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This coverage is obtainable by Life Insurance coverage Firm and all different life insurers who’re prepared to supply it on comparable phrases and with the required approvals and collaborate with banks.
Who Can Avail Pradhan Mantri Jeevan Jyoti Bima Yojana?
The PMJJBY is obtainable to residents who’re 18 to 50. Individuals who have financial institution accounts with SBI, Publish Workplace or some other financial institution and agree to affix or activate auto-debit can have this coverage. Aadhaar could be the first type of KYC for financial institution accounts.
The two-lakh-rupee life insurance coverage coverage has a 12-month time period that runs from 1 June to 31 Might and is renewable. This ensures protection for the next 12 months (June 1st to Might thirty first).
Pradhan Mantri Jeevan Jyoti Bima Yojana: How To Cease Auto Debit Of Rs 436 Earlier than Might 31
This coverage offers threat protection as much as Rs. 2 Lakh within the case the insured particular person dies for any cause. The annual premium varies based mostly on the plan chosen and is Rs 436. It have to be auto-debited from the subscriber’s checking account on or earlier than Might 31 of every 12 months.
If you’re unable to proceed with the Pradhan Mantri Jeevan Jyoti Bima Yojana, you’ve the choice to cease the yearly auto-debiting course of out of your checking account. To do that you should go to the financial institution department the place your account is linked to the PMJJBY program. You possibly can full the required steps and ask for the PMJJBY premium fee to be stopped. Your coverage might be robotically cancelled if the fee isn’t made on time.
Moreover, auto-debiting of the premium is not going to be doable in case your checking account doesn’t have the required quantity. The Pradhan Mantri Jeevan Jyoti Bima Yojana might be cancelled.
