PMJJBY Cancellation Form - Summary
The PMJJBY cancellation form is essential for anyone looking to terminate their subscription to the PMJJBY scheme. This scheme is available for people aged 18 to 50 years who have an active bank account. Participants must provide consent to join and enable auto-debit payments. The Aadhaar card serves as the primary KYC document for the bank account. Under this scheme, the life cover amount is Rs. 2 lakhs for a one-year period, which runs from 1st June to 31st May.
Understanding the PMJJBY Premium and Coverage
The annual premium for the PMJJBY scheme is set at Rs. 330. This premium is auto-debited in one single payment from the participant’s bank account. Individuals have the option to subscribe to the scheme any time before 31st May of each coverage year. The PMJJBY scheme is provided by the Life Insurance Corporation, along with other life insurance companies that wish to offer the same benefits, provided they have the necessary approvals and arrangements with banks.
PMJJBY Cancellation Form – Procedure
- You need to visit the bank’s branch office and request the cancellation of the auto-debit instruction from your savings account. It’s important to follow up with the bank officers as such requests may not be processed efficiently, resulting in continued premium payments each year.
- Stop funding or using the savings account linked with the PMJJBY or PMSBY. If there are no funds in the savings account, the auto-debit will not occur, preventing any further premium payments.
You can download the PMJJBY Cancellation Form PDF using the link given below.