PMJJBY Cancellation Form - Summary
The PMJJBY cancellation form is an important document for anyone who wants to cancel their PMJJBY scheme subscription. This scheme is designed for individuals aged 18 to 50 years who hold an active bank account. To join, participants must agree to enable auto-debit payments. The Aadhaar card is the primary KYC document required for the bank account. This scheme offers a life cover of Rs. 2 lakhs for a one-year term, which runs from 1st June to 31st May.
Understanding the PMJJBY Premium and Coverage
The annual premium for the PMJJBY scheme is fixed at Rs. 330. This amount is automatically deducted in a single transaction from the participant’s bank account. Individuals can enroll in the scheme anytime before 31st May of each coverage year. The PMJJBY plan is managed by the Life Insurance Corporation, alongside other life insurance companies that wish to offer similar benefits, provided they have the required permissions and agreements with banks.
PMJJBY Cancellation Form – Procedure
- To cancel your subscription, visit your bank’s branch and request cancellation of the auto-debit instruction from your savings account. It’s crucial to keep in touch with the bank staff, as these requests may not always be handled promptly, which could lead to continued premium payments each year.
- Stop using or depositing money in the savings account linked to the PMJJBY or PMSBY. If your savings account has no funds, the auto-debit will not take place, stopping any extra premium payments.
You can download the PMJJBY Cancellation Form PDF using the link provided below.