Many SBI users are facing a problem of money being deducted from their bank accounts without prior notification. This is due to the auto-debit feature of two schemes launched by the Indian government in 2015: Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jyoti Bima Yojana. These schemes offer accidental insurance coverage to individuals, but require a small investment from the policyholders.
Any Indian aged between 18-50 years can subscribe to the Jeevan Jyoti Bima scheme. If the account holder has opted for the auto-debit feature, the premium amount is automatically deducted from their account before 31st May. The policy runs for one year from 1st June to 31st May and can be renewed thereafter. In case of death, the policy provides a coverage of Rs. 2 lakhs.
Similarly, the Pradhan Mantri Suraksha Bima Yojana offers coverage of Rs. 2 lakhs in case of death or disability due to an accident. Any Indian aged between 18-70 years can subscribe to this scheme with a yearly investment of just Rs. 20.
To turn off the auto-debit feature, individuals can complete their KYC with Aadhaar card or terminate the policy if they do not wish to continue. It is important to have sufficient funds in the account or pay on time to avoid policy termination.
Investing in such low-cost schemes can help individuals secure their future with some year-end savings.