Did your bank deduct Rs 330 from your savings account in May? here’s why

New Delhi: Many savings account holders find a debit entry of Rs 330 in their bank statements or SMS from their banks indicating that Rs 330 has been debited from their savings account.

For others, such a deduction can take place at any time in May if they have enrolled in Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), the Indian government insurance scheme. PMJJBY’s renewal date falls on June 1 of each year and banks deduct the fee anytime in May to ensure that the benefits of the plan are available to the customer.

What is PMJJBY?

The government-backed Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a one-year life insurance plan that was launched about six years ago. The insured’s nominee receives a payment of ₹ 2 lakh in the event of death from any cause.

What if you have multiple bank accounts?

In the case of multiple bank accounts held by an individual at one or more banks, the person would be eligible to join the program through a single bank account. It is best to check your bank statement to see if there has been more than one deduction of Rs 330. In this case you will have to write to the other bank to waive the charges as the claim amount should only be provided only once.

Who is eligible for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?

Prime Minister Jeevan Jyoti Bima Yojna has a one-year insurance policy from June 1 to May 31 and covers life insurance coverage in the event of death for any reason (including COVID), including including murders and suicides.

Launched on May 9, 2015, this insurance plan offers term insurance coverage of Rs 2 lakh to bank holders aged 18 to 50 (life coverage up to 55) and the annual premium payable is Rs 330 if subscribed between June and August.

Eligibility for the scheme will no longer be valid if the age limit is 55 or due to the closure of a bank account or due to an imbalance. People who leave the scheme have the option of re-entering it by paying the annual premium and submitting a declaration of good health.

How to register for PMJJBY?

The enrollment process for Pradhan Mantri Jeevan Jyoti Bima Yojana is a simple and straightforward task and is handled by LIC and other private insurance companies.

If the candidate’s bank account is linked to insurance companies, one can contact their respective bankers for the registration process. If a person has more than one bank account at one bank or another, they cannot use the program.

When can you buy the policy?

An individual can purchase the policy at any time of the year, but the premium payable may vary depending on the date of enrollment. The premium is paid on a pro rata basis and this came into effect during the 2018-19 insurance year.

If one registered during the months of June, July and August, an annual premium of Rs 330 is payable. An amount of Rs 258 will be payable if registration takes place in September, October and November. If registration is done in December, January and February, Rs 170 is the amount to pay.

For the months of March, April and May, a quarterly premium of Rs 86 is payable. The full year bonus of Rs 330 would be payable upon renewal under the scheme.