How to Exit from PMJJBY and PMSBY Schemes? how to turn off auto debit

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New Delhi. Some schemes of the central government are now overshadowing the common people. There are two such schemes – Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY). Many people want to close these schemes, but they do not know its process.

Increase in premium for both the insurance plans
The Central Government has increased the premium of Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana. From June 1, both the government schemes have become expensive. The premium of Jeevan Jyoti Bima Yojana has been increased from Rs 330 to Rs 436. Similarly, the premium of Pradhan Mantri Suraksha Bima Yojana has been increased from Rs 12 to Rs 20 per annum.

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Both the schemes launched in the year 2015
In order to bring every citizen of the country under the purview of life insurance, the Central Government had launched the Pradhan Mantri Jeevan Jyoti Bima Yojana in May 2015. Its premium was Rs 330. In this, insurance is available up to Rs 2 lakh. Similarly, the Pradhan Mantri Suraksha Bima Yojana was also launched in the year 2015. The annual premium of this accidental insurance was Rs 12.

To take advantage of the schemes, it is necessary to have a bank account
To take advantage of Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana, it is necessary to have a bank account. Every year till June 1, the premium of both the schemes is automatically deducted from the bank account. People are facing problems because of this.

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How to stop auto debit for both the schemes
Many people want to opt out of both these schemes due to increase in premium and other reasons, but they do not know the process. You have to go to the branch of the bank and apply for the closure of auto-debit instruction from your savings account. After applying, you should continuously follow-up whether auto debit is turned off.

Tags: insurance, PMJJBY

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