The debit of ₹330 from SBI savings accounts stems from the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). This government-backed insurance scheme furnishes accidental death coverage of ₹2 lakh to all individuals aged 18 to 50. The annual premium for this scheme is ₹330 and is payable on a yearly basis.
If you possess an SBI savings account and fall within the age range of 18 to 50, your bank might have automatically enrolled you in the PMJJBY initiative.
Outlined below are the steps to opt out of PMJJBY:
- Visit your closest SBI branch.
- Request an application form for opting out of PMJJBY.
- Complete the application form and submit it to a bank official.
- The bank official will process your request, leading to your removal from the PMJJBY scheme.
There is no charge associated with the process of opting out of PMJJBY. You won't incur any fees for choosing to do so.
Are you aware of the PMJJBY scheme?
The PMJJBY scheme stands as a government-supported insurance scheme, extending coverage of ₹2 lakh against sudden demise to all citizens aged between 18 and 50 years. The annual premium for the scheme is ₹330, payable on a yearly basis.
The program's renewal is an annual event, with the coverage spanning a one-year duration from June 1 to May 31. Upon enrollment, policyholders are required to authorize auto-debit from their designated bank or Post Office savings account. For individuals joining the PMJJBY during the policy term, the premium amount will be prorated based on the month of enrollment.
The PMJJBY offers a prudent means to safeguard your family's financial well-being in the event of an untimely passing. Noteworthy for its affordability and easy enrollment process, the scheme is a recommended choice.
Highlighted below are some advantages of the PMJJBY initiative:
- Death coverage amounting to ₹2 lakh
- Manageable premium of ₹330 per annum
- Simple enrollment process
- Annual renewability
- Claims settled within 30 days of the insured’s death
What are the PMJJBY premium rates?
The PMJJBY premium rates depend on which month you bought the policy.
- June, July, and August: An annual premium of ₹330 is required.
- September, October, and November: Three-quarters of the premium, which is ₹258, needs to be paid.
- December, January, and February: A payment of ₹172 is due.
- March, April, and May: The premium for one quarter, amounting to ₹86, should be paid.
How to opt out of the PMJJBY scheme?
Should you choose not to participate in this scheme, you have the option to exit by visiting your nearest SBI branch and completing an application form. Once your request is submitted, the bank will initiate the processing, leading to the termination of your insurance plan subscription within a week. Following this, no further deductions for premiums will be made from your savings account.