Cancel Premium for PMJJBY and PMSBY | SBI PMJJBY PMSBY Cancellation
Pradhan Mantri Suraksha Bima Yojana (PMSBY)
PMSBY Scheme is available for people of age group 18 to 70 years having a bank account, these people need to give their permission to join or enable auto-debit on or before 31st May for the coverage period stretching from 1st June to 31st May. This is an annual renewal basis scheme. An Aadhaar card will be used as e the primary KYC for the bank account.
The risk coverage under the PMSBY scheme
- Rs 2 lakh for accidental death or full disability.
- Rs. 1 lakh for partial disability due to accident.
The premium of Rs. 12 per annum will be deducted from the bank account through ‘auto-debit facility in one installment Every year. This scheme is offered by Public Sector General Insurance Companies or any other similar General Insurance Company willing to offer the product with similar terms with necessary approvals and tie-up with banks for this purpose.
Pradhan Mantri Jeevan Jyoti Bima Yojana(PMJJBY)
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. This will be renewable.
The Risk coverage under the PMJJBY scheme is –
- Rs. 2 Lakh in case of death of the insured person, due to any reason.
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 coverage period. The scheme will be offered by Life Insurance Corporation and all other life insurers companies which are willing to offer the product on similar terms with necessary approvals and tie-up with banks for this purpose.
Update on PMJJBY & PMSBY
The government had revised the Premium for insurance schemes from June 1, 2022 – Check new rates
✅ 1st ever revision in the premium rates since inception of both schemes in 2015, 7 years ago
— Ministry of Finance (@FinMinIndia) May 31, 2022
The government had revised premium rates of PMJJBY and PMSBY ( Pradhan Mantri Jeevan Jyoti Bima Yojana and and Pradhan Mantri Suraksha Bima Yojana respectively).
The revised rates are given below-
- For PMJJBY, the premium has been increased from Rs. 330 to Rs. 436
- For PMSBY, the increase in premium is from Rs. 12 to Rs. 20.
The premium rates has been revised by considering it the premium of Rs 1.25 per day for both schemes.