PMJJBY Cancellation Form
The PMJJBY scheme is available for people of the age group 18 to 50 years with an active bank account. These people need to give their permission to join/enable auto-debit. An Aadhaar card will be used as the primary KYC for the bank account. The life cover will be Rs. 2 lakhs for the one-year period stretching from 1st June to 31st May.
The premium will be Rs. 330 per annum and this will be auto-debited in one installment from the bank account. The person will have a choice to subscribe under the scheme on or before 31st May of every year’s coverage period. The scheme will be offered by Life Insurance Corporation and all other life insurance companies which are willing to offer the product on similar terms with necessary approvals and tie-up with banks for this purpose.
PMJJBY Cancellation Form – Procedure
- You need to visit the bank’s branch office and request them to cancel the auto-debit instruction from your savings account. you need to do a proper follow-up with the bank officers because such requests are not processed effectively and we end up paying the premium every year.
- Stop funding or using the savings account which is linked with the PMJJBY or PMSBY. No money in the saving account so no auto-debit so no premium payments.
You can download the PMJJBY Cancellation Form PDF using the link given below.
