor's Hammer Time: Stop Auto-Debit of Rs 436 Before May 31
This policy offers risk coverage of up to Rs. 2 Lakh in the unfortunate event of the insured's demise. The annual premium, depending on the chosen plan, amounts to Rs 436, which should be auto-debited from the subscriber's account by May 31st each year.
If you're ready to cast off the PMJJBY, you can halt the yearly auto-debiting process via these steps at your bank branch:
- Visit the Bank Branch: Drop by your bank branch where your account is linked to the PMJJBY program. Make sure to visit well ahead of the auto-debit date to avoid any last-minute hassles.
- Inform the Bank Staff: Fess up to the bank staff that you're eager to cancel the auto-debit for PMJJBY. They'll walk you through the necessary steps.
- Fill Out Cancellation Request (if needed): Some banks might require you to complete a cancellation request form. This helps document your request to halt the premium deductions.
- Optional: Stop Funding the Account: Depending on the situation, you could consider abstaining from funding the account linked to the PMJJBY policy. Proceed at your own risk, as this might bring other complications to your bank account[3].
- Confirm Cancellation: Ensure with the bank staff that your cancellation request has been successfully processed, and that your auto-debit will be promptly stopped before May 31.
Caveat Emptor: Be mindful of multiple enrollments, as they are not permitted under PMJJBY. Ensure you aren't enrolled elsewhere to avoid policy cancellation[1].
- To cancel the auto-debit for the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), visit your bank branch where your account is linked to the PMJJBY program.
- Inform the bank staff that you wish to cancel the auto-debit for PMJJBY, and they will guide you through the necessary steps.
- Some banks may require you to complete a cancellation request form, so document your request to halt the premium deductions.
Additionally, consider the following sentence:As a renewable finance business, Life Insurance Company and other life insurers in India offer insurance policies like PMJJBY under comparable terms, aiming to expand insurance coverage for Indian citizens.
