PMJJBY–Keep Rs 342 in your bank account by May 31, otherwise you will lose Rs 2 lakh

PMJJBY: As the last week of May approaches, millions of bank account holders start receiving messages on their phones. These messages inform them of a small deduction, which could be very useful. This year too, banks have started sending alerts for renewals of government insurance schemes like PMJJBY and PMSBY. Premiums will be automatically debited from your account between May 25th and 31st. If you want to continue this cover or opt out, now is the right time to decide.

What are PMJJBY and PMSBY and why are they important?

The Modi government launched these two special schemes in 2015 to provide insurance protection to the common people. Under PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana), people between the ages of 18 and 50 receive life insurance of Rs 2 lakh in case of death due to any reason. Meanwhile, under PMSBY (Pradhan Mantri Suraksha Bima Yojana), people between the ages of 18 and 70 receive a cover of Rs 2 lakh in case of accidental death or total disability, and Rs 1 lakh in case of partial disability. Both these schemes are like a safety shield for crores of people in the country.

Premium amount and important dates PMJJBY renewals are due every year from June 1st to May 31st. An annual premium of Rs 436 is automatically deducted from your bank or post office account before May 31st. Similarly, a premium of Rs 20 for PMSBY is auto-debited between May 25th and 31st. While the amount is small, if this amount is not deducted, your entire year’s insurance cover could be lost. Plan Annual Premium Amount covered Age Limit date of deduction of money PMJJBY 436 rupees Rs 2 lakh (death due to any reason) 18 to 50 years On or before 31 May PMSBY 20 rupees 2 lakh (accidental death/total disability), 1 lakh (partial disability) 18 to 70 years May 25 to May 31.

How does the renewal process of PMJJBY and PMSBY work?

The renewal process for these plans is very simple and automatic. You simply need to have a sufficient balance in your account. When you filled out the application form, you authorized the bank to debit the funds (auto-debit). This means the bank will automatically deduct the funds each year, without any additional action on your part. If your account balance is insufficient, the policy will lapse. However, it can be revived by paying the outstanding premium, but this may require providing health information or a self-declaration.

Therefore, it is crucial to maintain a balance in your account before May 31st to continue your insurance coverage without interruption. What is the 30-day ‘lien period’ rule after renewal? Each renewal comes with a 30-day lien period. This means that life cover is not fully active for the first 30 days after the policy is renewed or reinstated. Death due to causes other than accidents is not eligible for claims during this initial period. Therefore, delaying renewal can be risky for your family.

How to check your enrollment status?

If you don’t remember whether you’re eligible for these schemes, it’s easy to check. First, check your SMS or email from your bank or post office. You can search your net banking account or mobile app to find out if you’ve received a deduction of Rs 436 or Rs 20 from your previous transaction. Alternatively, you can visit your bank branch and check your status with the staff. How to stop auto-debit or opt out of the scheme? If, for any reason, you no longer wish to continue with these plans, you will need to stop auto-debit. To do this, you will need to visit your bank branch and fill out the necessary form to stop premium payments. Make sure to do this before May 25th to avoid bank deductions.