Want to cancel Premium for PMSBY & PMJJBY? Here are the steps

As you are here, I am sure you must know about Pradhan Mantri Suraksha Bima Yojana(PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana(PMJJBY). Let me give a quick summary of these schemes.

Pradhan Mantri Suraksha Bima Yojana(PMSBY)

Age Group: This scheme is available to people in the age group 18 to 70 years.

Coverage: The risk coverage under the scheme is Rs.2 lakh for accidental death and total disability and Rs. 1 lakh for partial disability.

Premium: The premium of Rs. 20 per annum is to be deducted from the account holder’s bank account through the ‘auto-debit’ facility in one installment. 

Pradhan Mantri Jeevan Jyoti Bima Yojana(PMJJBY)

Age Group: The PMJJBY is available to people in the age group of 18 to 50 years.

Coverage: Risk coverage under this scheme is for Rs. 2 Lakh in case of death of the insured, due to any reason.

Premium: The premium is Rs. 436 per annum which is to be auto-debited in one installment from the subscriber’s bank account

How can I cancel Premium for PMSBY & PMJJBY?

This is a very sad part of the scheme. You can enroll for the scheme online but you can’t unenroll online. 

Option 1: You have to go to Bank and cance the auto-debit instruction from your saving account. As this is a relatively small amount, sometime bank officials may not focus on it so you may need to take follow up to make sure your request has been processed.

Option 2: This is not the preferred one. You can remove all money from your bank account so they won’t be able to debit it. This is an option but I would not recommend this.

Let us know if you know any other options. Also, please share your thoughts about these two schemesthe  in comment section.