Rs 436 Deducted From Your Bank Account Last Month? SBI And Other Bank A/C Holders Know How To Stop It Going Ahead

New Delhi: For beneficiaries of Pradhan Mantri Jeevan Jyoti Bima Yojana, the ones with financial institution accounts –SBI, Post place of business or every other banks — who consent to sign up for or turn on auto-debit get their cash deducted every year. Such deductions in most cases occur on or earlier than May 31 of each and every yr.

The govt introduced the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) in 2015 to offer voters with insurance policy. The 2-lakh-rupee existence insurance coverage is to be had to somebody with an account with SBI, Post Office or every other financial institution. 

This coverage is obtainable through Life Insurance Company and all different existence insurers who’re in a position to provide it on related phrases and with the essential approvals and collaborate with banks.

Who Can Avail Pradhan Mantri Jeevan Jyoti Bima Yojana?

The PMJJBY is to be had to voters who’re 18 to 50. People who’ve financial institution accounts with SBI, Post Office or every other financial institution and agree to sign up for or turn on auto-debit may have this coverage. Aadhaar will be the number one type of KYC for financial institution accounts. 

The 2-lakh-rupee existence insurance coverage has a 12-month time period that runs from 1 June to 31 May and is renewable. This promises protection for the next yr (June 1st to May 31st). 

Pradhan Mantri Jeevan Jyoti Bima Yojana: How To Stop Auto Debit Of Rs  436

This coverage supplies possibility protection as much as Rs. 2 Lakh within the case the insured particular person dies for any reason why. The annual top class varies in response to the plan selected and is Rs 436. It should be auto-debited from the subscriber’s checking account on or earlier than May 31 of each and every yr. 

If you might be not able to proceed with the Pradhan Mantri Jeevan Jyoti Bima Yojana, you’ve the method to prevent the annual auto-debiting procedure out of your checking account. To do that you want to seek advice from the financial institution department the place your account is connected to the PMJJBY program. You can whole the essential steps and ask for the PMJJBY top class cost to be stopped. Your coverage might be routinely cancelled if the cost isn’t made on time.

Additionally, auto-debiting of the top class might not be conceivable in case your checking account does no longer have the specified quantity. The Pradhan Mantri Jeevan Jyoti Bima Yojana might be cancelled.